One of the platforms that has made a name for itself recently is the Tron Network. The platform was created in early 2017 by entrepreneur Sun Yuchen (Justin Sun), a two-time recipient of Forbes’ “30 Under 30” award in Asia, and has attracted attention since its inception. In this article, we’ll take a comprehensive look at the Tron Network, as well as talk a lot about the TRX crypto.
A Comprehensive TRX Crypto Guide for Beginners – 2023
Developed as the foundation for a decentralized internet, Tron is an open-source blockchain technology. Decentralized applications, or dapps, are built on top of Tron’s network of nodes and cannot be stopped or controlled by a single person or entity. Moreover, smart contracts, the building blocks of these dapps, can be operated on it.
Who Created Tron?
The Tron platform was founded by Justin Sun in September 2017. Today, Justin Sun is also the chairman of the Tron Foundation, a non-profit organization that helps develop and grow the Tron ecosystem. Born in 1990, Sun was the cover figure of Yazhou Zhoukan in 2011 and Davos Global Youth Leaders in 2014. He was named CNTV’s most notable new entrepreneur in 2015 and was on the Forbes China 30 Under list from 2015 to 2017.
What Advantages Does TRX Crypto Offer?
Due to its entirely unique viewpoint and objectives, Tron is a truly unique cryptocurrency. TRX has no transaction fees, which is a remarkably impressive achievement. Additionally, the network can support 2000 transactions per second.
Moreover, users have the opportunity to take part in the selection of the super representatives by holding and staking TRX. Additionally, it is a valuable idea for the platform to allow content creators to receive payment for their efforts while still maintaining complete control of their work.
What is TRX Crypto Needed for?
First of all, if you want to utilize a Tron-based game or service, you’ll need to buy TRX because TRX is required for using applications on the Tron network. In addition, the Tron consensus system requires TRX ownership to function. Thus, if you wish to stake coins and cast votes for how the protocol is run, you’ll need TRX.
Tokenomics
Tron was first developed as an Ethereum-based token, but in 2018, it eventually made the switch to its own network. During the process, investors exchanged their Ethereum tokens for the TRX coin of Tron. Afterward, the Ethereum tokens were obliterated. Moreover, TRX crypto is listed on many exchanges. Some of them are as follows:
- Poloniex
- Bancor
- KuCoin
- Binance
- Bitfinex
- Coinbene
However, the token is not backed by Coinbase. At the time of writing, the TRX token is trading at $0.06552, according to CoinMarketCap. The token price has decreased by 0.95% in the last 24 hours.
TRON Virtual Machine (TVM)
Turing-complete TRON Virtual Machine (TVM) was created for the TRON ecosystem. It aims to offer a specifically designed blockchain system that is effective, practical, reliable, secure, and scalable. TVM was originally forked from EVM and is compatible with the already-established Solidity smart contract 11 development ecosystem. Based on it, TVM also backs the DPoS consensus.
Energy is a notion used by TVM. Transactions and smart contract activities on TVM are free, with no TRX being used, in contrast to the Gas method on EVM. Technically, the total amount of tokens held has no bearing on the executable computation capability of TVM.
An Overview of Tron’s History
A brief chronological summary of the platform is as follows:
- March 2014: Raybo, a precursor to Tron, is founded.
- July 2017: The Tron Foundation is established in Singapore.
- December 2017: Tron launches its own open-source protocol.
- March 2018: Tron launches its testnet and its own web wallet.
- May 2018: Tron launches its mainnet.
- June 2018: Tron’s first genesis block is created.
- July 2018: The Tron Foundation acquires p2p file-sharing service BitTorrent.
- March 2019: Tron partners with Tether to issue the USDT stablecoin as a TRC-20 token.
- July 2021: The Tron Foundation restructures itself as the Tron DAO.
- November 2021: Tron launches a $1.1 billion fund to grow its ecosystem.
- December 2021: Justin Sun steps down as Tron CEO, handing control of the project over to the Tron DAO.
- May 2022: Tron announces the launch of its USDD stablecoin.
As can be seen from the chronological order above, the platform has continuously renewed and developed itself since its inception.
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