TRON (“TRX”) is a virtual currency that was created with the purpose of fueling a shift from the centralized World Wide Web to a decentralized Internet by removing the intermediary control over the entertainment currently enjoyed by Facebook, Google Play and iTunes.
Unlike Bitcoin and other true cryptocurrencies, TRON was not created to provide an alternative to fiat currencies, but to provide a payment system and platform for creators to publish and be compensated for their work being published and stored on the TRON blockchain.
TRON Coins can be earned by creators who have posted on the TRON blockchain or can be used as payment for published entertainment and other TRON platform services.
There is a finite number of TRON coins totaling 100 billion that were released at launch, of which 34.2 billion had been blocked by the TRON Foundation until 2020.
TRON was created and released in 2017 by Justin Sun and the TRON network is managed by the non-profit TRON Foundation which has the task of managing the network with openness, fairness and transparency.
TRON is an open source peer-to-peer blockchain with a proof-of-stake protocol that supports the superior scalability of TRON, TRON’s network that currently handles 2,000 transactions per second (“TPS”).
Since TRON’s transaction verification is based on a proof-of-stake protocol, there is no real TRON coin mining.
The blockchain was developed for smart contracts and decentralized applications (“dapps”) to allow TRON users to freely publish and earn from content, without having to depend on intermediaries such as iTunes and Google Play.
TRON allows the creators of ‘dapps’ to launch their own currencies, called TRON 20 tokens, on the TRON network, with TRON coins acting as a cryptocurrency bridge between a TRON 20 token created on the TRON network and other cryptocurrencies and fiat money.
The TRON platform has 3 layers and is divided into:
- Storage level: Distributed storage protocol consisting of block storage and state storage, designed to best meet the need for diverse data storage.
- Main layer: Support smart contract module, account management module and consent module
- Application level: Supports the creation and release of “dapps”, as well as the creation and issuance of tokens.
The proof-of-stake protocol requires TRON coin holders to lock their coins for a period of time, the longer the coins are locked, the greater the benefits they receive on the TRON network, including voting rights. The concept is called TRON Power, the more coins are locked, the more TRON power is received.
Some distinct differences and features of TRON include:
- There are no physical TRON coins, only virtual ones.
- There is a finite number of TRON coins and there is no mining.
- The very nature of TRON’s decentralized blockchain means that the platform works 24 hours a day, with no downtime.
- Coin holders vote for nodes, where nodes are elected and become “witnesses,” which produce valid blocks and are rewarded accordingly.
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