TRON
What is Tron?
In this review for TRON, I will thoroughly cover all details regarding the network and native TRX coin. The TRON cryptocurrency is a very ambitious project that is very dedicated towards establishing a truly decentralized internet and online infrastructure. The main goal is to remove any need for a middle man in the entertainment-based businesses and bring the users directly to the content creators. With the use of the TRON protocol, they can deliver content directly to the audience and get paid for it. This is the vision of Tron, a vision of a streamlined entertainment industry with the help of decentralized blockchain technology.
The total maximum supply of the native TRX coin is 100 billion. Yes, billions. Currently there are roughly 66 billion Tron coins in circulation, out of which, about 33 billion are frozen until 1st January 2021. The maximum supply is expected to be hit within 2 years. After that an independent group will have to start burning coins from the frozen supply of 33 billion, because the maximum limit is not hard-coded in the blockchain.
Advantages
Maybe the most notable advantage of the TRX coin is amazing transaction speeds. This is due to the very short time between blocks, which is roughly 15 seconds. Other notable features are:
- High Throughput – due to the fast transaction times, the daily use of the coin has exceeded what Bitcoin or Ethereum could achieve
- High Scalability – applications are given a wide array of ways they can be developed and deployed on the network. They can handle a large amount of users and have a reliable structure
Disadvantages
Every project has its drawbacks, it is inevitable. The biggest disadvantage that TRON has is the lack of a product. While yes it has a great market cap, there is no product offered that can verify that value. Other notable deficiencies:
- Humongous supply – this was made in order to keep the coin price low and support the wide adoption of the project, but this has a backwards effect as well. A lot of users are not comfortable with such high supplies and low prices, on top of the already mentioned lack of product.
History and Evolution
Have you ever heard of TRON Independence Day? Well that event is directly connected with the date of the launch of TRON’s mainnet in June 2018. The TRON Foundation was established in September 2017 by CEO Justin Sun and started working on the protocol for the TRON blockchain.
The TRON cryptocurrency and project in general faced a lot of criticism for plagiarism in early 2018 because in their whitepaper an open source code from Filecoin and iFPS with no citation was featured. CEO Justin Sun has responded to that allegation that it was just a mistake made by volunteer translations.
Tron’s Future
The future for the TRON network looks very bright. The team is very active and plans to bring the coin into the top 6 of most valued cryptocurrencies on the market. If you would like to know more about the current stage of development and what comes next, feel free to visit their official website.
Tron Blockchain
The TRON blockchain is a decentralized peer-to-peer network using the Delegated Proof of Stake consensus protocol with Elected Super Representative (SR) that takes on important roles like block generation and transaction packing. They get rewarded with TRX for each block. There is a new block roughly every 15 sesconds and the top 27 SRs receive 32TRX per block in sequence, while the top 127 SRs will share 32TRX proportionally between themselves every block. The time between each block is 15 seconds and the average block size is around 1MB.
Tron Nodes
Nodes are the backbone of any blockchain network. Every active device on the network could be called a node. In the TRON blockchain network, there are three types of nodes – Witness Node, Full node and Solidity Node.
- Witness Nodes (Super Representatives) are responsible for generating new blocks
- Full Nodes are the ones that provide APIs and broadcast transactions as well as blocks in the network
- Solidity Nodes synchronize irreversible blocks that are already confirmed providing inquiries and wallet APIs
Tron Additional Features
A notable additional feature is Odyssey 2.0, which launched earlier this year. It is a massive update on TRONs native blockchain technology with great improvements all around along with securing decentralization of the network even further.
How to Get Tron
Maybe I have piqued your interest and you would like to obtain some TRX coins? Great, there are two ways you can go about it. If you don’t already own TRON coins, you can visit an exchange platform and buy them from there. Otherwise, after you have bought the coins, you can start staking them with the wallet and receive TRX as rewards for participating into securing the blockchain.
Where to Buy Tron
There are many exchanges that are live on the internet but very few offer the ability to buy cryptocurrencies with fiat (real life) currency. Most exchanges offer crypto coin to crypto coin pairs like for example ETH to TRX. You can visit an exchange of your choosing from the table.
Within less than 5 months, TRON has amassed partnerships, investors and progress. It became one of the most potent cryptocurrencies in the world with a large market cap of 1.9 billion USD. With progress like that and a bright future ahead, who wouldn’t invest in it?
| Exchange | Buy Tron with | Buy with Fiat Money | |
|---|---|---|---|
|
rfinex
|
Ethereum | – | Trade now |
|
binance
|
Bitcoin + 3 more | – | Trade now |
|
okex
|
Bitcoin + 2 more | – | Trade now |
Wallets for Tron
As long as you plan to be a part of the TRON network and to have TRX coins, you will need a wallet. It is a software program that holds a private and public key. They are used for accessing your funds on the blockchain and for receiving coins.
Currently there is no official dedicated TRON wallet that is supported by the developers. All wallets that support TRX are made by community developers and are only recommended on the official website. There is also no verified information regarding the minimum technical requirements of the wallets. I advise caution when choosing your wallet and never forget to make a backup as that increases the security of your funds even more. If you would like to see the list of wallets supporting TRON, you can check them out here.
Alternative Wallets
Of course, there are always alternative wallets to choose from that are developed by 3rd parties. They usually offer a wide range of features from a custom user interface to supporting multiple cryptocurrencies. Make sure that the wallet you choose can support the TRX mainnet and coin.
Desktop Wallets
Web Wallets
Mobile Wallets
Compatible hardware wallets:
Staking Tron
TRON is a stakeable coin, but there are no masternodes as of yet. Every TRX holder has the opportunity to become a Super Representative (Witness Node) and start staking. However, there are set rules and regulations that dictate how and when a candidate can be voted to become a SR.
Tron Network Security
According to reports from Digital Asset Research, TRON’s developers have copied code from the Java implementation of the Ethereum network, which can cause security issues for the network. Founder Justin Sun denied these allegations in an interview with Coindesk and reminded the public just how serious they take the networks security pointing out the 10 million USD Bug Bounty.
News and Useful Links
In order to always be notified about the latest updates for TRON, you can visit their official website, announcement page and official twitter account @tronfoundation.