This is What You Need to Know
Today there are several cryptocurrencies all over the market with unique properties providing certain benefits, but how many of them are capable of providing any entertainment content along with those unique properties? This is a big question but thankfully we have an answer to that.
Launched in the year 2017, TRON is a blockchain-based entertainment content sharing platform that targets to reconstruct the global entertainment industry.
By market capitalization, Its Cryptocurrency named Tronix(TRX) became one of the world’s top 10 coins in 2018.
So, how does TRON work and what was its history? Read on to find out.
What is TRON?
Tron is basically a decentralized technology platform with an entertainment industry twist. It has its own Tronix Cryptocurrency but its main design model is to let the users and developers distribute multimedia apps and specialized content with ease.
TRON wants users to be able to create content, websites, and applications without having to rely on centralized services and lose control of their content.
According to its website, TRON targets to build a “global free content entertainment system, utilizing blockchain technology. This protocol lets each user to freely publish, store, and own data.”
By utilizing the peer-to-peer modern networks, TRON works towards eliminating the middlemen and directly connecting the content creators and its consumers.
By excluding the agents who acted as mediators between users and content producers, Tron was able to significantly control gaming and entertainment content buying costs while concurrently giving content producers a straight shot to target the young entertainment and game-loving audience.
TRON has a four-in-one blockchain platform with the four pillars as:
- Decentralized internet technology,
- A digital content marketplace for developers and end-users,
- A mobile app marketplace, and
- A cryptocurrency with great potential.
What Is TRON Team And Its History?
Managed by its Vocal founder and CEO Justin Sun, TRON is backed by the Singapore based Tron Foundation.
Justin Sun is also the founder and CEO of PEIWO, a mobile social application. He has previously served as the Chief Representative of Ripple in Greater China. He was twice selected as the Forbes 30 Under 30 influencer in its Asia and China editions in 2017.
What does TRX do?
As aforementioned, Tronix is TRON network’s official token. It’s the basic currency unit that all accounts in the TRON system use. Further, it can be earned and used on a wide range of platform services.
TRX also acts as the platform’s exchange currency. Just like Ethereum allows developers to build “Dapps” (the decentralized application, those computer applications that run on a distributed computing system) and launch their own ERC20 tokens, TRON lets dapp creators launch their own currencies (known as Tron 20 tokens) on the TRON protocol.
Tron was launched during 2017 ICO that raised US$70 million, TRX tokens have a total supply of 100 billion.
How does TRON work?
TRON has adopted a 3 layer architecture, which divides the platform into storage, core and application layer. The key features of each layer are described in the Design Book of TRON Architecture as:
- Storage layer — TRON highlights a distributed storage protocol that includes a block and state storage. It also uses a graph database intended for fast processing and easy updates.
- Core layer — The platform’s core layer includes several modules, such as smart contracts, account management, as well as consensus. Java is the platform’s smart contract language but in the future, it will support other languages like C++ and Python. This feature also highlights TRON’s virtual machine for running smart contracts.
- Application layer — Developers can create and deploy dapps on this layer as well as customize and issue their own tokens.
What were the Development Phases of TRON?
Following were the notable development phases of TRON:
1. EXODUS- This was the starting phase for TRON. Exodus provided a free platform for peer to peer distribution and storage which enables consumers to store, access and release data to Tron users.
2. ODYSSEY- This phase focused on content creation on the Tron system. Early developers and users received a strong dose of incentives to test the technology out for size.
3. GREAT VOLTAGE AND APOLLO-This phase enables the developers to issue own coins for transactions at the platform.
4. STAR TREK — For Tron, Star Trek is essentially its gaming function. It allows anyone to offer content on the decentralized gaming and market forecasting platform.
5. ETERNITY — Eternity phase is the last phase in the development of TRON and is set to be rolled out by 2020. Here, developers have a chance to issues games they have created for TRON and also helps them seek investors to fund their own content ideas and development with the platform.
How Secure Is TRON?
Tron advertises itself as a highly secure platform. Although, in early 2019 a security defect was detected that could have resulted in the entire Tron system shutdown with a single computer.
The security defect would have rendered the network unusable by allowing the hackers to destroy the network with DDos i.e. Distributed Denial of Services. Not only that, they could have loading the network with poisonous bytecodes, by using Tron’s smart contracts feature and take the whole system down from a single computer.
In January 2019, the security defect was bought to Tron’s management’s notice by an independent technology expert. This was shortly after the company started a bug detection program, Bounties were paid to data researchers who uncovered a flaw in security.
The key for end-users is to save their private key to access their account. For users looking to buy content on Tron, the answer is saving one’s private key to access one’s account. It is important to remember this account access key as the decentralized platform of Tron does not allow digital wallets sites to backup usernames and passwords or send an email if you forget this information. That’s why it’s so crucial for site users to guard their private key and have it available in any event to access their account.
Apart from the account security and DDoS concerns, Tron provides a safe and solid network to connect and complete transactions for users and developers. By hiring some of the best security specialists, Tron can resolve these issues and become a safe cryptocurrency for its users.