Today, the centralized players like Google and Meta dominate the internet. They own and control human-generated data, including financial data. As a result, these intermediaries are becoming wealthier and wealthier, and the rest of us are uncertain about how these companies use our data.
This is the problem TRON seeks to solve by building a decentralized internet owned and controlled by its users. The network can handle anything, from dApps to regular crypto transactions as you can also convert TRX to PKR. So what exactly is the TRON network?
Today, we’ll explore the basics of what TRON is and its working mechanisms.
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What Is TRON (TRX)?
Founded in 2017 by entrepreneur Justin Sun, TRON is an open-source blockchain platform designed to operate as the infrastructure for a decentralized internet. It can run smart contracts, which are at the core of decentralized applications (dApps). For this reason, no single person or entity can control or shut it down.
TRON aims to establish the foundation upon which sophisticated services such as trading platforms, decentralized finance (DeFi) apps, and decentralized gaming networks are developed.
What Is Tronix?
Tronix is the native coin utilized in the TRON ecosystem. It facilitates transactions on the network, and users can stake it to receive rewards. Tronix is also used for governing, with coin holders able to vote on network decisions.
How Does TRON Work?
The TRON network embodies several principles, the first being decentralization. All blockchain data is free, and creators can get the TRX token as a reward for posting content. Creators can also form their own tokens on TRON. They can then use them within dApps on the network.
Like Ethereum (ETH), TRON utilizes an account-based model, meaning the cryptographic keys issued by its protocol can control access to TRX and TRX token balances.
The network then routes this data exchange through its three-layer architecture:
- The Core Layer: Performs the blockchain’s fundamental tasks, such as transaction validation, account management, and reading of smart contracts. This layer utilizes the Solidity smart contract language originally developed for Ethereum.
- The Storage Layer: This is built to accommodate complex data and has two compartments: state and blockchain storage.
- The Application Layer: Developers use it to build dApps and customized wallets. TRON’s support for smart contracts opens up possibilities for building groundbreaking applications.
At the heart of TRON is a consensus mechanism known as delegated proof-of-stake or just DPoS. This is a popular energy-efficient alternative to Bitcoin’s proof-of-work model. In the DPoS system, TRX holders can stake their tokens (pledging them as collateral). This earns them the right to vote for ‘super representatives’ who will handle transaction validation. Votes are counted, and the representatives are elected every six hours.
Currently, the TRON network has 27 super representatives who receive various transaction blocks for validation. Each super representative gets a block and vote reward for every block, which is shared with the representatives’ voting ‘partners’ based on their voting ratio.
Why is TRON Unique?
So, what makes TRON stand out from the crypto crowd? First and most importantly, it brings a fresh perspective and goals to the crypto-verse. For one, you do not incur any transaction fees for TRX, which can’t be said for most cryptocurrencies. In addition, the network supports 2000 transactions per second, which means it’s much faster than the likes of Ethereum. Users can hold also and stake TRX, meaning they get to elect super representatives.
On top of all these, the network allows content creators full ownership of their projects and rewards them for their posts. TRON believes it can ‘heal the internet’ by deploying four main features: digital assets, data liberation, personal ICOS, and the creation of infrastructure that transforms. It’s therefore interesting to see what the future holds for the blockchain.