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What is Tron (TRX) ?

Tron is a blockchain designed to help people take control of the data they create online, and make money out of it. Based in Singapore, it uses a voting system to elect people to maintain the network and raised $70 million in its ICO

4 min read

Middle-men rule the internet. Companies like Google, Facebook and Amazon own and control the data we all generate. That’s made those companies-in-the-middle very wealthy, and the rest of us not only out-of-pocket but unsure how and what our data is being used for.

That’s a problem Tron wants to solve. It wants to give power back to the content creators - and create a way to monetise the things those users create and back them all-up on blockchain.

What is Tron?

Tron is a decentralized blockchain designed for entertainment and content creation. Part social media, part content platform, Tron is designed to allow people to create content that can be shared and traded as a user sees fit. That data can be anything from text to pictures, audio and video.

Like Ethereum, Tron has its own smart contracts, Dapps and a wallet. But unlike Ethereum, Tron’s ambitions are to create more sophisticated services like its own trading platform and ultimately a decentralized gaming network for developers to build upon.

Did you know?

Tron’s six-part development road map was inspired by Star Trek. So much so, Stage 5 is named after the science-fiction show.

Who invented Tron?

Tron was founded by Justin Sun, the former chief representative of Ripple in China. While Sun is the CEO, the network is managed by a non-profit called the Tron Foundation.

A brief history

  • 🌅 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 TestNet and its own web wallet
  • 🗳️ April 2018, Tron elects super representatives
  • 🚀 May 2018, Tron launches its MainNet
  • 👌 June 2018, Tron’s first genesis block is created

What’s so special about it?

Tron’s mission is to “heal the internet”. It believes it can do that by deploying four main features.

  • 🙏 Data liberation: allow data to move freely and uncensored across its network.
  • 📹 Digital assets: create an ecosystem where users can own the rights to content and track it as it spreads.
  • 💰 Personal ICOs: The ability for anyone to raise funds and distribute digital assets.
  • 📝 More than just smart contracts: Create infrastructure to allow more complicated assets like games and market forecasting to take place on the platform.

How is Tron produced?

Unlike mining based currencies like Ethereum and Bitcoin, the currency was issued at launch. Tron has a token count of 99 billion - with two thirds of that number in supply.

Did you know?

Tron raised $70 million in its ICO. It’s backed by the co-founder of BITMAIN, the founder of transport company Ofo and founders of BTCC.

How does Tron work?

At the heart of Tron is a consensus protocol known as delegated proof of stake or DPOS. In this system people vote for others to become nodes, or in Tron’s case “super representatives”. On the Tron network there are 27 of these super representatives.

Their job is to validate transactions, create new blocks and compete for rewards for good behaviour on the network. The voting system to elect super reps is ongoing, meaning if a rep is misbehaving, they can be replaced.

Did you know?

To become a Super Representative on Tron you need to acquire more than 100 million votes. One token equals one vote.

What can you do with Tron?

Tron is less a cryptocurrency like Bitcoin, and more a unit of value. It wants its TRX Token to be able to allow the exchange of digital assets without a middle man.

One of the earliest projects built on Tron was Gifto, a paid social media platform that allows content creators to earn gifts from followers.

Tron’s TRX token acts as the ledger that keeps track of the exchanges on the network and ultimately becomes a store of value that content creators can use as they see fit.

The future

Tron has been gathering momentum by building partnerships in its native Singapore and Asia. Like NEO, it has focused its attention on China, an audience who has been actively embracing blockchain technology.

However, Tron isn’t alone in its ambitions. Other smart contract platforms like EOS and Cardano also want to create similar ecosystems. Who will be the first is up for grabs. What’s more than likely is multiple platforms will co-exist along side each other. Which would be good for everyone.

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