Researching TRON comes with “mega Hertz” ounce of commitment. TRON Is in fact one of the largest project in the crypto sphere. TRON is a major competitor of top Blockchain projects like ETHERIUM,EOS, Lisk etc.
What is TRON?
TRON is an open source blockchain protocol whose sole purpose of existence is to serve as a rudiment to enhance a well decentralized ecosystem for entertainment, were users can send, upload and publish their content hassle free.
TRON is a Singapore based project whose founder and CEO is Justin Sun. Justin’s past successful project includes Peiwo (a china based streaming app) which has recorded above 10 million users. TRON utilizes a native token known as TRONIX (TRX) which serve as the means of incentive in the network.
Brief history of TRON
TRON is a blockchain project which is founded by “Tron foundation”. Tron foundation is a Singapore based non-profit organization whose CEO is Justin Sun. TRON is originally set to target the entertainment industry by enhancing and leveraging per-to-per sharing of digital content between content creators and users.
Non-decentralized platforms like Youtube, Itunes, and the likes holds a chunk of content at their disposal creating a form of hindrance for the dispersal of content by independent creators who are actively seeking an Eminent distribution channel. This is where TRON comes into play. TRON is going to completely change how content are shared on the internet by eliminating centralized platforms.
TRONS ICO was one of the largest ICO in history. TRX token sale happened between 31th August to 2nd September 2017.
Here is a summary of the ICO.
ICO PRICE:……………………………….1TRX= 0.00186USD(0.000000038BTC)
FUNDRAISING TARGET:……………. 10,000,000USD.
AVAILABLE FOR TOKEN SALE……40% OF TOTAL SUPPLY.
After ICO, TRX started trading on the 13th of September 2017 at a price of $0.002 having a total trading volume of $48,512
RETURN SINCE ICO.
The data below shows the changes in TRX since ICO with respect to USD, ETH, BTC.
TRX currently have a total supply of 65.75 BILLION out od a total supply of 100 Billion.
Entertainment file sharing in TRON network.
I say and I quote directly from TRONS white paper
“Based on rules provided by TRON network, developers can offer ease-to-use multi-platform file synchronization applications. The greatest strength of such applications lies in high speed transmission. In other words, the smart P2P technology is adopted to segment files so as to further accelerate the synchronization; at the same time, AES encryption is also conducted for such files to ensure both privacy and security. By virtue of public key generation and key reading techniques, files are transmitted and read; in this way, TRX can be awarded correspondingly after other users receive and download them. Additionally, key reading itself can be linked to virtual currencies. In the case that the other party pays the corresponding TRX or other virtual currencies, contents of the encrypted file are obtained; that is, TRON makes it possible to implement paid data transmission.”
ADVANTAGES OF TRON NETWORK
Here are the core advantages of TRON network
1. Censorship: content creators have absolute control of what they share on the platform. On like centralized platforms where content are subjected to a form of data liberation.
2. Another major advantage of the TRON network is that users can run their own ICO on the network.
3. Users can obtain digital asset from content spreading.
PHASES IN TRON DEVELOPMENT
As stated in the white paper, there are 6 developmental phases proposed before TRON can fully integrate Blockchain technology and transform from a work in progress and become a fully functional network for digital entertainment. The phases are:
1. EXODUS: in this stage, hyper media peer-to-peer technique was used to facilitate a greater efficiency in scalability.
2. ODYSSEY: this is the second stage, in this stage, early adopters and content creators are inceptisized and also, click and views will be replaced by metric system which inculcate a tipping scheme with the sole purpose of ensuring authenticity in content shared.
3. THE GREAT VOYAGE: this phase will give rise to initial coin offering utilizing Blockchain technology as well as management of dividends
4. APPOLO: this phase is quite synonymous to the previous phase(Great voyage) in this phase TRC-20 compliant tokens will be launched on TRONS mainnet. This will sky rock the value of the TRX token.
5. STAR TREK: in this phase, the content of TRON protocol will be converted to a decentralized gaming system.
6. ETERNITY: is this phase, investors will be able to gain huge dividends.
Comparison between Bitcoin, Etherium and TRON technology
|Consensus Algorithm||Proof of work||Proof of work||Proof of Stake|
Block production time
|10 min||15 seconds||15 seconds|
|6 Blocks 1 Blocks||12 Blocks||1 Blocks|
|Smart Contract||Simple scripting language||
Based on the solidity language
|A variety of programming languages|
|Wallet signature algorithm||ECDSA (Elliptic Curve Algorithm)||ECDSA (Elliptic Curve Algorithm)||Lamport Algorithm|
|Transaction Mode||Based on the UTXO transaction model||Based on Account model||Based on UTXO transaction model and local cache account information|
Wallet trading platform
|No smart contracts||The EVM virtual machine has no privilege operation check mechanism||Provide a security sandbox to check the privilege operation according to the user authorization policy|
TRON’S BTT TOKEN
TRON has earlier purchased the popular peer-to-peer file sharing client(Bittorent)
As stated in the “great voyage” phase, TRC-20 compliant tokens will be launched on TRONS mainnet. BTT token is the first TRC-20 token to be lauched on TRONS mainnet.
The BTT token is aimed at enabling users to experience faster downloads
Justin Sun described the token as a gateway to create awareness about the blockchain technology to millions of users simultaneously while enabling the empowerment of content creators in the dispersal of their content without any hindrance.
WHAT WILL BTT TOKEN DO?
BTT is a TRC-20 compliant token. bittorent users will use the BTT token as a medium of payment for high torrent download and speed.
BTT token will be airdropped to TRX holders 11th of every month all through 2019. The first airdrop will be initiated on February 11th. Snapshot will be taken when TRON blockchain reaches a block height of 6.6 million. You can keep track of TRONS block height here.
The ration for the airdrop distribution is proposed to be 1TRX = 0.11BTT
LIST OF WALLET AND EXCHANGES THAT WILL SUPPORT BTT AIDROP.
If you hold TRX(frozen or not) in any of the following wallet/exchange, you don’t have to do anything. You will get your BTT token on February 11th:
BINANCE, OKEX, HUOBI,UPBIT,GAT.IO, TRUST WALLET, BITPIE, BIBOX, COINTIGER, MBAEX, COINEX, TRANSCORM.ORG,FCOIN, WAZIRX, COINEGG, ELLIPAL, BITFOREX, DRAGON EX,VENAPI,BITRUE,ABEC, TOKENOMY,COINSUPER and LIVECOIN.
So if you have TRX token in any of the above wallet weather frozen or not, you will automatically receive BTT token of February 11th.
HOW TO UTILIZE TRON POWER TO EARN TRX PASSIVELY.
TRON protocol uses a proof of stake mechanism to reach consensus in the network. the requirement for voting SR (super representative) is to have TRON power. To gain TRON POWER, all you have to do is to freeze TRX token and you will get an equivalent amount of TRON power corresponding to the frozen TRX. Just like miners in bitcoin network, SR (Super representative) in TRON are responsible for making changes to the network. SR provides incentives to stake holders who vote for them. Various SR has different payout reward. So before voting SR, you keep track of their payout reward by clicking here. Rewards are refreshed every 6 hours so its best to constantly check which SR is giving the highest reward before casting you vote.
thank you for reading and hope your find this article useful! best regards @maryJay
Regrences: tron white paper