Tron is a decentralized blockchain platform with its native cryptocurrency, TRX, which aims to build a free, global digital content entertainment system. It is designed to allow users to create, publish, and own content without the need for intermediaries, such as content platforms. Tron aims to decentralize the web by enabling developers to create decentralized applications (dApps) and smart contracts on its blockchain.
History of Tron
Tron was founded by Justin Sun in 2017. Justin Sun is a well-known entrepreneur in the blockchain industry and was previously involved with Ripple. The Tron Foundation, which oversees the development of Tron, conducted an initial coin offering (ICO) in September 2017 to fund its development. The project initially launched on the Ethereum blockchain as an ERC-20 token but later migrated to its own mainnet in June 2018.
Tron’s acquisition of BitTorrent
In July 2018, Tron acquired BitTorrent, a leading peer-to-peer file sharing platform. This acquisition aimed to leverage BitTorrent's large user base and technology to further decentralize the internet. The integration of BitTorrent into the Tron ecosystem was seen as a significant step toward enhancing the network's capabilities.
The Tron ecosystem
Tron Virtual Machine
The Tron Virtual Machine (TVM) is a lightweight, Turing complete virtual machine developed for the Tron ecosystem. It is designed to provide developers with a secure and efficient environment to deploy and execute smart contracts on the Tron network. The TVM is compatible with the Ethereum Virtual Machine (EVM), making it easier for developers to migrate their projects from Ethereum to Tron.
dApps and smart contracts
Tron supports the development and deployment of decentralized applications (dApps) through its robust infrastructure. Developers can create smart contracts using the Solidity programming language, which is widely used on the Ethereum platform. The Tron network boasts high throughput and low transaction fees, making it an attractive option for developers looking to build scalable dApps.
Popular dApps on Tron
Tron hosts a variety of dApps across different categories, such as finance, gaming, and social media. Some popular dApps include:
- JustSwap: A decentralized exchange (DEX) that allows users to trade TRC-20 tokens.
- WINk: A blockchain-based gaming platform that offers a range of games and betting options.
- Sun.io: A decentralized finance (DeFi) platform offering yield farming and staking services.
Tron’s consensus mechanism
Delegated proof-of-stake
Tron uses a delegated proof-of-stake (DPoS) consensus mechanism, which is designed to enhance network scalability and reduce energy consumption. In DPoS, TRX holders vote for a set number of delegates, known as Super Representatives (SRs), who are responsible for validating transactions and producing new blocks. This consensus model allows for faster transaction times and higher throughput compared to traditional proof-of-work (PoW) systems.
Super Representatives
The Tron network elects 27 Super Representatives every six hours. These SRs play a crucial role in maintaining the network by validating transactions and producing new blocks. TRX holders can participate in the governance of the network by voting for their preferred SR candidates, which helps ensure a decentralized and democratic system.
Tron Foundation
The Tron Foundation is the organization behind the development and promotion of the Tron network. It is responsible for funding the development of the Tron protocol and fostering partnerships to grow its ecosystem. The foundation plays a critical role in guiding the strategic direction of the project.