Justin Sun is the founder of TRON and its TRX token. He is listed in Forbes Asia’s prestigious 30 under 30 as a noteworthy up and comer in the tech industry. Sun’s aim with TRON is to create an infrastructure that will enable the decentralization of the Internet.
TRON’s testnet launched on March 31, 2018. The testnet includes complete nodes, basic network functions, transactions, and customizable modules.
It’s mainnet launched on May 31st. As of that day, TRON will no longer use ERC-20 tokens to represent its value. The market capitalization of the project as a whole has grown over a hundred times since launching in September of last year.
The Five Pillars Of TRON
TRON is one of Ethereum’s most notable competitors. Like Ethereum, TRON is creating a smart contract platform that can support Turing-complete applications and execute actions based on the agreement embedded within the smart contract.
The distinguishing difference is, TRON aims to do this with higher throughput and greater reliability. In brief, the project endeavors to be blockchain technology 4.0, and its design concept is the premier feature that will make it possible.
The project’s second consequential feature is its consensus system. Much like Cardano and Tezos, TRON is moving away from the classic proof of work consensus algorithm and towards a delegated proof of stake model. In this particular system, delegate nodes are selected by the community through a voting process. Those successfully voted in as delegates are called Super Representatives.
Smart contracts are the third, all-important component of TRON. TRON’s protocol will support multi-language expansion and enable faster loading speeds. The contracts built on the platform aim to be much faster and easier to use than Ethereum’s.
Performance and throughput are the final integrals of TRON’s development. The voting structure of the network will only allow the computers with the most powerful processors available to act as maintenance nodes. In the process, TRON’s leaders will be able to adjust bookkeeper sets to optimize all performance mechanisms.
As for as economics go, TRON uses the same token-leasing concept as Ethereum, except transactions are free.
Believing The Hype
While competing projects like EOS struggle to fix significant bugs, and Tezos contributors continue to wait for a beta launch nearly a year after the initial coin offering, TRON seems to be hitting all of its major milestones in stride. Echoing that trend, in the last 24-hours TRON’S trading volume exceeded $450 million US. Clearly, investors are ready to believe the hype despite cryptocurrency prices trending downwards thus indicating a bear market.
TRON is the industry’s obvious front-runner in the race to decentralize the web. Moreover, In contrast of the issues competing blockchains have encountered with the delegated proof of stake model, TRON could become the first company to demonstrate how a proof of work based protocol is a thing of the past. Though, only time can tell the accuracy of these speculations.
Launch Date: September 2017
Market Cap: $4,029,951,606 USD
Available Supply: 100,000,000,000 TRX
Consensus Algorithm: Delegated Proof of Stake
TRON on CoinMarketCap.com: https://coinmarketcap.com/currencies/tron/
TRON Website: https://TRON.network/
TRON on Twitter: https://twitter.com/TRONfoundation
TRON on Reddit: https://www.reddit.com/r/Tronix/
Jack Choros is a freelance writer for Blockchain Business News Network