What is the TRON network?
In the world of cryptocurrency, a lot of projects have arisen, more or less useful. One that certainly catches the attention of users is the TRON project. The history of its creation causes a smile on your face, as you will see for yourself reading this article. The creator of the TRON network is known for his controversial statements, while the pace of project development can be impressive.
Creator of the TRON Ecosystem
The originator and founder of this project is Justin Sun, who already in 2013 successfully launched the platform for Live – Streaming (PEIWO). In his career, the Chinese entrepreneur cooperated with Ripple Labs (owner of the third largest cryptocurrency XRP in terms of capitalization), and after its completion he began working on his own project.
The origin of the uprising
In August 2017, the ERC-10 token called TRON (TRX) was issued in the Ethereum network. Its distribution was in the form of ICO (Initial Coin Offering), thanks to which Justin Sun gained funds for creating the project. Two months later, the sale of tokens ended in incredible success. In this short period, the developers managed to raise $ 70,000,000, which enabled further work on the project.
The aforementioned smile on the face causes the fact that Justin Sun with the help of the Ethereum network created his own token, and for the collected funds from distribution created one of the most competitive Blockchain networks for her. Both Ethereum and Tron are dynamically developing, constantly outdoing themselves in streamlining the cost and time of transfers, network friendliness for developers and conducting aggressive marketing against each other.
The TRON ecosystem was created to reduce censorship on the internet, which is a big problem for creators of diverse content. There is a reason why this project was created in Asia, where the problem of censorship is particularly noticeable. Platforms in the ecosystem are to give all control over the products only to their creators and allow direct contact with recipients. Decentralization and elimination of intermediaries significantly reduces costs, frees and censorship and government control.
The TRON network is also a great environment for creating your own tokens and decentralized applications. Literally anyone can create their digital asset in a transparent way. Creating a (DApps) application requires much more knowledge, but it allows you to automate many processes. The TRON network can be successfully used to perform tokenization (digitization) of the project.
Unlike popular digital currencies such as Ethereum or Bitcoin, cryptocurrency TRX cannot be mine up. It is generated with the help of the “Delegated Proof of Stake” algorithm. Instead of miners, there are 27 entities here called Super Representatives. They are democratically elected by network users. Participation in the prize for generating the block depends on the percentage of votes. The condition to vote is freezing a certain amount of TRX for a minimum of 3 days. The more frozen TRONs, the more votes. In addition, for voting, the user receives a part of the mining reward every 5 hours!
All payments within the TRON ecosystem are made using the TRX digital currency. At the time of writing this article, it ranks 16th on the Coinmarketcap.com ranking, in which market capitalization is the primary consideration. In this case, it is $ 1.2 billion and has been stable for some time. As for the price of one TRX, it is ~ 0.018 $, which in the light of project development in the last year seems to be underestimated.