TRON is an open-source decentralized blockchain platform founded by the Chinese company TRON Foundation, registered in Singapore. The main Cryptocurrency on the platform is TRONIX (TRX). For the first time, the platform was unveiled in the summer of 2017 by Chinese businessman Justin Sun.
In 2017–2018, the company held one of the biggest and biggest ICOs, during which $ 70 million was raised. About 40% of the total issue was sold to investors, and the rest went to TRON’s reserve fund (35%), for pre-sale to other investors. The project team consists of very experienced developers from different countries: China, USA, Japan. Initially, TRX represented the token in the ERC 20 standard, but after the ICO in 2018, the cryptocurrency moved to its own blockchain.
TRON platform features
The main idea of the project is to create an entertainment network similar to AppStore or GooglePlay, but in which developers can create their own entertainment applications and offer them directly to users without intermediaries.
Initially, the coin was based on the ERC-20 standard, but in 2018, the project moved to its own Odyssey 2.0 blockchain network. TRON started on the basis of Ethereum, continued its development path, and inherited the main distinguishing characteristics of Ethereum: the presence of smart contracts and the creation of its own tokens using funds through crowdfunding.
TRX is the main currency, used to pay for content on the platform, as well as to pay compensation for mining blocks. But in addition to the native TRX currency, the platform also supports:
TRC10, which allows application developers to issue their own tokens within the TRON platform. They have been available since Tron’s launch on the mainnet, when it moved from Ethereum to its own blockchain. The ease of issuing the TRC10 token makes TRC10 a great way for teams to assess interest in your project without spending a lot of money on development.
TRC20 extends the functionality of Tron-based tokens, as TRC20 tokens are used in smart contracts. The TRC20 token standard is fully compliant with the Ethereum ERC20 token standard. This means that developers can easily migrate Ethereum-based smart contracts to Tron. In 2019, USDT was earned on the basis of the Tron blockchain. Stablecoin has become a direct competitor to USDT ERC20. After all, the main advantage of USDT TRC20 is the commission — just a few pennies.
TRON Power (TP), which provides voting rights on network development issues (the token cannot be sold, but can be purchased for TRX).
Tron’s distinctive features include:
The virtual machine (TVM), smart contracts and TRON token standards are compatible with Ethereum, which simplifies the migration of projects to this blockchain.
Users can perform transactions on the net for free TRON, ie, no commission due to the presence of special parameters: wideband and energy.
Even when the bandwidth is exceeded, the network fees are still very low compared to the Ethereum network.
The ability to simplify token creation (TRC10), without a lot of money and time.
To create a new TRC-10 token, you need 1024 TRX, and to create a new account, 0.1 TRX.
Unlike the Ethereum network, when tokens are sent to the TRON network, the tokens can be used as a commission to pay for the network, rather than the main TRX coin.
Developers have the opportunity to build decentralized applications not only in the core protocol language (Java), but also in others, including Scala, C ++, Python, and Go, and with support for the Protobuf structured data serialization protocol.
The average confirmation time per transaction is 1 min. For the transaction to be confirmed, 19 network blocks will be required (a new block is created approximately every 3 seconds).
The issuance of cryptocurrencies is 100 billion.
Power and bandwidth
The main competitive advantage of the Ethereum TRON network is that users of the network can transact without commission.
Bandwidth is required to complete TRX transactions. This is the value that will be reduced with each transaction. By default, the account has 5000 units. daily bandwidth. The throughput units for a transaction are the number of bytes in the transaction multiplied by the throughput unit speed. On average, around 250 units of bandwidth are required to complete a transaction on the TRON network.
Energy — This is a special resource that is used to process smart contracts on the TRON network. Smart contracts consume energy in addition to bandwidth, so it is important to ensure that both indicators are sufficient in the wallet when making transactions.
How to get started with cryptocurrency?
To get started, you will need to have a wallet in which the funds will be stored. You can choose both the official TRON wallet developed by Getty / IO Inc and a third-party multi-wallet that supports working with this coin. You can find more details about wallets on the official website
Transaction processing speed on the TRON blockchain
Only 1 confirmation from the TRX blockchain is needed to complete the exchange. On average, it will take up to 3 minutes to confirm your transfer. As the number of active nodes increases, this time may change.