In 2021, as in the past, the Tron platform is actively promoting the idea of collaborative consumption. Its developers strive to create the necessary conditions for other developers so that they will not depend on third parties, for example, social networks or the owners of the website.
How will they implement it, or, maybe, they already did? In general terms, everything looks as follows:
- An author posts the product of their intellectual activity on one of the websites for decentralized applications (DApp).
- A user who will need this application buys it for the Tron cryptocurrency (TRX).
- The creator of this application receives TRX coins in their account.
The history of Tron’s creation goes back to March 2014; although Tron Foundation was created in Singapore in July 2017, the platform enjoyed robust growth. As early as December 2017, the open-source Tron protocol was published. In late spring 2018, Tron launched the public MainNet. In 2018, Tron purchased BitTorrent and incorporated all its products into its ecosystem.
The crowdfunding of the well-known BitTorrent resource became a significant event, which allowed the release of BTT. It is aTron blockchain-based TRC-10 utility token. Next, 27 “super representatives” appeared, and they were in charge of verification of transaction data and other essential aspects of the blockchain’s functioning. The list of “super representatives” can be found on Tron Blockchain Explorer.
Following the “super representatives” election, Tron will also be community-run, along with Tron Foundation, which will continue to provide technical assistance to the Tron network. Later in the same year, they presented a virtual machine of Tron, and in the fall, created Tron Dapp House, a decentralized application store.
Initially, the Tron cryptocurrency was a token created on the ERC-20 standard of the Ethereum blockchain. This cryptocurrency did not have its blockchain until the summer of 2018. On June 25, 2018, there was a transition to its blockchain, making it possible to create tokens made according to the TRC-20 standard, and the ERC-20 standard tokens were burned. In short, the platform’s development looks large-scale, and the team’s efforts deserve respect.
Tron in Figures (April 2021)
As of this writing, the total market capitalization of TRX is $7.8 billion. The price per coin hovers around $0.10. This rate was first recorded in May 2018, but the coin has not yet reached its historic peak of $0.25 recorded in January 2018. TRX takes 17th place in the Market Cap rating.
Exchange Tron to Bitcoin
It is important to note that Tron is a reasonably liquid cryptocurrency. TRX’s daily trading volume is about $11 billion. If you want to quickly and easily exchange cryptocurrencies at a profitable rate, you should use the TRX to BTC converter, which is located on the main page of the Godex.io website.
It is a decentralized exchange where one does not have to register. The whole procedure takes just a couple of clicks, and any Internet user can understand the interface. Besides, by exchanging cryptocurrencies via the Godex service, you are guaranteed to get the market’s best rate. In some cases, this can play a huge role in your trading strategy.
Tron vs. Bitcoin
Tron is often compared to the first cryptocurrency, Bitcoin. However, the critical difference between these coins is consensus mechanisms. The Tron blockchain uses the DPoS (Delegated Proof of Stake) consensus, allowing TRX coin holders to participate in the blockchain’s life. Bitcoin uses PoW (Proof of Work).
We should also mention that Tron uses a three-layer architecture that consists of a storage layer, a kernel layer, and an application layer. Finally, it should be clarified that three types of tokens are used for the project’s different purposes.
Comparing TRX with other cryptocurrencies, particularly Bitcoin and Ethereum, the transaction speed (TPS) attracts attention. So, at the moment, TRX can sequentially process 2,000 TPS (transactions per second) in 24/7 mode, and this figure is supposed to increase to 10,000 TPS in the future. In turn, Ethereum provides a speed of 30 TPS, while Bitcoin only 3-6 TPS.
We have already mentioned that Tron uses a DPoS-type blockchain consensus mechanism, which gives it the best energy efficiency compared to Bitcoin that uses PoW.
True, there are certain risks associated with this mechanism. Since only 27 super representatives determine the project’s fate, this can threaten decentralization. Otherwise, Tron is a system with high bandwidth, robust scalability, and fairly high reliability.
Thanks to such a powerful development and a successful idea embedded in the Tron cryptocurrency, it has lots of positive reviews, which show confidence in Tron’s future. However, not everyone is so optimistic about its potential. Some experts believe that Tron has not been successful and will no longer compete with such a giant as Ethereum.
It is vital to mention that work on the project does not stop to this day. The team shows certain results, and the future is difficult to predict at this stage so far. It will depend on how competitive Tron is in the market.