Tron is a decentralized digital blockchain platform based on its own cryptocurrency, called Tronix or TRX. Founded in 2017 by Singaporean non-profit organization, the Tron Foundation, Tron aims to host a global entertainment system for cost-effective sharing of digital content.
Initially marketed primarily in Asia, Tron has now gone global. The platform had more than 50 million accounts as of August 2021.
Founded by Justin Sun, now its CEO, Tron has offices in Singapore and San Francisco. Born in 1990, he is also the CEO of BitTorrent, the file-sharing program.
Tron is a blockchain-based digital platform that primarily hosts entertainment applications.
It has its own internal cryptocurrency, called Tronix or TRX.
TRX ranks 31st among cryptocurrencies in market capitalization.
Tron uses the capabilities of blockchain and peer-to-peer networking (P2P) technology to eliminate the middleman and allow content creators to sell their work directly to consumers. Software developers use the Solidity programming language to create applications that are hosted on the Tron platform.
The currency used on the network is Tronix or TRX. Network users use TRX to directly pay content creators to access their apps. Content creators pay no transaction fee to Tron. (TRX transactions are also free on the platform.)
Users can store their cryptographic assets on a desktop, mobile or hardware wallet.
Tron and the Ethereum Blockchain
The structure of the Tron network has been compared to that of the Ethereum platform and uses some of the same basic building blocks, such as decentralized applications (dApps), smart contracts and tokens. In fact, he was criticized for perhaps "going too far" by borrowing rather than building the basics of his platform.
There are signs that Tronix and Ethereum are becoming competitors in the cryptocurrency merchant business. The offer of USD Coin, a cryptocurrency pegged to the US dollar, circulating in Tron surpassed $108 million less than a month after the launch of the support.
This "could be another sign that cryptocurrencies are increasingly turning to blockchains that offer cheaper transaction rates and faster speeds than found in Ethereum," Coindesk reported in July 2021.
As of August 5, 2021, TRX was ranked 31st among cryptocurrencies in market capitalization, according to CoinRanking.com. Its price was $0,0705, giving it a market capitalization of $4,66 billion. His highest record on that date was $0,2180.
Tron was created as a direct challenge to the media industry, including web giants like Amazon and Netflix. Its slogan is "Decentralize the Web" and its aim is to drive the corporate middleman out of the media consumption process.
In addition to the current cryptocurrency boom, its future success certainly depends, at least in part, on the quality of the programming it offers users.