Introduction of Tron (TRX)
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Tron is an entertainment and content distribution platform that uses blockchain and peer-to-peer (P2P) technology.
Tronix is a core part of the Tron blockchain account.
It is the money that pays you for your content, it is often called its token, “TRX”.
By using the Tron cryptocurrency ecosystem, not only can you share content with others, but you also get paid as a content creator for the content and data you create.
This model goes against the way traditional social media companies, like Facebook, access user data.
They usually do this without the knowledge of the user, making a profit for themselves. When you use Tron cryptocurrency, you control your data and you get paid for your content.
Who founded Tron?
Sun Yuchen, commonly known as Justin Sun, is an entrepreneur who founded and developed the Tron network. Sun founded Peiwo, one of China’s most popular social media platforms, before founding Tron. In 2015, he was also the representative of Ripple. However, he left this position after starting the Tron Foundation.
In addition, Justin is an experienced businessman who has served as CEO of BitTorrent, the most widely used peer-to-peer communication technology in the world, from 2018 to 2021. Tron is one of the decentralized economic systems with one of the most popular social growth rates, with more than 56 million international user accounts and more than 2 billion transactions.
A history of Tron
The Tron Foundation was founded in Singapore in July 2017 by Justin Sun. The Tron Foundation is a non-profit organization that operates the Tron network. The foundation supports the Tron development team by ensuring that they adhere to the principles of transparency and fairness when developing Tron. Tron Company receives support from Accounts and Business Administration. This regulatory commission operates in accordance with the Singapore Company Law.
The developers of Tron are cryptocurrency enthusiasts who work for big companies like Baidu, Alibaba, and Tencent. The Tron Foundation raised $70 million through an initial coin offering (ICO) in 2017. Tron was listed on Coinmarketcap on September 13, 2017, at $0.002.
The all-time high of the cryptocurrency was $0.30 which was on January 5, 2018. Currently, its price is between @$0.025 and $0.03.
Justin Sun is the founder of Peiwo, a China-based social media app with over 10 million active subscribers. Tron has been merged with Peiwo. As a result, it has built a huge acceptance for cryptocurrency around China.
Sun is also the former representative of Ripple in China. Therefore, Sun is not new to the FinTech or cryptocurrency industry. He is a close associate of Jack Ma, the billionaire behind Alibaba.
Justin Sun graduated from Jack Ma’s Hupan University. Surprisingly, a few months after graduation, Sun entered the Forbes “China 30 under 30” and “Asia 30 under 30” lists.
The key players along with Justin Sun in the Tron project are:
CTO of Tron – Lucien Chen
Artistic Director – Keelson Yang
Producer – Xie Xiaodong.
In December 2017, Tron released its source protocol. The Tron protocol is highly scalable. It can handle increasing workloads. Similarly, it can accommodate a long network. Tron launched its Testnet, Blockchain Explorer and Web Wallet in March 2018. Tron bought BitTorrent in July 2018, connecting 100 million BitTorrent users to their network. Also, Tron can launch new DApps on the Tron network.
TRON working Principles
TRON aims to “heal the internet” by giving its users data freedom. They control their data and are rewarded directly for their creations. This does not only apply to content created using the YouTube model. It also extends to various types of DApps (decentralized applications) built on the TRON blockchain.
These include gaming, DeFi, and even bike-sharing DApps. The main thing that removes all these things is that it is an open and open network, where no middleman takes advantage of the creators.
TRON envisions “Web 3.0”, an internet where no middlemen exist, and DApp creators have full ownership of what they create. TRON bills itself as “the fastest growing public chain in the world”. It uses peer-to-peer (P2P) technology and Proof of Stake (DPoS) as the authentication mechanism. This is different from Ethereum, which in Ethereum 2.0 moves from Proof of Work (PoW) to Proof of Stake (PoS).
The main advantage of Tron?
After leaving Ripple, Justin Sun started his own crypto project. He knew that this decision would lead to speculation. Many consider Sun’s opinion as revolutionary as people are still divided on this crypto. When talking about buying or trading Tron, here are some advantages you should know:
Tron has low transaction fees.
It provides greater opportunities for business
Tron has a great team behind it
Fast business
Let’s go through these steps one by one below
Tron has low transaction fees
Tron transaction fees are said to be almost non-existent because you only have to pay $0.000005 every time you do a transaction and that’s about it. The ability of TRON to operate its own net investment, as well as the use of its token by traders and enthusiasts, will be the determining factor in whether these low transaction fees will be -continues in the future. their light and duration are important.
It allows for a greater number of transactions
Justin Sun is a part of Ripple, and while he is working on his own crypto project, he really hopes to apply some of the main principles and well-known characteristics behind Ripple to his own work. If you haven’t heard of it, don’t worry because we’ve got you covered. Making a system that allows a large transaction load is one of those important concepts, which is another big advantage of Tron.
Tron has a great team behind it
Perhaps one of Tron’s best advantages is that it has a great team behind it. In fact, this work is currently being carried out by some of the most talented and promising people in China and keeping one important thing in mind, making it good and quality.
Fast business
Because its network can support 2000 transactions per minute, Tron transactions are very fast. This business ability has an immediate impact on the future of Tron and the world of cryptocurrencies and helps this network to change the Internet. When comparing this to other coins such as Bitcoin, which offers 3-6 transactions, or Ethereum, which allows 25 transactions, there is no room for speculation as to the value of Tron over other currencies crypto-currency and this is clear.
