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Tron is a decentralized blockchain-based platform based on the TRON protocol, which is a blockchain operating system that offers high throughput, high scalability, and high availability for all decentralized applications (DApps) within the TRON ecosystem.
The blockchain-based platform’s native cryptocurrency, TRX, was originally an ERC-20 token , meaning it was built on the Ethereum blockchain and followed the ERC-20 standard, before Tron launched its own blockchain.
Initially, the project was aimed at providing full ownership rights while offering their content directly to consumers. It has since grown into an ecosystem aiming to establish a “truly decentralized internet and its infrastructure,” according to its whitepaper.
Tron supports smart contracts and has a number of decentralized applications built on top of its network. Its decentralized finance (DeFi) ecosystem has billions in total value locked. The project gained mainstream attention after, in 2018, the non-profit organization heading Tron’s development, the Tron Foundation, acquired BitTorrent.
Tron uses an account-based model similar to that of Ethereum (ETH) and achieves consensus through a delegated Proof-of-Stake (dPoS) algorithm that sees TRX token holders delegate transaction validation to 27 “super representatives” that are chosen every six hours.
Tron was created by popular entrepreneur H.E. Justin Sun, a two-time recipient of the Forbes “30-Under-30” award in Asia. The project was launched in early 2017 on top of the Ethereum blockchain, and migrated to its own blockchain in 2018.
Before creating Tron, Sun founded audio application Peiwo, and served as a representative for Ripple, a for-profit fintech firm that has been one of the largest players in the XRP ecosystem. Sun’s previous successes attracted high-profile investors, who in turn attracted retail investors to Tron’s initial coin offering (ICO).
H.E. Justin Sun is still actively involved in the project and has since integrated Poloniex into the Tron ecosystem. He also actively supports BitTorrent and is a permanent representative of Grenada to the WTO.
The TRX token has a number of use cases, with the main one being to pay for transaction fees on the Tron blockchain. TRX holders can boost their earnings by staking tokens with a Super Representative on the network in a move that involves freezing their tokens.
The Tron network achieved its decentralization in December 2021 and has since then become a community-governed project through its decentralized autonomous organization (DAO). TRX holders vote on-chain for a selection of Super Representatives and can actively participate in the community to help the project advance.
Tron is estimated to be able to handle 2,000 transactions per second and has low transaction fees, with blocks being generated every three seconds. These features have seen its adoption of stablecoins grow, with TRC-20 USDT and USDC supplies being significant.
Moreover, Tron’s DeFi ecosystem allows TRX token holders to access a number of financial services on the blockchain.
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Try our free TRON (TRX) portfolio tracker if you want to efficiently keep track of your TRX and other coin/token investments.