Updated: Dec 20, 2019
Tron is a decentralized blockchain-based platform, aimed at creating a digital content entertainment system on a global scale. The platform is built to make digital entertainment free with distributed storage technology, which will allow cost-effective and easy sharing of digital content. It has, since its inception, made plenty of waves in the crypto world for all the right reasons. Tron’s native cryptocurrency is called Tronix or TRX, which, in 2018, became part of the world’s top 10 coins through market capitalization.
This guide will explain why Tron was designed, the team behind it, how it works in the real world, and the various applications.
What is Tron Designed For?
Tron was designed to bridge the gap between content consumers and creators, by essentially eliminating the middleman. It features a peer-to-peer (P2P) network and blockchain technology, which reduces cost overheads of the end consumer and improves collection for content producer through direct receipts, which in essence is a win-win situation.
Tron wants users to create information, websites, applications, and other content without having to surrender control of the content or rely on centralized services. The goal is to give back to the user in a world where global giants, like Facebook, Apple, Amazon, and Google control the lion’s share of data and profit.
Who Is the Team Behind Tron?
Tron was launched in 2017, as a visionary attempt at landscaping the global entertainment industry. It is backed by the Singapore-based TRON Foundation. The platform is headed by its CEO and vocal founder, Justin Sun, who was born in 1990 but already has an impressive resume.
Not only did Sun serve as Ripple’s former Chief Representative in Greater China, but he is also the founder and CEO of Peiwo, a mobile social application. He is also the founder of the World Economic Forum and Global Shaper. He has been included in Forbes Asia, 30 under 30.
How Does Tron Work?
The platform employs a three-layered architecture to split the system into a storage layer, a core layer, and an application layer. Tron is a leading movement that some ambitiously refer to as the futuristic third web or Web 3.o, which is an attempt to enable the internet to be used as it was originally intended to be used – an open-source, decentralized network.
TRX transactions occur on a public ledger where the history of each transaction can be traced back to its origins, just like the Bitcoin model. Tron uses the UTXO model, where a specific amount of money is unlocked based on basic output and a predefined set of rules.
What are Current and Future Applications of Tron?
Tronix is the platform’s official currency and also the exchange currency. Just like Ethereum, Tron allows Dapp creators to launch Tron 20 tokens with TRX acting as the exchange medium, for all currencies created. The biggest benefit of using this crypto coin is its ability to empower content creators and artists on a global scale, by giving them ownership over their content.
From a developer’s standpoint, Tron can be used to build any Dapp that employs the use of a high-level language and smart contracts. Now developers can use their preferred programming language for building their apps in an open-software design.
One of the biggest products developed so far on Tron is the crypto puppies. This came right after the success of crypto kitties, wherein Tron attempted to capitalize on the upcoming Chinese year of the dog. Even now, Tron dogs are being sold for a sum equivalent to $18. This is just one of the many successful endeavors built on the network.
Tron has secured several notable partnerships that have helped drive the growth of TRX. Some of these big-name partnerships are:
● Game.com – An online gaming platform that has allowed Tron to expand into the gaming sector
● Gifto – The partnership with this virtual gifting platform was announced in 2017, as a first step towards bringing decentralized content creation monetization to the masses
● Peiwo – This mobile social media application has added support for TRX coins
● oBike – users of oBike, a bike-sharing platform, get to earn oCoins based on the Tron protocol whenever they use oBike
Justin Sun is the vocal face of Tron with a very active social media following. His relationship with Alibaba entrepreneur Jack Ma raises the question of whether a merger between the two entities is going to happen shortly. Any such news would certainly catapult TRX down a well-trodden path of success.
That being said, it is important to understand that Tron is a relatively new cryptocurrency in an otherwise volatile market.