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TRON is a multi-purpose smart contract platform that enables the creation and deployment of decentralized applications (dApps). It features a delegated Proof-of-Stake (DPoS) consensus mechanism, a system that offers an increase in performance while maintaining true decentralization and censorship resistance.
TRON is arguably most famous for its low cost ability to make transactions in comparison to other layer-1 solutions such as Ethereum, though still lags behind in developer adoption to be considered a serious rival yet.
Tron token type
TRX is the basic unit of accounts on the TRON blockchain. TRX is also a natural medium currency for all TRC-based tokens. TRX connects the entire TRON ecosystem through various applications that power transactions on the chain.
TRX is listed on over 130 exchanges, though a positive signal this is no guarantee though of a projects long term success.
Examples usage of TRX includes：
- Credit card spend supports TRX payment
- TRX can be used to purchase tokens to be issued on TRON
- Obtain corresponding amount of energy and bandwidth by freezing TRX
- Obtain TRON Power, voting rights for super representatives by freezing TRX
Tron history and first price
Crowdsale, Private Sale
100 billion TRX were initially issued. 15.75 billion TRX were allocated to private sale investors and 40 billion TRX were allocated to ICO investors. The Tron Foundation received over 34 billion TRX and Peiwo Huanle (Beijing) Technology Co, Justin Sun's company, received 10 billion TRX.
The Tron Foundation initially did not have any lock-up restrictions but locked up its entire holdings until January 01, 2020, when the Tron Mainnet launched on June 25, 2018. It also conducted a 1 billion TRX burn in order to celebrate the launch of the Mainnet. This was advertised as "Independence Day".
Tron is the brainchild of notorious crypto celebrity Justin Sun, who through Tron also acquired the peer-to-peer file-sharing network BitTorrent in 2018 and launched the BitTorrent Token (BTT) a few months later.
The introduction of Bitcoin in 2009 revolutionized society’s perception of the traditional financial system in the wake of the recession (2007-2008). As centralized hedge funds and banks collapsed from speculation in opaque financial derivatives, blockchain technology provided a transparent universal ledger from which anybody could glean transaction information. The transactions were cryptographically secured using a Proof of Work (PoW) consensus mechanism, thus preventing double spend issues. In late 2013, the Ethereum white paper proposed a network in which smart contracts and a Turing-complete Ethereum Virtual Machine (EVM) would allow developers to interact with the network through DApps. However, as transaction volumes in Bitcoin and Ethereum peaked in 2017, it was apparent from the low transaction throughput times and high transaction fees that cryptocurrencies like Bitcoin and Ethereum in their existing state were not scalable for widespread adoption. Thus, TRON was founded and envisioned as an innovative solution to these pressing scalability challenges.
TRON Foundation was established in Singapore.
On March 31, 2018, TRON TestNet was launched.
Two months after the TestNet the TRON MainNet went live on May 31, 2018.
On August 30, 2018, TRON Virtual Machine (TVM) went live.
On September 25, 2019, SUN Network V1.0 (DAppChain) MainNet officially went live.
The TRON-based stablecoin lending platform JUST officially went live.
JustSwap (SunSwap) went live, securing a trading volume of $5 million within 24 hours.
JustLend, TRON's first official lending platform, officially went live.
TRON unveiled its first NFT standard protocol TRC-721.
TRX concluded its transition from inflation to deflation, with a total of 5.76 million TRX ($780,000) reduced.
TrueUSD (TUSD) announced the launch of TRC20-TUSD on the TRON network, marking the birth of TRON-based TUSD.
Centre launched TRON-based USDC, marking the official issuance of USDC on TRON.
TRON launched algorithmic stablecoin USDD. It should be noted that algorithmic stablecoins are under heavy scrutiny following the collapse of Terra USD (UST)
Tron technology explained
The TRON public chain uses highly abstract modularisation. It separates the system into several core modules, including the underlying network, data storage, consensus, transaction actuator, TVM, and application layer interface.
The end result is that this enables, through the DPoS consensus algorithm, a maximum of 2,000 TPS.
The underlying network module is a set of customizable and efficient message response systems, built based on Netty, a high-performance network framework. Network module is separated into two modules: Node discovery is implemented based on the Kademlia algorithm. It meets the requirements of node discovery in decentralized network environments and can defend eclipse and witch attacks by a set of node scoring mechanism. Node communication module uses TCP for data transfer. Based on this, a flexible and extensible message registration response mechanism is designed on the business layer.
Blocks are categorized as solidified and un-solidified block to tap the performance potential of the public chain. It can reduce the limits of the CAP theory of distributed systems and give the most consideration to data availability and consistency.
Solidified blocks cannot be rolled back. Un-solidified blocks contain the latest transaction data. Full nodes provide data inquiry services for both types of blocks to meet various needs from users.
Tron supply limit
The new daily issuance is a relatively constant amount of 5.05m TRX with the majority (91%) of that coming from Voting Rewards and the remainder (9%) from Block rewards.
TRX is being burnt to mint USDD, this burning is deliberately unpredictable to make the algorithmic stablecoin harder to attack. Due to this it is currently not possible to have an accurate forward supply curve model.
This link has the complete daily history of TRX issued & burnt which is exportable as a CSV file which should serve as a useful reference point to understand how the TRX circulating supply changes.
There is no maximum supply of TRX.
Block producers in the TRON network, also called super representatives, are elected by voting. Any account can apply to become a super representative candidate by paying 9999 TRX and then participate in the super representative election.
Any account can vote for super representative candidates, and the top 27 candidates with the most votes become super representatives.
Super representative needs to run a TRON node to participate in block production, and will also receive block rewards and voting rewards. Voters who vote to super representatives will receive voting rewards.
The super representative candidates ranked 28th to 127th are called super representative partners. Super representative partners do not participate in block production and packaging transactions, but will receive voting rewards. Voters who vote to super representative partners will also receive voting rewards.
Delegated On-Chain Vote
Users first submit draft proposals to GitHub, as the author of TIP issue, they are expected to encourage developers to discuss this issue, collect their feedback, and eventually put your issue into practice. A core TIP that has been in the Last Call for at least 2 weeks and any technical changes that were requested have been addressed by the author. The process for Core Devs to decide whether to encode a TIP into their clients as part of a hard fork is not part of the TIP process. If such a decision is made, the TIP will move to the final. The developer completes development and adds changes to the new version of the client.
After 27 super representatives and most nodes in the network have completed the new version upgrade, Each super representative, super representative partner and super representative candidate has the right to initiate proposals to modify TRON network parameters, but only super representative has the right to vote.
Proposals only support voting for yes, not voting by super representatives means they do not agree with the proposal. Proposals are valid for three days from the time when the proposal was created. During the validity period of the proposal, the super representative can vote on the proposal or cancel the previous vote. If the proposal receives 18 or more super representative votes (2/3 majority) during the validity period, the proposal will pass. If the proposal has passed the expiration date and has not received enough votes, the proposal will become invalid.
You can transfer your Tron holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you Tron holding except you.
The Cropty wallet provides the most convenient application for storing and transfering Tron. Cropty targets to become one the best crypto wallets for Android and iOS in 2023. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.
- Sign up to Tron wallet.
- Top up your balance with Tron.
- Store, trade or deposit your Tron.
- Get Tron deposit interest directly to your Cropty wallet.