What is TRON (TRX) and how does it work? A beginner's guide
Tron, established in September 2017, emerged during the peak of the cryptocurrency fervor, advocating for a transformative approach to the internet's architecture. Guided by the vision of its founder, H.E. Justin Sun, Tron has consistently captivated a vast array of developers and investors from across the globe.
At its core, Tron aims to decentralize the web using blockchain technology and decentralized apps (DApps). Since the activation of its mainnet in May 2018, the network has consistently performed impressively. Notably, in July 2018, the Tron Foundation took a monumental step by integrating BitTorrent, a trailblazer in decentralized services with a user base of nearly 100 million per month. This integration further solidified Tron's footprint in the decentralized web realm.
While many cryptocurrencies emerging in 2017 focused on pioneering innovations in cryptography or network design, Tron adopted a distinct path. Its foundational elements, such as DApps, smart contracts, and tokens, were already established by predecessors. However, Tron uniquely ensured its technological components were compatible with Ethereum, though this decision spurred some controversy.
By December 2021, Tron had evolved into a fully community-driven decentralized automated organization (DAO). The Tron Foundation, synonymous with TRX, introduced TRONIX as the mainnet token. Within the ecosystem, TRX remains pivotal, underpinning the value of other tokens like BitTorrent (BTT), JUSTt (JST), USD Coin (USDC), and Tether (USDT).
Tron's strategic approach also sets it apart. With a strong focus on the Asian market, it emphasized multilingual technical documentation and leveraged the public image of Justin Sun for branding. The acquisition of BitTorrent and the subsequent launch of the BitTorrent token in 2019 on the Tron blockchain were masterstrokes, allowing Tron to market a fresh cryptocurrency to an expansive user base.
For those keen to understand the workings of Tron, it's essential to recognize its commitment to decentralizing the internet and the strategic decisions that have paved its path. This piece offers insights into Tron's mechanics, its security, and how one can maximize its potential.
How does TRON work?
Tron, initially launched as an Ethereum-based token, successfully transitioned to its independent network in 2018. This migration saw investors exchange their Ethereum tokens for Tron’s TRX, which were subsequently eradicated. The transition laid the foundation for Tron's unique architecture and consensus mechanisms, distinguishing it in the blockchain realm.
The TRON Virtual Machine (TVM), a compact and Turing-complete system, was conceived specifically for the TRON ecosystem. Its mission is to offer a blockchain solution that's efficient, stable, scalable, and secure. Tokens compatible with TVM are implemented via TRC-20 smart contracts and remain fully compliant with the ERC-20 standard.
Tron's general architecture mirrors Ethereum to some extent, employing an account-based model. This system ensures that cryptographic keys can control access to both TRX and its token balances. The flow of this data within the Tron blockchain is directed through three primary layers:
- Core Layer: Processes instructions penned in Java or Solidity and directs them to the TRON Virtual Machine for execution.
- Application Layer: Provides a playground for developers to craft wallets and applications powered by TRX, ensuring software compatibility.
- Storage Layer: Specially designed to differentiate blockchain data (its historical record) from its state data (preserving smart contract statuses).
Tron’s consensus is achieved via a delegated proof-of-stake (DPoS) system. A rotating group of 27 “super representatives” is chosen to validate transactions and uphold the system’s historical integrity. These representatives are elected every six hours, with the selected ones earning TRX generated by the protocol. The blockchain witnesses a new block addition every 3 seconds, rewarding the valid block producer with 32 TRX.
On the Tron network, there are three primary node types: witness nodes, full nodes, and Solidity nodes. Witness nodes take on the responsibility of proposing blocks and voting on protocol nuances, while full nodes broadcast transactional data. Solidity nodes, on the other hand, synchronize blocks from full nodes while supplying APIs.
For users keen on influencing the selection of super representatives, they require "Tron Power". This resource is gained by locking TRX in an account, essentially staking it. While staking mechanisms resemble those on blockchains like Tezos or Cosmos, on Tron, users receive 1 Tron Power for every 1 TRX they lock. The system encourages active participation in the network's governance, cementing Tron’s commitment to decentralization.
What Are the Modules Found on the TRON?
TRON's architecture, though hierarchical, has components that are further divided into specialized modules for distinct functionalities. Delving into the Core Layer of TRON, we find:
- Consensus Module: This is the heart of TRON's DPOS consensus mechanism. It not only manages the consensus operations but also ensures a balance between minimizing power consumption and maintaining optimal TPS performance.
- KhaosDB Module: Located in the memory of the full node, this module retains multiple newly branched chains for a certain duration. Its design aids witnesses in transitioning between the primary and the new chains seamlessly. Moreover, it enhances the resilience of the blockchain storage system, ensuring it doesn't unexpectedly halt in a transitional state.
- Digital Token Module: Split into two parts – the configuration segment and the issuing/deployment segment. The former empowers users to tailor their digital tokens through specific settings. In contrast, the latter facilitates users in establishing relevant parameters before launching a token, offering both default and customizable settings.
Smart Contract Module: This module is where the magic happens for developers. It provides the tools and environment for crafting smart contracts that operate on virtual machines.
What are the benefits of TRON (TRX)?
The TRON network, underpinned by its native cryptocurrency TRX (also known as Tronix), offers a multifaceted ecosystem tailored to both users and investors. For those looking to delve into TRON-based applications, including games or services, acquiring TRX is essential. It serves as the gateway to enjoying the myriad of offerings on the platform.
Beyond mere usage, TRX holds a significant governance role within the TRON ecosystem. Those who possess TRX can actively participate in the network's consensus mechanism. By staking their TRX, individuals gain the privilege to vote on the protocol's operational decisions, ensuring that the community's voice shapes the network's evolution.
Content creators find a unique value proposition in TRON. The platform empowers them to monetize their creations while retaining full ownership. With incredibly minimal transaction fees, as low as $0.000005, and a capacity to handle up to 2000 transactions per second, TRON stands out in the blockchain space. In stark contrast, Bitcoin manages three to six transactions, while Ethereum handles about 25.
For traders and investors, TRX presents a compelling addition to their portfolios. TRON's flexibility in allowing users to craft custom applications and tokens can be enticing for those who see potential in blockchain-based use cases. Furthermore, the prospect of generating passive income through staking TRX offers a dual benefit: it not only provides potential returns but also mitigates the inherent risks of holding a digital asset. Thus, before diving into the world of TRON trading, newcomers are advised to acquaint themselves with various cryptocurrency trading strategies to make informed decisions.
In essence, TRON, with its unique ecosystem and investment avenues, has positioned itself as a formidable player in the decentralized digital landscape.
Plisio: Crypto Payment Solutions with Tron (TRX) Integration
In today's dynamic cryptocurrency environment, Plisio stands tall as an exemplary crypto payment gateway. Recognizing the potential and significance of digital currencies in modern business, Plisio offers a seamless bridge for transactions spanning various cryptocurrencies, prominently featuring Tron (TRX).
A notable attribute of Plisio's integration with Tron (TRX) is its support for Tron's crypto wallet. This integration ensures that users can effortlessly conduct transactions, enhancing the user experience by providing a smooth interface between the TRX wallet and potential payment platforms. Such a feature empowers TRX holders with fluidity in their digital transactions, broadening the horizon of where and how they can utilize their assets.
Further enhancing its utility, Plisio boasts an array of plugins, catering to a diverse range of platforms and applications. These plugins are designed to simplify the integration process for businesses, enabling them to adopt cryptocurrency transactions without the complexities often associated with digital currency integrations.
Plisio's user-friendly API stands as a testament to its commitment to simplicity and efficiency. Developers and businesses can effortlessly tap into the features offered by Plisio, making the integration process intuitive and straightforward. Furthermore, with the inclusion of the Android SDK, Plisio ensures that mobile applications, especially those on the Android platform, can easily incorporate Tron (TRX) transactions, bringing the power of cryptocurrency to the fingertips of mobile users.
In essence, Plisio's dedication to enhancing the cryptocurrency transaction experience, from supporting Tron's crypto wallet to offering a myriad of plugins and a convenient API, coupled with the Android SDK, positions it as a frontrunner in the digital payment gateway realm.
Please note that Plisio also offers you:
- Zen Cart
- Easy Digital Downloads
6 libraries for the most popular programming languages
19 cryptocurrencies and 12 blockchains
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Tron (TRX)
- Litecoin (LTC)
- Dash (DASH)
- DogeCoin (DOGE)
- Zcash (ZEC)
- Bitcoin Cash (BCH)
- Tether (USDT) ERC20 and TRX20 and BEP-20
- Shiba INU (SHIB) ERC-20
- BitTorrent (BTT) TRC-20
- Binance Coin(BNB) BEP-20
- Binance USD (BUSD) BEP-20
- USD Coin (USDC) ERC-20
- TrueUSD (TUSD) ERC-20
- Monero (XMR)