TRON
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TRON

An Overview Of TRON And Why It Is A Buy【TRON essay competition TOP 3】

By David Nghiem

TRON and its native coin (TRX) have had a rollercoaster ride since its ICO back on August 2017. TRX’s price rose from $0.0015 to a high of $0.30 on January 2018 before falling backdown to its current price of $0.05 (February 18, 2018). It now sits in the top 20 cryptocurrencies in terms of market cap according to coinmarketcap.com.

So where does TRON go from here? Is TRON a Buy for 2018? To answer this we need to take a deeper analysis of TRON.

First, we will answer what exactly TRON is and discuss its real world applications. According to their website, TRON:

“is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology… allow[ing] users to freely publish, store, and own data. With TRON, content is owned by content creators, artists, and scriptwriters rather than the capitalists who consume them.”

In short, TRON goal is to disrupt entertainment and consumer markets by leveraging blockchain technology. TRON’s plans are similar to Ethereum. Like Ethereum, TRON will be a platform that runs smart contracts, allowing it to host decentralized applications (DApps) and initial coin offerings (ICOs). It will also provide a distributed storage solution for its users.

However, TRON intends to improve on Ethereum’s shortcomings relating to scalability, speed, and usability. For example, TRON’s protocol will allow an estimated 1000 transactions per second (TPS) compared to Ethereum’s ~15 TPS and Bitcoin’s ~7 TPS. As well, its smart contracts will support common programming languages such as Java. TRON recently did a live stream with their technical team to go over their underlying technology. A good in-depth recap of the live stream can be found here: An Overview Of TRON’s Technical Live Stream To Non Technical People.

To date, several companies have already announced partnerships with TRON to utilize their protocol in the future. These include Obike (a leading bike sharing company), GIFTO (a universal gifting platform), Game.com (a new blockchain game company), Peiwo (an audio live streaming app) and Global Social Chain (a new blockchain social media company). Together, these companies represent tens of millions of active users from a variety of different entertainment and consumer markets. These early partnerships are encouraging and give a small glimpse to the many different businesses the TRON ecosystem can help improve.

Second, we will analyze the team behind TRON. It is important to look at the individuals leading and working on the project. An idea is only an idea unless the team behind it can actually manage to do it.

TRON is led by Justin Sun. Justin has been recognized by Forbes as one of Asia’s 30 under 30 entrepreneurs in 2017 and China’s 30 under 30 in both 2015 and 2017. Before founding TRON, Justin worked as the Chief Representative of Greater China for Ripple and founded the social app Peiwo (1 million active users). Justin has already proven himself a successful entrepreneur at a young age.

One of Justin’s greatest qualities is his ability to network and build relationships with other successful individuals. TRON’s partners include Yi Shi (DotC United Group, Avazu, and Obike founder) and Andy Tian (Asia Innovations Group and GIFTO founder). Both are successful entrepreneurs with a proven track record of starting and running businesses with millions of users. When you look at the quality of individuals who have either partnered with or invested in TRON, it gives you confidence in the project. The full list of investors and partners can be found on the TRON website.

Lucien Chen is the current CTO and leads the technical team. Lucien previously worked at large tech companies: Netease, Youdao, Tencent, Qihoo 360 and SM search. His expertise includes “developing million-level system architecture, big data, advertising algorithms, DMP systems, BT systems, CTR platforms and high concurrent system framework designs”.

Today, TRON employs around 100 people in China. The majority of the current employees are developers. Many of the developers have come from top Chinese tech companies such as Alibaba. TRON plans to expand to 200 employees and open offices in other cities around the world by the end of 2018. They have rented office space in San Francisco as part of Draper University’s Hero City in anticipation of their expansion. The goal is to transition TRON from a “Chinese project” to a truly global initiative.

Thirdly, let us look at the current criticisms and FUD (fear, uncertainty, and doubt) surrounding TRON. One of the biggest controversies the project faced early on was in regard to their English language white paper. It was found that parts of it had been copied. Plagiarism is a serious issue, especially in the western world. However, I believe this issue was caused by deadline pressures, lack of English fluent employees, and unfamiliarity with western business norms. The Chinese language white paper, their employees’ native language, did not suffer from plagiarism. The English language white paper was removed and is currently being rewritten.

A second issue of plagiarism occurred during the release of the open source code. Parts of the open source Ethereum code were found to be copy and pasted into the TRON code without proper attribution. The TRON team was quick to address this mistake. They had been using Ethereum code as reference and forgot to add citations due to their time constraints.

Thirdly, some announcements and communications from TRON have been met with confusion due to the language barrier. Especially when making announcements over Twitter, the TRON team can confuse the public because improper wording due to English not being their first language. One positive is that Justin holds regular live streams to update the community on their progress. It is rare to see a business executive show this much transparency and outreach.

These past mistakes have hurt the credibility of TRON. However, they have done a good job in acknowledging their mistakes. As part of their expansion, TRON is planning to hire a native English speaker to handle PR to the English speaking community. This will go a long way in improving TRON’s communication and documentation.

Being only seven months old, TRON is having to deal with the growing pains many start ups encounter. As the team grows and the company matures, I believe many of the past issues will be properly addressed.

Lastly, we will look at what is in store for TRON in 2018. The most important upcoming milestones will be the release of the testnet at the end of Q1 (March 31) and release of the mainnet sometime in Q2 (projected June-July). A “mainnet” refers to the main network blockchain where actual transactions take place. The “testnet”, or test network, is where new DApps can be tested and developed.

Currently, TRON is being hosted on the Ethereum platform while their own is being developed. Once complete, TRON will be moved from the Ethereum mainnet to its own. TRON’s partners will also move their DApps and tokens onto the TRON protocol. This includes GIFTO’s GTO token, Game.com’s GTC token, and Obike’s OCN token. By the end of 2018, the TRON mainnet will be hosting tens of millions of active users and over a million token holders. Few other cryptocurrencies have similar amounts of active users.

Additionally, the TRX wallet will be released alongside the mainnet and more partnerships will be announced in the future according to recent comments from Justin. This year will see TRON become one of the top blockchain platforms as more and more companies create DApps on the TRON mainnet.

So, is TRON a Buy today? I believe the issues surrounding the white paper and open source code, coupled with the overall recent correction in the crypto market, have a offered an attractive entry point into TRON. With many catalysts and important milestones on the calendar for 2018, I believe TRON is a Buy here. TRON is positioned for growth and I believe it will become a top 10 cryptocurrency again by the end of 2018 as the mainnet is released and millions of users gain access to the TRON protocol.

Blockchain technology is changing the entertainment and consumer markets. TRON and their partners are positioning themselves to be on the forefront of this revolutionary technology.

Official Website: tron.network
Twitter: @Tronfoundation @justinsuntron
Facebook: https://www.facebook.com/tronfoundation
Slack: https://tronfoundation.slack.com
Reddit: https://www.reddit.com/user/Tron-Official
Telegram Official Main Group: https://t.me/tronnetworkEN
Telegram Korean Main Group: https://t.me/tronnetworkKR

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