What is Tron? TRX
The founder of Tron TRX paying to have lunch with Warren Buffet Tesla car giveaways. The late NBA superstar Kobe Bryant speaking at a Tron crypto conference. These are just some of the flashy headlines Tron has made over the years.
It’s one of the more controversial cryptocurrencies due to its flamboyant marketing style. But whether you Love it or hate it – Tron is here to stay. So Let’s dig and answer the question, What is Tron TRX? We cannot begin talking about Tron without mentioning it’s CEO and founder, Justin Sun, who’s actually a former Ripple employee. He is known for his maverick personality which often comes across as a hungry ambition to grow Tron and his name at-all-costs.
Tron, which has the ticker TRX is ranked in the top 20 coins by market cap.
It was established in 2014 and seriously caught the eyes of investors during the previous bull run back in 2017. As of today, it doesn’t seem like the empire is slowing down any time soon! Tron’s mission is to decentralize the web by building an infrastructure of smart contracts and decentralized apps to enable the future of the Internet, or what Tron calls, Web 4.0.
Web4 is an Internet without any middlemen or third-party intermediaries like content gatekeepers or media conglomerates. In this future, creators can create content freely without centralized services and reach their consumers and fans directly in a peer-2-peer way. Think of the decentralized web like BitTorrent, which is the largest peer-2-peer file sharing protocol with over 100 million users, which Tron actually acquired in July, 2018.
Tron then later took over Steemit, the decentralized social media platform with over 10,000 active users in February 2020. Now as the world of DeFi begins to explode, Tron DeFi will not be left behind.
It launched the TRON-based Decentralized Exchange Polonidex and the Just Network, which is made up of the stablecoin JUST STABLE, a lending protocol JUST LEND, and an oracle service called JUST LINK.
It’s also tapping into the gaming world, showing interest in games like Aftermath Islands, Crypto Dungeons and Score Milk. All this has created tremendous utility for the TRX coin, which is the main network token powering all transactions and applications on the Tron blockchain. Tron TRX is used in several ways such as granting stakers voting rights, issuing other DApp tokens on Tron, and it is also used as a cryptocurrency to trade and make payments while being stored in the Tron wallet. Reportedly, Tron’s total transaction volume in October 2020 generated $280 million, more than $150 million transaction volume on Ethereum.
So, how does Tron TRX compare to Ethereum? Many comparisons have been made between Ethereum and Tron, and it’s interesting because TRX used to be an ERC-20 token before it diverged and launched its own mainnet in 2018. Justin Sun has even compared the two to the leading smartphone companies, calling Ethereum the iPhone and Tron the Android of the blockchain world.
Let’s see how Tron vs Ethereum measure up side by side. Ethereum uses proof of work, although it’s moving to proof of stake with eth 2.0. Tron uses delegated proof of stake. Ethereum facilitates 25 transactions per second, whereas Tron does an impressive 2 thousand transactions per second! Ethereum confirms 1 block every 15 seconds and Tron confirms 3 blocks per second. Also transaction fees on Tron are free whereas Ethereum averages around 2 dollars.
And finally, Ethereum uses the solidity programming language and Tron uses java, python. This means Tron offers a more scalable network. Its feeless transactions are also useful for using Tether on Tron – the USD dollar-backed stablecoin – without the high Ethereum gas fees. And while Ethereum 2.0 is just getting started, Tron already employs a Delegated Proof-of-Stake consensus mechanism with 27 rotating Super Representatives acting as validators to the network.
Transactions are faster and by using popular programming languages like python and Java, it can attract a wider pool of developers to build applications on the blockchain. Tron has a strong foothold in the Asia markets with backing from well-heeled investors. It was established in Singapore and has recently announced a partnership with the south korean tech giant samsung, which actually accounts for nearly 20% of south korea’s economy. The partnership will help distribute Tron-based DApps and tokens to Samsung’s worldwide user base. Are you a TRX holder and a fan of the Tron ecoystem?
What are your TRX price predictions? Let us know your thoughts in the comments. If this video helped, give it a like and subscribe to the channel for more crypto videos from Crypto Swami
Read More: What is Tether (USDT)?