Tron has set out to create a decentralized internet where users have control and ownership over their data, addressing the current problem of a few big companies like Google, Facebook, and Amazon dominating the internet and holding and controlling all the generated data, making themselves extremely rich while leaving the rest of us with no control over our personal information and unaware of its usage. This article will delve into the basics of Tron, including its purpose and operation.
RISE OF TRON: FROM STARTUP TO GLOBAL LEADER
TRON, established by Justin Sun in 2017, has maintained its successful performance since launching its mainnet in 2018. BitTorrent, a top decentralized service with nearly 100 million active users, was incorporated into the TRON network after its acquisition in 2018. TRON now has the largest global supply of stablecoins, having surpassed Tether (USDT) on Ethereum in 2021. In December 2021, TRON became a fully community-governed decentralized automated organization (DAO).
The TRON Foundation, commonly referred to as TRX, introduced TRONIX, a mainnet token based on the TRON Protocol. TRX acts as the primary currency on the TRON blockchain and influences the value of other coins within the network. Other tokens such as BitTorrent (BTT), JUSTt (JST), USD Coin (USDC), Tether (USDT), and NFTs all use TRX as a means of exchange. TRX serves as the linking factor for the entire TRON ecosystem and drives transactions and applications within the network.
TRON NETWORK: HOW ITS THREE LAYERS WORK TOGETHER
The Tron ecosystem consists of three important layers, each playing a vital role in maximizing the network’s performance. The first layer is the storage layer, which provides secure storage space for all data on the Tron network and stores information related to the underlying blockchain, ensuring the security of all stored information.
Next, there is the application layer, where developers bring their skills to the table. They can build applications that are powered by Tron and the TRX token, allowing for the creation of useful tools for the network’s users.
Finally, there’s the core layer, responsible for processing instructions. It is only capable of processing code written in two programming languages, Solidity and Java. After instructions are processed, the code is sent to the Tron Virtual Machine for application execution. The core layer acts as the network’s backbone, providing the means for complex operations.
EXCHANGES TO BUY TRX WITH BTC OR ETH
Several cryptocurrency exchanges offer the option of buying TRX through other cryptocurrencies such as BTC and ETH. Some of the well-known exchanges are Binance, Liqui, Coinnest, HitBTC, and Bit-Z.
Unfortunately, there is no exchange that provides the ability to purchase TRX directly with fiat currency. The only exception to this is Coinnest, which is limited to Korean Won and only accessible to users in Korea. For the majority of individuals located outside of Korea, the only option is to first buy another cryptocurrency like BTC, and then trade it for TRX.
EVALUATING TRON WITH CAUTION
Tron, a cryptocurrency, is considered a rival to Ethereum (ETH). Its longevity gives it an advantage, as established cryptocurrencies tend to be perceived as more likely to sustain success over time compared to newer ones.
DeFi Llama states that Tron holds the highest amount of funds among all cryptocurrencies in its blockchain. Despite this, a considerable portion of these funds is from the USDD stablecoin, which is a factor to be cautious about when evaluating Tron.
CONCLUSION
In conclusion, the Tron platform offers the potential for content creators to have complete autonomy and control. This decentralized platform enables content producers and consumers to directly connect without the need for intermediaries. Although the future is uncertain, the Tron team’s dedication and early positive results suggest that there may be exciting opportunities ahead.
