TRON is a decentralized, open-source blockchain-based operating system that seeks to revolutionize entertainment as well as digital content sharing. TRON, whose native crypto token is popularly known as TRONIX (TRX), has smart contract functionality and has increased in price by over 200% in the past year. Established in March 2014 by Justin Sun, a Chinese entrepreneur, TRON follows the consensus mechanism Proof Of Stake (POS) as its functioning mechanism. Originally, it was an Ethereum-based ERC-20 token and later switched its protocol to its own blockchain in 2018.
The TRON blockchain platform uses an array of permission-less tools, platforms, and protocols to decentralize and democratize the content distribution business. TRON allows developers to create and deploy extremely competent decentralized apps (DApps), which include decentralized exchanges, online games, yield farms, and an open lending platform on its blockchain. The TRON Foundation raised $70 million through an initial coin offering (ICO), and by January 2019, TRON had a total market cap of about $1.6 billion.
ARCHITECTURE AND FUNCTIONING OF TRON
TRON is a unique cryptocurrency project that easily integrates with several programming languages. Adopting a three-layer structure, a Core, Storage layer, and Application layer all optimized for different functionalities.
The core layer consists of several modules such as smart contracts, account management, consensus, and more. It secures the blockchain and odds new blocks to it by employing a delegated Proof Of Stake (POS) consensus mechanism. Solidity has been the programming language for the core layer because of its compatibility with Ethereum as well as its ease of creating DApps.
The storage layer has been designed to hold Blockchain storage and State storage.
Using LevelDB, the google developed project, TRON blockchain supports arbitrary byte arrays as both keys and values, singular get, put and delete, batched set and delete bi-directional iterators and simple compression using the snappy algorithm.
Storing all the newly forked chains generated within a specified period, KhaosDB in the full node memory adopted by TRON supports witnesses to switch from their active chain swiftly into a new main chain. It also stabilizes and protects the blockchain from being abnormally terminated in an intermediate state.
The Application layer advances the effective interaction with the TRON ecosystem and provides a platform to run decentralized applications. A few such applications are Tron lending, Bankroll network, FragDex, Seed, and more.
A compact, turning-complete virtual machine called the Tron Virtual Machine (TVM) enables the TRON ecosystem to deliver a tailored blockchain system that is effective, stable, practical, safe, and scalable. The TRON network, adopting a delegated proof-of-stake (POS) mechanism, enables users to use their cryptocurrencies to cast votes for different delegates. These elected delegates will now possess the power to decide important matters that affect the network. 27 delegates are elected; they are known as "Super Representatives (SRs)," and these super representatives validate the transactions as well as keep track of the transaction history in the TRON ecosystem.
A super representative is picked every 6 hours and provided with TRX coins for every correct validation. The top 127 delegates keep updating once every 6 hours and will share 115,200 TRX as mined. This reward gets split among the delegates based on their votes received. Overall 168,192,000 TRX coins are rewarded every year to these delegates.
TOTAL VOTE REWARD PER YEAR CALCULATION
115,200 TRX/round X 4 rounds/day X 365 days/year
= 168,192,000 TRX
The 27 super representatives (SRs) elected every round will share roughly 230,400 TRX as mined. The reward is split evenly between these SRs.
TOTAL BLOCK PER ROUND
32 TRX/block X 20 blocks/min X 60 min/hour X 6 hrs/round
= 2,30,400 TRX
TOTAL BLOCK REWARDED PER YEAR
230,400 TRX/round X 4 rounds/day X 365 days/year
= 336,384,000 TRX
Being highly prioritized by professionals and experiential traders, the TRON network stays user-friendly and focuses on providing content creators with a stable platform to monetize their efforts and hold complete control over their work. The following are a few key features that draw people's attention:
HIGH-SPEED TRANSACTIONS :
Revolutionizing the crypto network, generating huge hype, and firmly fixing its position in cryptocurrency’s future world, the TRON network has electrified the transaction processing speed. Validating about 2000 transactions per second, TRON achieves transaction finality in under 3 seconds, making the network more efficient than Bitcoin and Ethereum, which authenticate about 3 to 6 transactions per second and 25 transactions per second, respectively.
LOW TRANSACTION FEES :
Creating excitement amongst traders and enthusiasts, the TRON network charges an almost non-existent transaction fee of $0.000005 per trade. This factor of validating a greater volume of transactions in a shorter time along with a such least transactional fee has pulled in a wide range of traders and investors.
UNIQUE OBJECTIVE AND ROADMAP :
This highly versatile blockchain holds its prime objective in providing a decentralized distributed network for content and entertainment distinguishing and making it a strong contender amidst its rival blockchains. Apart from buying and selling of cryptocurrencies, Defi functionality, and swapping different tokens, Tron has a detailed plan for the upcoming years after successfully completing its initial development phase. Creating an attractive proposition for the future, TRON is molding and working hard on itself to become the leading entertainment and content-hosting blockchain ecosystem.
PERSONAL ICO, DATA FREEDOM :
Providing a complete liberation of data where any user can stream, upload, distribute and share contents they wish to, without a centralized board reviewing them. Distribution of any digital asset for purchase that services and benefits the users is highly practiced.
BENEFITS AND INTERESTING FACTS
ENHANCED LIQUIDITY :
Liquidity is an important aspect of value in measuring the worth of different cryptos, as it brings enhanced availability, shorter turn-around times, and increased accuracy for scientific testing. Within 17 hours of its launch in September 2020, SUN, Tron’s liquidity mining project, exceeded 1.5 billion TRX, or $180 million in cumulative amount. Despite the wider market downturn, the tremendous demand culminated in a TRX price rise of 0.87 percent, which is beyond noteworthy.
TRON VOLATILITY :
Being 9.5 times more unpredictable than the Dow Jones Industrial Average (DOW) and having a volatility of 6.65. Around 56% are even less volatile than TRON for both equities and portfolios. The variance of TRON’s historical regular returns over the previous month is greater than 56% across both global equities and portfolios relative to the total stock market.
The 24-hour trading volume of TRON is 334,375,555 TRX. Tron is currently ranked #16 of all cryptocurrencies by total market capitalization, with a market cap of 5,783,956,404 TRX. It has a circulating supply of 92,351,549,072 TRX. TRON’s native token, TRX, was created with a maximum supply of 100,850,743,812, with the current amount of TRX tokens in circulation sitting at 71,659,657,369. At the time of writing, TRON (TRX) is holding the 22nd spot in the top market cap cryptocurrency list, with its current value sitting at $3.98 billion.
The biggest benefit of using TRON is the fact that artists and content creators from all over the world now have the option to fully own the content they create. The ability to create their content and share it without needing to worry about crippling transaction fees is also a major boon.
TRON is one of the leading projects that some call Web 3.0. The main focus of the 3rd-generation web is to enable people to use the internet in a decentralized and open fashion, and this new network is one with real-world value baked in. From a developer’s standpoint, TRON is special because it’s currently being built to allow the use of high-level languages for its smart contracts. Developers in the future will be able to use any and every programming language to build on top of Tron’s open-software design.
TRX COINS- WHERE TO BUY THEM SAFELY?
With n number of cryptocurrency exchanges emerging randomly, there has always been a huge confusion about where to invest your savings, with confusion in which exchange to drop in. Koinbazar, an Indian-based cryptocurrency exchange, will be the apt choice without a second thought. Providing its users with the safest base to trade and stock up their funds, Koinbazar is completely centralized with multilayer encryption models, credible technologies, and ten-plus years of crypto industry experience. Its simple, user-friendly interface, as well as its lustrous, sleek, and smooth experience, delights users with an authentic journey into the crypto universe with the utmost safety and trust.