What is blockchain?
To be able to understand what Tron is, we will first need to have a look at blockchain in general. There is a whole story behind the development of Blockchain and the first digital coin, known as Bitcoin. About Satoshi, the developer who still is anonymous, the financial crisis, the revolution through the years. We will skip this, but if u are interested in the history of Bitcoin a interesting documentary to watch is “Banking on Bitcoin” on Netflix.
Simple said, blockchain is a decentralized and public ledger that is used to record data. U can compare it the best to a (cash) register. Normally a company or a group of companies note down their transactions and save them on a server or a computer. With blockchain, the register is completely transparent, open to the public and saved on a network of computers that check and confirm the transactions. All the information is saved in a block, one block contains the content, the timestamp, the hash (code of the previous transaction) and the new hash. Therefore, it’s a chain that can’t be broken or manipulated.
The blockchain technology makes it possible to do transactions without the need of a third-party. This can be done with smart-contracts, instead of a thirdparty the rules of the contract are digital described into the blockchain both parties are bound to the contract, and once both parties do fit the requirements of the contract the payment will be made. For example, a smart-contract can say, if I pay 10 TRON to you, I will get 100 BTT back. We won’t need a lawyer of exchange to make this deal. The possibilities of blockchain are endlessness, and it’s still in development every day. Let’s have a look at the general benefits of using blockchain.
- Transparency: Every transaction is recorded in the blockchain, everyone can access the public ledger and all network participants have the same copy. This means that u can easy check all the transaction made by a wallet, or the total blockchain. The data in the blockchain can’t be changed only if the whole networks give consensus.
- Safety: The data in the blockchain can’t be changed. Every block contains the information of the last block, and the new block. It’s a chain, that can’t be broken or frauded with. It’s not saved on one computer, but a total network so it’s impossible to change any data inside.
- Reduced costs: Since the most third-parties can be removed with the usage of the blockchain, u won’t need to spend costs on the middle man. With the blockchain u can trust your trading partner, without the need of someone else. Second the administration u won’t have to keep manually. Therefore companies and users can safe a lot of costs.
- Speed: Doing transactions with the use of blockchain is not only a lot of fast because of the network and the possibilities but also because the process is more simple then traditional ways. In a few second u can send a token, to someone at the other end of the world without crazy high costs or long waiting times.
This is small explanation of what blockchain is, how it works and what the benefits are of blockchain. If u want to know more about blockchain, I recommend u to check Youtube. There are a lot of good video’s explaining blockchain from different views.
What is Tron?
The Tron Foundation is a company founded in 2017 by Justin Sun. And did grow to a one of the biggest-blockchain based companies of the entire world with a big team of developers and staff members. Tron’s main mission is very ambitious, “to establish a truly decentralized internet”. To accomplish this. Tron developed her own blockchain, with a digital asset known as cryptocurrency. It’s like a digital form of cash. The name of the coin is TRX or TRON.
Compaired to other blockchains, the benefits of the Tron Network are the high average transaction speed. A transaction takes a few seconds. Second, is thie scalability, the Tron Blockchain can handle more then 2000 transactions per second. And it even stated that this will be improved soon. Third, the transaction costs of the Tron Blockchain are very low, making it accessible and attractive as a payment option. Tron also has numerous of uses cases, instead of only a few. And last the Tron Protocol is very accessible for developers, which makes it interesting for developers to create a game or website using TRX as a payment/reward option. U can view all the transactions made on the Tron Blockchain, on a Tron explorer like Tronscan.
What is the goal of the Tron Foundation?
Tron’s main goal is to decentralize the internet. By removing the middle man with the possibilities of the blockchain. We sometimes think, that the internet is already pretty decentralized since everyone can post things on the internet. But the problem with this, is the fact that there is always a middle man involved who has the right of the content and will get paid for this. For example, when u developed a game that u want to offer to people, u will have to get it approved by the Play Store from Google, also a part of your profit will go to Google. The same goes for Youtube, Facebook and other big companies.
Tron wants to remove the middle man, to reward the content creators directly and let them own their own content instead of another company making requirement and using the content. To accomplish this, Tron developed a ecosystem including a own blockchain, the possibility to create tokens and multiple of tools for developers to create platform or game that can use the Tron Blockchain.
Tron’s goal is to create a worldwide free content entertainment system, which is a very big industry and may sound very ambitious. But in the past few months, Tron has shown that it already proved to take the steps in the right direction with GoSeedit, BitTorrent, Tether and the list of exchanges, companies and platforms accepting TRX as a currency. If u want to know all the details about Tron, u can find the whitepaper here.
Information about the digital currency TRX
Earlier we mentioned that TRX is the official native cryptocurrency of TRON. TRX started with a ICO (a crowdfunding mechanism) on the Ethereum Platform and raised 70.000.000 million dollar to develop their project. The price of one token in the tokensale was 0.00186 USD, which means that since then the token already grow with x14 times. In May 2018, TRX migrated from the Ethereum Blockchain to her own TRON Blockchain. Which allowed the new ecosystem to grow.
TRX did grow in the past few months to the top 10 of cryptocurrencies according to the marketcap. The total supply of TRX is around 99 billion, from this amount 66 billion is circulating in the market. The price of has moved from the ICO price of 0.001 USD, till the all time high of 0.30 USD in January 2018. Since a few months the price of TRX is stable between 0.02 and 0.03 USD. Check the current price of TRX and all the details here.
If u want to invest in Tron, there are two things u will need to know. U can buy TRON on different trading platforms, known as exchanges. Second thing u will need is a wallet where u can store the TRX. A list of tutorials that will help u get started with choosing and creating a Tron wallet and buying your first coins u can find below.
- How to buy Tron?
- Where can I store my Tron tokens?
- How to create a Tron Wallet?
- How to send Tron?
- Where can I trade Tron tokens?
- How do I setup Tronlink?
- How to participate in an Tron ICO?
- How to vote in the Tron SR election?
- GoSeedit Starters Guide
- Complete list of all important Tron Websites
- Term list
What are the main functions of TRX?
- Digital Currency: Tron is mainly a digital currency that is already accepted at (online) shops, game platforms and even travel platforms. TRX is also the main medium of exchange in the Tron Ecosytem. U can for example buy other (Tron) tokens with TRX, pay for the transaction fees or buy your own tokens.
- Proving right and privileges: People that hold TRON, do have certain rights and privileges in the ecosystem. An example of this is the fact that if u freeze your TRX, u gain Tronpower that u can use to vote in the Tron SR election. The SR candidates play a big role in the decision making about the development of Tron. So by freezing your TRX u use your right to vote on a candidate u think deserves a place at the table and will even get a passive income for this with a reward system.
- Creating your own Tron Token (TRC10 or TRC20): Companies, contentcreators, developers, literally everyone can create a TRC10 or TRC20 token on the Tron Blockchain. For 1024 TRX u can buy your own TRC10 token, all u have to do is to fill in a form and the tokens including the information will be send to you. This created a whole new of ecosystem with Tron ICO’s, investors and traders.
- Investment: Most people do use the TRX coin as an investing opportunity. Since Tron is relatively new and still in development it’s only logical that the price of TRX will grow with the years since the usecase and users of TRX will grow everyday.
- Play DApps: Since a few months, lot of DApps are being developed. Most DApps use TRX as the main token to play the games as a payment, but also as a reward system. For example u can play a lot of gamble games where u pay with TRX and will earn TRX.
The Tron Ecosystem is growing, the Tron Blockchain is more and more used by investors, gamers and companies. Everyday new DApps are born in the Tron Community. For those who don’t know what a DApp is, a quick explanation. DApps are decentralized applications, that run on a network of computers or in this case the blockchain, with using a smart-contract to remove a third-party and ensure the decentralized character of the app. In simple words, it’s a service, game or any other app that uses the blockchain.
Tron is lately known as the most active DApp platform, already more then 270 DApps are created in April 2019. A few examples of DApps are gamble games, like poker, dicegames etc. Or for example a DEX, or social media platform where content creators can be rewarded. A full list of all the DApps u can find here.
More information about TRON?
|Tron Official||The official website of the Tron Foundation|
|BitTorrent||The official website of BitTorrent|
|Tronscan||Tron Explorer / Wallet / DEX|
|Trontokens||Explorer, token overview and other support.|
|Tokengoodies||TRX Voting SR Rewards Calculator|
|GoSeedit||Payment system TRX|
|Tron DApp House||Tron DApp Overview|
|Dapp Review||Tron DApp Review|
|Tronwalletme DApps||Tron DApp Overview|
|Tron SR||Tron SR Community|
|Tron Github||Github Tron|
|Seedgerminator||DApp Startup Platform|
|Developer Hub||Developer Hub Tron|