TRON (TRX) is a young, decentralized, blockchain based platform that aims to create a free global digital content entertainment system with distributed storage technology. Using the capabilities of the network technology of blockchain and peer-to-peer (P2P), TRON allows content creators to connect to content consumers without using an intermediary, such as Facebook, YouTube or Amazon. The main idea of the project is that users who create data have the fundamental right to own their data, as suggested by Sir Timothy John Berners-Lee, the creator of the worldwide Internet network. Data in TRON is uncontrollable and free, which allows users to create content, store, download and distribute video, audio, images, and characters without any restrictions.
Founding of the Tron
The Tron was founded in September 2017 by the Tron Foundation, a non-profit bank in Singapore. The platform describes itself as “ambitious project dedicated to the establishment of a truly decentralized Internet and its infrastructure.” According to the Whitepaper,
“the protocol allows each user to publish, store and own data freely in a decentralized, autonomous form, in addition to decide the distribution, subscription, and push of content that enables content creators to form a decentralized content entertainment ecosystem”
According to CoinMarketCap.com, TRON has an official token, ranked second in the world with a total market capitalization of 4.5 billion dollars. The CEO of Tron Foundation is Justin Sun, who is also the founder of Peiwo, streaming app to receive cryptos.
Sun previously worked on Ripple (XRP). The current command of the Tron extends from Beijing to Seoul, Tokyo, the United States and many other countries and regions, numbering more than 100 members. Experienced blockchain enthusiasts, who used to be hired by Internet giants such as Alibaba, Tencent, and Baidu, form the technological basis of the Tron.
The Tron Foundation was approved by the Singapore Accounting and Corporate Regulatory Authority (ACRA) and is controlled by Singapore’s corporate law. The Tron receives investments from Bitmain, Qtum Foundation, FBG Capital, OFO Founder Dai Wei and others.
In September 2017, Tron completed its global campaign to raise funds, collecting a total of $ 70,000,000. In December of the same year, Tron launched an open source protocol. Tron and his native coin Tron (TRX) is experiencing strong volatility. TRX rose from $ 0.0015 to a high of $ 0.30 in January 2018, before falling to the current price of $ 0.07. Tron (TRX) is the basic unit of accounting on the Tron platform – it can be used by content consumers to pay for the content they want to access. To ensure the rights of the owner of the token, Tron formulated a set of rules – the Tron Community Guidelines – to create a game board for all platform users. The project team pays particular attention to the security of users – the platform transaction model improves on the one used by Bitcoin. Like any other digital asset, Tron can potentially be compromised. To increase the likelihood of protecting your assets, you still need to follow necessary security methods-for example, securing secret keys with hardware wallets. In May 2018, TRON took 9th place in the list of the largest cryptocurrencies regarding market capitalization.
Token TRON is traded on all major crypto exchanges – Binance, Bittrex, Upbit, Bitfinex, HuobiPro, Coinnest, OKEX and others. A purchase with fiat currency is currently not possible. TRON is an ERC-20 marker, so users can store it on hardware wallets that support Ethereum’s blockchain, such as Ledger Nano S and Trezor. TRON Mainnet will start in May Despite the fact that it is in the top ten cryptocurrencies, the actual TRON network has not yet been launched – Tron is currently structured as an ERC-20 marker. Mainnet TRON is scheduled to be launched on May 31, 2018. Mainnet, which runs in May, will have all the high-priority features – less important functions will be deployed later in the form of version updates. Expected, that by the end of 2018 tens of millions of active users and over one million tokens holders will be deployed on the main TRON network. According to the latest comments from Justin Sun, the wallet of the platform will be released along with the network, and in the future new partnerships will be announced. TRON has the potential to become one of the best platforms in 2018, as more and more companies can create DApps on the main TRON network, writes Tron Labs on the blog. In addition, the Tron team plans to migrate on June 21, 2018. Several trading platforms of digital assets, such as Bitfinex, have announced their support for updating and transferring TRON tokens. and in the future, new partnerships will be announced. TRON has the potential to become one of the best platforms in 2018, as more and more companies can create DApps on the main TRON network, writes Tron Labs on the blog. In addition, the Tron team plans to migrate on June 21, 2018. Several trading platforms of digital assets, such as Bitfinex, have announced their support for updating and transferring TRON tokens. and in the future, new partnerships will be announced. TRON has the potential to become one of the best platforms in 2018, as more and more companies can create DApps on the main TRON network, writes Tron Labs on the blog. In addition, the Tron team plans to migrate on June 21, 2018. Several trading platforms of digital assets, such as Bitfinex, have announced their support for updating and transferring TRON tokens.
Tron as the future competitor of the Ethereum
It is expected that in May the network is supposed to be launched, Tron plans to reset its identity to ERC-20 and move it from the Ethereum platform. Once mainnet is launched, Tron will no longer be an ERC-20 marker; it will become a “true” token in the Tron ecosystem. The Ethereum was launched in late July 2015 and opened the door to Blockchain 2.0. TRON has its views on the creation of Blockchain 4.0 from its initial stages, which potentially makes it one of the most substantial contenders that the Ethereum will face shortly.
TRON SEEKS TO CREATE A DECENTRALIZED INTELLECTUAL CONTRACT PLATFORM WITH HIGHER BANDWIDTH, EXPANSION AND RELIABILITY CAPABILITIES THAN THE ETHEReUM
The Ethereum initially used Ethash, based on PoW, a variant algorithm. Although the algorithm has been improved, it may take an extended period of testing. At the same time, TRON uses an optimized consensus system with a “delegated evidence of a bet” (DPoS), which uses a certificate mechanism to achieve decentralization when delegate nodes are selected by the blockchain network community through voting. TRON can outstrip the Ethereum by using a new generation consensus system. Ethereum supports the development of smart contracts using an extended programming language and has already developed the Solidity programming language for writing original agreements. Tron will also have its TVM with fast download speed, resource isolation, and scalability. The protocol is entirely defined by Google protocol buffers and, naturally, supports multilingual extension. Smart contract TRON is much more flexible and easy to use than the Ethereum.
The mechanism of the Ethereum consensus is inefficient and limited by the performance problems of a single-threaded processor. In an excellent TRON negotiation system, users select service nodes from a limited number of nodes with high computational performance. Judging by performance and throughput, the Tron seems to come out on top. The Ethereum uses a leasing model that controls the limitation of the execution command for a particular transaction through the gas. There will be many fees associated with high volatility. TRON also uses a leasing model, but it improves the economic mechanism by supporting free transfers.
The future development of the Tron
According to Forbes, Justin Sun is the protégé of Jack Ma, the founder and CEO of Alibaba. Sun last year graduated alma mater general manager of Alibaba, University of Hupan, reports Ambcrypto. By the end of March, Sun submitted a thesis entitled “The Birth of a Decentralized Internet,” which details the history, the present and the future of the blockchain industry. This attitude raises the question of whether these two objects will converge in the future. No statements have been made yet. According to Investopedia, Tron has built many potential stages. Exodus, its current offer, is a free platform suitable for the distribution and storage of peer-to-peer (P2P). Exodus does not yet use blockchain technology, using a particular file system protocol on the Internet that supports a distributed file system. It is expected that this phase will continue until December 2018. The next stage, called Odyssey, is scheduled to be launched in January 2019. Odyssey, which will use the blockchain, will include monetary incentives to promote and place content on the Tron. Instead of following traditional methods of tracking clicks and content views, Odyssey plans to establish incentive manufacturers by a technique that will depend on the interaction of the user with the content.
Attacks on the founder
It was rumoured that Justin Sun dropped 6 billion TRON at the high cost, but independent research has shown that this is a lie. Also, several false accounts were created on Twitter, in which Justin was asked to transfer funds.
Based on the team, the support of large companies, as well as many fans, it is likely that the Tron will result in future push the Ethereum into the market of smart contracts. But until then, the Ethereum remains the king in its sphere.