Tron (TRX) is a relatively young blockchain-based platform that was founded in 2017 by Justin Sun, a young entrepreneur from China. Initially, Tron aims to create a decentralized internet where users can freely share digital content without the need for intermediaries, such as content platforms and social media networks.
Tron’s journey began with its ICO in September 2017, which raised $70 million in just a few hours. The TRX token was sold for $0.0019 during the ICO and was initially based on the Ethereum blockchain. However, Tron eventually migrated to its own blockchain in 2018.
After the successful ICO, Tron set out to build its decentralized platform. In the early days, Tron focused on developing its blockchain infrastructure, including its consensus mechanism and smart contract system. Tron also worked on building partnerships with companies and developers to help promote its platform.
In May 2018, Tron launched its mainnet, which marked a major milestone for the platform. The mainnet launch meant that Tron was no longer dependent on the Ethereum blockchain and could operate independently. The mainnet launch was accompanied by a token swap, where TRX tokens on the Ethereum blockchain were exchanged for TRX tokens on the Tron blockchain.
The mainnet launch also introduced Tron’s consensus mechanism, which is based on delegated proof of stake (DPoS). This means that users can vote for representatives who are responsible for verifying transactions on the network and maintaining the blockchain.
In July 2018, Tron made a major acquisition when it purchased BitTorrent, a popular peer-to-peer file-sharing platform. BitTorrent has over 100 million users worldwide and is one of the largest decentralized file-sharing networks. The acquisition of BitTorrent was seen as a strategic move for Tron, as it allowed the platform to integrate BitTorrent’s technology into its own decentralized platform. Tron also promised to reward BitTorrent users with TRX tokens for sharing files on the network. In 2019, Tron launched the BitTorrent Token (BTT), a cryptocurrency that is used to incentivize users to share files on the BitTorrent network.
Tron has continued to develop its ecosystem by improving its blockchain infrastructure, adding new features, and launching new products. In 2020, Tron launched JustSwap, a decentralized exchange (DEX) that allows users to trade cryptocurrencies on the Tron network. JustSwap is similar to Uniswap, a popular DEX on the Ethereum network.
Tron also has continued to establish partnerships with major companies to promote its platform and increase adoption. In 2019, Tron partnered with Samsung to integrate the Tron blockchain into Samsung’s blockchain Keystore, which allows users to store and manage their private keys on Samsung devices. Tron also partnered with Opera, a popular web browser, to enable users to access Tron’s DApps directly from the Opera browser. The partnership aimed to increase the accessibility of DApps and promote their adoption. In 2020, Tron announced a partnership with Steemit, a social media platform based on blockchain technology. The partnership aimed to integrate Steemit’s technology into the Tron network, allowing users to earn TRX tokens by creating and sharing content on the Steemit platform.
Tron’s adoption and growth have also continued to accelerate in recent years. According to data from DappRadar, Tron had the second-largest number of active DApp users in 2020, after Ethereum. Tron’s journey so far has been marked by significant growth, development, and partnerships with major companies. As the adoption of blockchain technology continues to grow, Tron is well-positioned to become a major player in the decentralized internet space. Tron’s future plans include the development of a new blockchain called the Sun Network, which aims to increase the speed and scalability of the Tron network. Tron is also expected to continue to develop its DeFi ecosystem and partner with more companies to promote the adoption of its platform.
Is TRON technically sound?
Tron’s blockchain is based on a variation of the delegated proof-of-stake (DPoS) consensus mechanism, which is designed to be faster and more scalable than the proof-of-work (PoW) mechanism used by Bitcoin.
Tron also employs several other technologies and features that make it a technically sound platform. These include:
- Smart Contracts: Tron has its own smart contract platform that allows developers to build decentralized applications (DApps) on top of the Tron blockchain. Tron’s smart contract platform is based on Solidity, the same programming language used by Ethereum.
- Scalability: Tron has addressed scalability issues by implementing a high-speed transaction processing engine called the Tron Virtual Machine (TVM). TVM allows for faster and more efficient execution of smart contracts, which helps to reduce transaction times and increase the overall speed of the Tron network.
- Security: Tron employs several security features to ensure the safety of its blockchain, including the use of consensus mechanisms that prevent double-spending and the implementation of a Byzantine Fault Tolerance (BFT) algorithm that prevents network attacks.
- Decentralization: Tron is a decentralized blockchain platform, meaning that it is not controlled by any single entity or organization. This helps to ensure that the platform remains transparent, secure, and resistant to censorship.
TRON’s source codes can be found here.
TRON Transaction Fee, Speed, and Supply cap
Tron’s transaction fees are relatively low compared to other blockchain networks. The transaction fee on the Tron network is measured in Sun, a fraction of a Tron token (TRX). The average transaction fee on the Tron network is around 0.00001 TRX, which is roughly equivalent to $0.0001 at current prices.
Tron’s blockchain is designed to be fast and efficient, with a high throughput capacity. The Tron network is capable of processing up to 2,000 transactions per second (TPS), which is much faster than Bitcoin’s network, which can only process around 7 TPS.
Tron’s total supply is 100 billion TRX tokens, with approximately 72 billion in circulation as of 2021. Unlike some other cryptocurrencies, Tron does not have a hard cap on its total supply, meaning that new tokens can be minted and added to the circulating supply over time.
However, Tron does have a mechanism in place to reduce the inflation rate over time. In the early stages of the platform’s development, new TRX tokens were minted at a rate of 1,000 tokens per block. However, the inflation rate was gradually reduced over time, and as of 2021, the inflation rate is around 1% per year. This helps to ensure that the value of TRX is not diluted over time due to the excessive minting of new tokens.
TRON Price History
Tron (TRX) was first launched in September 2017, with an initial price of around $0.002 per token. Since then, the price of TRX has experienced several ups and downs, influenced by various factors such as market sentiment, adoption, and regulatory developments.
Here is a brief history of TRX’s price movements:
- In December 2017, TRX experienced a significant price surge, reaching an all-time high of around $0.30 per token. This was likely due to the hype surrounding the project’s launch, as well as the overall bull market conditions in the cryptocurrency industry at the time.
- In early 2018, the price of TRX experienced a significant decline, dropping to around $0.03 per token by April. This was likely due to a combination of market correction after the 2017 bull run and negative publicity surrounding the project, including concerns about centralization and plagiarism allegations.
- Throughout the remainder of 2018 and into 2019, the price of TRX remained relatively stable, with occasional fluctuations. The token experienced a modest increase in value towards the end of 2018, reaching around $0.027 per token in November, before dropping to around $0.013 by December.
- In early 2020, the price of TRX experienced a significant increase, reaching a yearly high of around $0.04 per token in February. This was likely due to the project’s continued growth and adoption, as well as the overall bullish market conditions in the cryptocurrency industry.
- Throughout the rest of 2020 and into 2021, the price of TRX fluctuated between around $0.01 and $0.03 per token. In early 2021, TRX experienced a significant price surge, reaching a yearly high of around $0.18 per token in April. This was likely due to increased interest and adoption of the project, as well as the overall bullish market conditions in the cryptocurrency industry at the time.
- Since then, the price of TRX has experienced some fluctuations but has remained relatively stable between around $0.06 and $0.10 per token as of April 2021.
Overall, the price of TRX has been influenced by various factors over time but has remained relatively stable in recent years, with occasional spikes and dips in value. As with all cryptocurrencies, the price of TRX is subject to volatility and can be influenced by various market factors.
What Can TRX Be Used For?
TRX is the native currency of the Tron blockchain, and as such, it can be used to power decentralized applications (dApps) built on the Tron platform. Many popular dApps such as BitTorrent, Wink, and WINk use TRX as their primary currency.
Staking and Governance
TRX holders can participate in the Tron network’s governance and staking systems by holding and staking their tokens. This allows token holders to vote on important decisions related to the development and direction of the Tron network, as well as earn rewards for participating in the staking process.
Buy Gift Cards with TRX
Gift cards are an easy way to buy stuff with TRX online or in-store. Piggy Cards gives Tron users a quick and safe way to buy gift cards with crypto. With 300+ gift cards to choose from, there is an endless amount of places where you can use TRX and things you can buy with Trons.
Popular gift cards you can buy with TRX include:
- Google Play
- Uber Eats
- Sony PlayStation
- Home Depot
TRX can be used as a payment method for goods and services that accept cryptocurrency as payment. Many online merchants and service providers accept TRX as payment, making it a viable option for those looking to transact with digital currencies.