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An idea to create a decentralized blockchain for a digital and distributed content network. Tron’s goal is to allow creators to publish and own their data. The overall purpose is storage, and with its native TRX cryptocurrency, it was achieved. While the coin has its utility, there has been controversy surrounding the founder, Justin Sun.
What is Tron?
Tron is the creation of a well-known individual, Justin Sun, and under his leadership, it turned into a renowned project. With the successful acquisition of BitTorrent, Tron gained more value and increased the follower count.
Tron was designed to be a jack of all trades, fix Ethereum’s limitations, and provide an array of solutions, like fast transactions to transfer value between users. TRX can be staked and earn you passive income. Tron’s architecture is quite different as it uses its own Tron Virtual Machine as opposed to Ethereum’s EVM. Tron also has many dApps to offer in its ecosystem, ranging from DeFi to gaming.
The founder of Tron is known for his extravagant lifestyle, like spending $4.5 million on a lunch with legendary investor Warren Buffet, which in the end didn’t actually take place. He also purchased a banana art “Comedian” for $6.2 million and ate it onstage. He’s apparently been involved in various shady activities as well.
Why use Tron?
Tron's potential for scalability is high, up to 2,000 transactions per second. The fees are much cheaper than, for instance, Ethereum's, but nowhere near Solana’s. This is caused mainly by the deflationary model of Tron—the network has increased fees, which are burned, thus causing the supply to shrink.
With its consensus mechanism, Tron is energy efficient. For new users there’s a vast ecosystem to explore. Its notable achievement is having the third-largest TVL in the crypto space with over $8 billion locked. Many argue whether this number is artificial to attract new users, but it’s to be discussed and inferred after conducting thorough research.
How Tron works
Tron was built on top of blockchain technology. As a result, the Tron network is a public distributed ledger, which is transparent by design. Tron utilizes a delegated proof of stake consensus mechanism. In this approach, TRX holders vote for super representatives. These SRs ensure the blockchain is both secure and decentralized while validating transactions.
Tron supports two primary token standards, which are TRC-10 and TRC-20. The first standard doesn’t support smart contracts, which makes it suitable for less complex use cases. The latter has advanced support for advanced features like programmability, ideal for more advanced and future-proof projects.
Tron's timeline
The Tron blockchain’s mainnet was officially launched in June 2018. Soon after Tron was live, the foundation acquired Bittorrent, which was an immense achievement for further integration and technology development in this direction. Numerous dApps were integrated, and the network’s security standards were improved. Tron continues to expand more and more into decentralized finance and non-fungible tokens.
The risks of Tron
TRX is subject to serious price fluctuations, making it riskier than Bitcoin or Ethereum. If you don’t know what you’re doing, you are playing with fire. Tron has also been an alleged security according to the SEC for an extended period of time, making it an uncertain investment, especially in particular jurisdictions.
Although such incidents have never taken place until now, Tron may also be susceptible to vulnerabilities, which then lead to exploits. Then, due to Tron’s Delegated Proof of Stake system, which relies on a limited number of entities, it could become even more centralized as the largest SRs continue to increase their stakes in the network.
Tron is an aged technology, and many competitors have recently emerged that don’t offer any trade-offs and make Tron look incapable. Many projects are growing at a faster rate and pose a justified risk of taking over.
Why Tron matters
Tron is changing the internet as we speak. It provides an opportunity for creators to monetize their work and turn their passions into full-time jobs. The way it protects creators’ intellectual property and opens up new revenue streams is unique and uncommon. The big question is what awaits TRX.
