Detailed review on the project
As the cryptomania continues, with Bitcoin in the lead, a lot of much cheaper and smaller projects are emerging and getting investors all excited. One of such projects is Tron, a coin that its Chinese founder hopes will challenge the world’s major content providers and will decentralise the web.
It is quite hard now to outline real goal of TRON since it already deviated from entertainment industry. It now looks much more like Etherium with all kind of projects emerging from the platform. Ecosystem grows rapidly and in all directions. Mid-summer TRON looks much more attractive than end-of-2017 TRON. New technologies, new partnerships, new opportunities create interest in what is happening and make you think about the prospects for the project.
For quite a long time technological aspect of TRON wasn’t the projects strongest part, but just a year later it can be said that Tron has a pretty solid foundation:
Delegated Proof of Stake
Delegated Proof-of-Stake (DPoS) was chosen since it is a more efficient PoS mechanism. DPoS uses a reputation system and real-time voting to achieve consensus. Community members vote for super representatives to secure their network and super representatives will be rewarded by validating transactions for the next block. In TRON’s case, on June 26, 2018, there was an election to choose 27 super representatives with an annual reward pool of 1,009,152,000TRX. The main difference between DPoS and PoS is in DPoS consensus system, community members have more governance rights in the network.
Since the vote in DPoS is always on-going, if a super representative does not behave or perform well, people in the community can remove their votes, essentially firing the bad representative. The super representative must always try their best to obey all rules and keep the network uptime as high as possible otherwise the super representative may be overthrown by its community members. TRON chose DPoS as its consensus mechanism since it is a more decentralized protocol with a democratic, self-governing community, free elections, and overarching legitimacy. Source
Basic Rules of the Consensus Mechanism
- Coin holders are to vote for nodes in accordance with their holding of coins with a ballot. And nodes are elected to become what are known as witnesses based on the result of the votes and certain other rules, which tries, to its utmost capacity, to strike a balance between speed of block production and the number of witnesses.
- Meanwhile, compensation will be made to unelected nodes, voters for both elected nodes and unelected nodes, in order to encourage them to run for future elections
- Witnesses will produce valid blocks successively based on specific distribution rules and success to do so results in the highest reward.
- The vast majority of witnesses are chosen through votes and the rest are selected with an equal chance under a certain algorithm.
There are three types of nodes on Tron’s network, namely witness, FullNode and SolidityNode. A witness is responsible for block production; a FullNode provides APIs, and broadcasts transactions and blocks; a SolidityNode synchronizes irrevocable blocks and provides inquiry APIs.
TRON Virtual Machine
TRON Virtual Machine (TVM) is a lightweight, Turing complete virtual machine developed for the TRON’s ecosystem. Its goal is to provide millions of global developers with a custom-built blockchain system that is efficient, convenient, stable, secure and scalable.
The TVM supports DPOS and can connect seamlessly with the existing development ecosystem. The TVM will be compatible with EVM environments at the beginning, so that, instead of having to learn a new programming language, the developers can build, debug and execute smart contracts in a mixed environment with Solidity and other languages. Once you’ve built and uploaded your smart contract to TRON’s mainnet, it will be executed on the TVM of the SR node in order to be isolated from external connections.
Furthermore, the TVM covers the concept of Bandwidth. Different from the Gas Mechanism on Ethereum’s EVM, operations of transaction or smart contracts on the TVM are free, with no tokens consumed. Technically, the executable computational capacity of the TVM is not restricted by the total holding of tokens. Source.
The current TRON team radiates out from Beijing to Seoul, Tokyo, San Francisco and many other countries and regions, totaling more than 100 members. The technological backbones of TRON are experienced blockchain enthusiasts who were previously employed by internet giants such as Alibaba, Tencent and Baidu.
After several months’ development, TRON has become one of the most powerful and fastest-growing blockchain teams in the world. So far, every day a new employee joins TRON. It is estimated by the end of this year, the number of people in TRON global team will surpass Ethereum and break through 400 people. In 2019, it will exceed 1,000.
Justin Sun — Founder and CEO.
Formerly involved with Ripple as chief representative for their Greater China Region, Sun was also the founder of Peiwo (A Chinese social media platform with over 10m users). He has also twice been listed as one of Forbes 30 under 30 (2015 and 2017), showing the strong reputation he has within the business world.
July 24, 2018:Justin Sun now owns BitTorrent, the first of his Infinity stones: He straight up just bought it for $140 million.
August 9, 2018: “TRON (TRX) Founder Justin Sun Graduates From Alibaba’s executive chairman Jack Ma’s Hupan University -Thu Aug 9” on Smartereum.com: founder of TRON, recently graduated from Hupan University as the program’s first millennial graduate.On the afternoon of March 26th, Sun submitted a graduation thesis titled “The Birth of a Decentralized Internet,” which provided a detailed look into his thoughts on the blockchain industry’s past, present, and future. Sun also presented a thesis defense titled “Reflections and Thoughts on a Four-Year Journey as an Entrepreneur,” where he gave an extensive and in-depth analysis of his thoughts and lessons learned since he became an entrepreneur in 2014.
Lucien Chen — Chief Technology Officer.
Previously, Chen has served in many first-tier Internet companies, such as Netease, youdao, Tencent, Qihoo 360 and SM search (Alibaba P8 +). With capabilities of developing million-level system architecture, Chen has rich experience in big data, advertising algorithms, DMP systems, BT systems, CTR platforms and high concurrent system framework designs.
Keelson Yang — Technical Supervisor.
Yang has worked for UFIDA — a leading provider of enterprise management software, corporate Internet services, and corporate financial services in the Asia-Pacific region, and for China Roads Information Technology (Beijing) Co., Ltd. — China’s leading provider of express highway monitoring system solutions. Yang has been invested in blockchain technology and cryprography since 2013.
Tim Guan — Market Supervisor.
A former director of Global China Group’s information strategic system, Guan has obtained investment from Matrix Partners China and has created a Chinese youth association with nearly 200,000 members.
Taihao Fu — Software Engineer.
Fu worked at IBM (International Business Machines Corporation), participating in software engineering projects including Project Connection-Pink, Project TBON, Project Domino Access Service, etc., thus gaining rich experience in project development. Taihao Fu is also experienced in big data development. After graduating from the Stevens Institute of Technology with a master’s degree in computer science, he worked at Marlabs. Inc. and Barclaycard US. engaging in data development.
Dongdong Huo — Senior Rear-End Engineer.
A former technical director of rear-end technology at InstNews and VnNews — the largest news applications in Latin America and Southeast Asia, respectively, Huo has shifted focus to blockchain technology in 2015.
Deuce Yu — Product Supervisor.
Yu has extensive experience in the gaming industry, something that could be very beneficial to the TRON project when they reach the latter stages of their roadmap.Yu has previous experience as product manager for two Chinese social platforms: Kaixin and RenRen.He. Yu also worked as product manager at the Department of Social Interaction and Games.
Charles Zhang — Operation Supervisor.
Zhang is the former co-founder and COO of Elegance Space and also served as Secretary-General of their Chicago branch and an editorial board member of China’s Commerce Association. Charles offers a vault of business knowledge outside of crypto and has been invited to give lectures by Peking University, highlighting how well respected he is within the business world. Zhang has joined the TRON team in 2016.
Dian Liu — Localization Project Manager.
- Middlebury Institute of International Studies at Monterey.
- Beijing Information Science & Technology University.
- FIDM/Fashion Institute of Design & Merchandising, Los Angeles.
Roy Liu — Head Of Business Development.
- University College Cork.
Zoe Z — PR branding manager.
- Chongqing University (CQU).
Rachael Ma — Talent Acquisition Manager.
- Pace University, New York.
- Shanxi University of Finance & Economics, China.
Alexandre Fenart — Social Media Manager.
- Novancia Business School Paris.
Khanh Ly — Senior Recruiter.
- San Jose State University.
Tian Han — Head of Engineering.
- The Johns Hopkins University.
Li Sergei Jr. — Operations Manager.
- Renmin University of China (RUC).
- Beijing Normal University (BNU).
- Far Eastern State University, Russia.
Charles Zhang — Director of Operations.
- Liaocheng University.
Zhang Kevin — Overseas Community Operation Manager.
Rebecca B. — Sr. Product Designer.
- University of California, Davis.
- General Assembly, New York.
Haoqi Zhao — Director Of Technical Operations at Tron Foundation.
- University of North Carolina at Charlotte.
- Beihang University.
He (Marcus) Yang — Technical Operations Specialist.
- Central South University.
- Iowa State University.
Jialiang Zhou — Blockchain Engineer.
- University of California San Diego.
Jin Kaido — Account Manager.
- yunus — Repositories — 2. Stars — 1.
- conglinduye — Repositories — 3. Stars — 1.
- Ftune0 — Repositories — 3. Stars — 39.
- Guo Yonggang — Repositories — 9. Stars — 2.
- Haoqi Zhao — Repositories — 2. Stars — 3.
- ashu — Repositories — 13. Stars — 147.
- keelsonyang — Repositories — 12. Stars — 0.
- lewsan — Repositories — 12. Stars — 8.
- MonsterRob — Repositories — 90. Stars — 38.
- Olivier — Repositories — 4. Stars — 30.
- psy528 — Repositories — 1. Stars — 3.
- renchengchang — Repositories — 0. Stars — 1.
- Roy van Kaathoven — Repositories — 64. Stars — 413.
- sasaxie — Repositories — 65. Stars — 123.
- tron — Repositories — 4. Stars — 1.
- w1217358955 — Repositories — 3. Stars — 5.
- ybhgenius — Repositories — 7. Stars — 0.
- Marcus — Repositories — 7. Stars — 13.
- zhuzhuqiang — Repositories — 6. Stars — 3.
- Shuoji Zhou — Initial partner of FBG Capital.
- Hitters Xu — Founder of Nebulas and ico365.
- Weixing Chen — Founder of Kuaidi, famous angel investor.
- Charles Xue — Famous angel investor.
- Mingshan Yin — Founder of Lifan Group, with over $2 billion USD market value.
- Binshen Tang — Founder of Clash of Kings, with over 10 million monthly active users worldwide.
- Chaoyong Wang — Founder of China Equity Group, with over $2 billion USD market value.
- Wei Dai — Founder of ofo, the biggest shared bicycles provider in China, with an estimated value of over $3 billion USD.
- Linke Yang — Founder of BTC China.
TRON has formed a strategic partnership with MOSHROOM, a leading portable smart toilet supplier in China. The two partners will work on blockchain technologies, especially cross-border settlement with cryptocurrencies. With MOSHROOM’s outstanding innovation in portable smart toilets, the cooperation intends to provide better bathroom experience for ordinary people across the world. More information can be found here.
TRON has successfully acquired BitTorrent and all BitTorrent products. From this day on, BitTorrent, whose software has been installed on billions of user devices, will become part of the TRON ecosystem, making TRON the largest decentralized Internet ecosystem in the world. More information can be found here.
Bitcoin Superstore. Tron (TRX) has just been added as a new payment option at the Bitcoin Superstore. The company gives users a way to pay for items at 200,000 stores including Amazon and Starbucks using cryptocurrency. More information can be found here.
The popular adult entertainment website Pornhub has announced that it will accept two other cryptocurrencies — Tron and ZenCash — as payment. More information can be found here.
Seedit is designed to give people the ability to send TRX around the world in an instant using a variety of social media platforms. Seedit was created by Tron super representative Sesameseed, a company founded in Los Angeles. The platform is gearing up to expand after its initial launch on Telegram. More information can be found here.
TRON and vSport recently sealed a strategic partnership , where both parties agreed to share resources, collaborate on technical challenges , deliver premium content, build communities, and expand their reach. The two companies will work together to make blockchain technology more commonplace in the sports industry, while developing the soccer industry’s blockchain ecosystem. More information can be found here.
Recently, bfc.baofeng.com has reached a blockchain technology cooperation agreement with TRON, with the signing of Blockchain Consensus Network (BCN). Bfc.baofeng.com and TRON will cooperate in the deployment of full nodes in the blockchain network, the integration of blockchain with online entertainment industry, the building of open source community of blockchain and so on, opening a new era of blockchain-based online entertainment. More information can be found here.
Gifto, a new universal virtual gifting blockchain platform, has announced a partnership with TRON, a decentralized protocol that aims to construct a worldwide free content entertainment system using blockchain and distributed storage technology. Gifto will leverage TRON’s underlying technology to help facilitate massive transactions of users using virtual gifts. More information can be found here.
In a world’ first of its kind, users will soon be able to get more out of their oBike rides in addition to keeping fit and burning calories. Thanks to a new partnership announced by─oBike, Singapore’s first homegrown and biggest bikesharing operator, and TRON, a world-leading blockchain-based decentralised protocol─oBike users will be able to generate and earn oCoins whenever they take an oBike ride. More information can be found here.
Super Representative Elections:
- Original list of 56 entities can be found here.
- PEIWO APP. Peiwo APP is the largest voice content community in China and the world. The current number of registered users has exceeded 10 million, and the monthly active users have exceeded 1 million. 80% of the users are under 28 years of age, and the number of users per day has exceeded 5 million. More information can be found here.
- µTorrent (a clever reference to “micro” torrent but often called “u” torrent) is one of the world’s most popular BitTorrent clients with almost 100M active users. Originally created by Ludvig Strigeus (ludde) to be the lightest and fastest torrent client running on the BitTorrent p2p communications protocol, µTorrent is currently maintained by a team of developers at BitTorrent, Inc. More information can be found here.
- CryptoDiva became the first community node which generated blocks. More information can be found here.
The TRON platform doesn’t have a main use case since it made quite a turnover from content creation.
Main features of the TRON project, based on their partnerships and changes in ecosystem are listed below:
- Can be used as payment option and store of value.
- Enables instant, secure global transactions
- It is censorship resistant — The contents of the blockchain cannot be changed or blocked
- Interoperability — between DApps on TRON
- Transparency — Any member of the public can see the transactions taking place on the blockchain and know that the transaction they see are the complete transactions
- Enables entities to launch ICO’s (not ready yet)
Markets and volumes
The price is in the area of long-term support (straight orange line)
Made a 78.6% Fibonacci retrace
The pattern of correction is similar to the classical ABC characteristic for wave ii
The price is in the area of long-term support (straight orange line)
A classical ABC characteristic of the wave ii
Pronounced divergence by macd on the daily chart
Summary: Moderate optimism. For confidence in changing of trend, we need to wait another week
Other platforms for consumer Dapps: ETH, EOS, Cardano, Quantum, Lisk, RChain, GXChain, Nuls.
According to the roadmap of Tron, this digital asset has a long way to go before having the last stage completed as it is estimated that the full development of the TRON network won’t be completed until 2037, which means that it will take 20 years in total to fully develop this asset and its platform. The six stages of development are named by the recognizable “milestones” in the entertainment industry, which justifies the purpose of TRX as a gaming coin.
TRON Stage 1: Exodus
The first stage of development was dubbed Exodus and is set to last until December of 2018, which means that TRON is still in the first stage of development. In this stage, TRON is set to solve the problem of having big company giants using personal data of the internet users on their own terms. That is how Justin Sun came up with the idea of creating a safe space where data is valued.
With Exodus, all users can easily access, upload, publish, share and store their data with the help of a decentralized system that TRON makes up for.
Still, in the stage named Exodus that will last until the December 2018, TRON has already launched its main net, which means that the preparations for the stage Odyssey are hitting full steam.
TRON Stage 2: Odyssey
The second stage of development in TRON’s roadmap is called Odyssey and it represents a stage where the work of the team behind TRX will be focused on content empowerment.
That means that this stage should allow the creation, distribution, and dissemination of content while getting fair rewards in form of payments through TRX.
One of the main goals of this stage is to lower all fees in general, as well as to lower the royalties taken by third part giants like Google Play and Apple Store. During this stage, TRON should also develop a suitable payment system for this project as well as define and complete the listed upgrades, updates, and new features.
The focus in this stage will be set on TRON’s own main net, since the launching of the TRX network has opened the gate for the second stage of development, where TRON won’t be coexisting with ERC20 type tokens on Ethereum chain, but will use its own ecosystem for enabling fast transactions and content creation, distribution and dissemination.
The Odyssey stage is set to begin at the beginning of 2019, January, and is scheduled to last until June 2020. By the end of the second stage, all TRX payments should be processed via unichannel.
TRON Stage 3: Great Voyage
This stage should commence in June 2020 and it should be marked with a sign of Initial Coin Offering. In this stage, the TRX platform should be developed to the point where it is possible to manage dividends and income, as well as to include the management of supporters.
In order to be able to achieve this stage and make the mentioned features possible, the network should be upgraded to make a personalized ecosystem. That means that the TRON network will be able to resemble Ethereum in a greater way, considering the fact that the platform will be enabled for the launching of ICOs.
TRON Stage 4: Apollo
Apollo makes up for the fourth stage out of six in total as described in TRON’s roadmap. As such, it represents a stage similar to the one previously mentioned in the terms of having another ICO being launched in this stage as well.
During this stage of development, TRON network should be able to work like Ethereum, which means that TRON would be able to launch its own tokens that would be used by a portion of its users.
In order to make such a system hack-proof and safe for their users, the team will be working on developing a protocol that would be able to cover all SHTF scenarios and prevent attacks and bugs in the network.
The launched tokens should be used for trading, which would consequently contribute to the increased vitality of the TRX ecosystem given the fact that the trading would be decentralized.
The protocols being made for this stage should predict all glitches where it might become a case that some of the tokens used in the network miss out on being validated. That is how only a sophisticated protocol could solve the potential glitch.
TRON Stage 5: Star Trek
In the stage number five, named Star Trek in order to honor a massive fan base of this sci-fi timeless wonder, the TRON network should take over the functions of a gaming platform that way meeting its true purpose given the fact that TRX was launched as a gaming coin.
That is how TRX gamers will be able to enjoy all perks of a decentralized ecosystem for playing games and gaining rewards for their achievements. However, the platform in this stage will also have some predicting features, which should contribute to attracting more prominent investors to the TRON network and gaming platform at this point.
TRON Stage 6: Eternity
Cleverly named Eternity, the sixth and the last stage of the development of TRON project which should end in 2037, should have all the main objectives completed by far with representing a completely functional decentralized blockchain-based gaming platform.
In this stage, the team with Justin Sunon the head has predicted that the investors who were supporting TRON in previous stages of development would now be able to collect massive gains from their investment, considering that at this point, TRON would become the biggest decentralized gaming platform on the global level.
TRX is the official token of the TRON ecosystem, and the basic unit of accounts in the TRON blockchain. The value of the token is derived from the value of TRON.
TRON Power (TP)
Users can acquire TRON Power (TP) by locking their TRX. In an attempt to discourage cryptocurrency speculation, TP holders will be given greater authority and more privileges within the TRON ecosystem than TRX holders. TRON Power is not tradeable.
TRON 20 token
TRON users will be able to issue their own tokens using TRON 20 standards.
Minimal denomination of TRX is sun. 1 TRX equals 1,000,000 sun.
1 sun frozen got 1 bandwide point.
The total supply of TRX is 100 billion.
34,251,807,523.9 TRX is held by tron foundation and all of them will be frozen until jan.1 2020.
Total amount of TRX is allocated as follows:
Public offering: 40%
TRON Foundation and the ecosystem: 35%
Private offering: 15%
Pay initial supporter — Peiwo Huanle (Beijing) Technology Co., Ltd.: 10%
Team: strong and vast team
Idea: nothing new, China’s Ethereum
Development stage: mainnet
Whitepaper: old one is a red flag, new one wasn’t presented yet
Roadmap: good, has views on the future and development of ecosystem
Now let’s sum things up. TRON is trying to become China’s Ethereum, for that it tries to make it’s ecosystem grow as big as it can get. TRON continues its plan to generate investors interest with frequent and quite provocative partnerships. Technical aspect of the project seems to recuperate from red flags of the past. It is hard to say in what direction this project will move since last actions don’t seem to follow any distinctive development plan. It is quite early to make any kind of conclusion yet, t seems like this is only the start of TRON’s development.
Overall this project is quite successful, despite the plagiarism history of both code and whitepaper this project had risen to the top. New partnerships and news create even greater hype than ever, Justin Sun surely knows his ways with marketing. IMHO this project will develop its ecosystem greatly so it will be interesting to watch in the near future.