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Cryptocurrency Tron (TRX)

Tron(TRX)

The Tron network uses its cryptocurrency called Tronix (TRX). TRX or Tronix is a cryptocurrency running on the TRON blockchain. Its goal is to create a decentralized Internet. Tron is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system with distributed storage technology, and allows easy and cost-effective sharing of digital content.

Why was Tron created?

Adoption of blockchain technology is limited in part because of the difficulty many developers face in learning to build from scratch on entirely new protocols. Tron is designed to ease this transition and therefore hasten the decentralization of existing platforms and the creation of new dApps.

Who created Tron?

Justin Sun, September 2017

Which Technology is used?

By using the features of the blockchain and peer-to-peer (P2P) network technology, Tron attempts to bridge the gap between content creators and content consumers by eliminating the middleman. 

How does Tron work?

  • Like many other digital currencies, TRX coin transactions occur on a public ledger. On this public ledger, the history of each transaction can be traced all the way back to the first transaction. The transaction model that TRX uses is similar to the transaction model that Bitcoin uses. The only difference is that Tron has improved Bitcoin’s model by providing additional security. The model TRX uses is called UTXO.
  • In a UTXO model, there is a basic output which is an amount of money sent to a TRX user’s address alongside a set of rules that will unlock that specific set amount. The final product is an output that is called the UTXO.

What problems does Tron solve?

  • Tron replicates the business model on a public blockchain network and acts as a distributed, decentralized storage facility that makes it more efficient and cost-effective. It aims to eliminate the middleman, by allowing anyone and everyone to host digital entertainment content on its blockchain-based network. The global audience can directly pay the content creators to access the content.
  • In the process, Tron's open, decentralized platform and distributed storage technology also attempts to address a significant issue - the challenge of a very few, and powerful, corporations controlling the Internet and its content - making it a level playing field.

Is Tron anonymous/safe?

  • You can choose to store the coins in a wallet, like myetherwallet.com, but if you use a wallet, be sure to write down your private key. If you don’t write down your private key, you can lose your coins forever.
  • Since cryptocurrency is decentralized, sites like myetherwallet.com do not store your information at all. They do not have backups of your username and password. You cannot have an email sent to you to reset your password if you forgot it. You need to have the private key you are given access to when you signup. 
  • Just like any other digital asset, Tron can be exploited, and its security can be breached. You can follow basic security techniques like securing your private keys using a hardware wallet. Such techniques will increase your ability to protect yourself.

What makes Tron special?

  • TRON’s smart contract engine promotes effectiveness, is built around a lighter architecture and supports working with a larger number of users. At the moment, the TRON is billed as being capable of handling 2000 transactions per second at any time of day. 
  • Its stated goal is to remove the middlemen from the content creation process and reduce its dependence on the network resources controlled by the large corporations. TRON hopes to expand its reach and employ its peer-to-peer (P2P) network technology for the purpose of becoming a global operating system for unrestricted storing and uploading of data of all types.
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