Tron FAQ :: What is the TRX cryptocurrency?

Tron is a blockchain-based decentralized platform providing services related to entertainment and finance. The purpose of the network is to enable content creators to take full control of their data and benefit from their efforts.

Developers are changing the traditional approach to the media industry and trying to decentralize it. For example, Facebook and YouTube control the content posted and viewed by users.

Most of the revenue goes to these companies, leaving authors and creators with only a small margin. Justin Sun's project aims to change this situation.

Peculiarities

Technical parameters of TRX cryptocurrency:

• Wide global blockchain-based interface.
• High scalability. The project's scalability and efficient consensus mechanism allow applications to be implemented in a variety of ways. The network works with a large number of devices.
• High throughput; in terms of growth in the number of transactions per second (TPS) in everyday applications, it surpasses BTC and Ethereum.
• High availability. Decentralized schemes are provided with more stable core networks, user resources, and increased fragmentation acceptance criteria. #### Principles.

The main goal of the project was to counter the high transaction fees charged by the Ethereum blockchain. This was the only uncontrollable disadvantage of Ethereum.

The developers of Tron used this opportunity to raise the technical level of the platform and make themselves known in the digital space.

The blockchain is based on Delegated Proof-of-Stake (DPoS). It is an advanced version of the Proof-of-Stake (PoS) consensus mechanism.

In the TRON network system, users initiate transactions without caring about the cost of gas. Transaction fees are based on the concepts of bandwidth and energy.

Under this mechanism, 15 transfers are made free of charge. Subsequent transfers are charged according to the throughput of individual transactions.

The network allows free transfer of cryptocurrencies if they are not based on smart contracts. The energy consumed in such transfers is zero.

Transaction speed

According to the Blockchain White Paper, the platform processes 2,000 transactions per second. For comparison, the speed of the Ethereum network is 25 TPS, and Bitcoin is only 7 TPS. The reduction in transaction confirmation time contributes to the overall positive impression of cryptocurrencies.

Distinctive features

Tron is called the future of blockchain technology. It was developed based on the technology behind Ethereum. Due to the absence of high transaction fees, this technology is ideal for the development of decentralized applications (dApps).

The network ensures complete decentralization of programs and eliminates the existence of intermediaries. The platform has its own coin known as the TRX ticker. This coin underlies all applications created on the blockchain platform.

Cryptocurrency Technology

Official coins are issued on their own network, compatible with the Ethereum blockchain and virtual machines. In terms of business models, this development is a strategic move to generate higher profits.

For example, tokens allow media content producers to issue their own digital assets and get paid for their broadcasts by selling coins.

Blockchain has its own set of TRC token standards that enforce all transactions within and outside the network.

On their basis, the entire operating system of decentralized applications works with the help of smart contracts. #### Issue of coins.

As of August 2021, there were 71 billion coins in circulation, according to CoinMarketCap.

Cryptocurrency mining is not possible; the Delegated Proof-of-Stake consensus algorithm does not involve mining.

However, the creator of the project, Justin Sun, said in an interview that if the platform gains the necessary popularity, he may reconsider this decision and mining will be offered.

Position

The TRON (TRX) cryptocurrency is focused on innovative ways of distributing content and technologies that allow developers to program decentralized applications on the blockchain.

As of 2021/8, there are over 500 projects running on the platform. Among them are games, social services, cryptocurrency exchanges and DeFi. The TRON offer is driven by the growing popularity of the platform among both developers and users.

TRX coin holders are also responsible for maintaining the liquidity of their projects.

Usage

The main use case of the platform is to support content creators by granting ownership of the content they create. This is achieved by storing and tracking information on the blockchain. Creators can see how their work is being used and how they are being paid for improvements. Intermediaries are eliminated and authors get paid directly.

YouTube, for example, has a centralized authority that can censor content, run ads, and restrict usage of the platform.

Blockchain-based services can be automated or managed by the community. Let's assume YouTube doesn't have a centralized headquarters.

In this case, each user will have a copy of the source code and ownership of it, depending on the number of tokens he has accumulated.

In other words, they will own the platform. If a visitor wants to support their favorite creator, then 100% of the chips will go to the creator's wallet.

The Tron cryptocurrency is the central asset of the network. It acts as an intermediary in the exchange with other coins and is used to pay for transactions.

Since Bitcoin and Ethereum do not yet have a token burn mechanism, the Tron network destroys a certain number of coins every time a new dApp appears on the blockchain. This is necessary so that the price of the coin does not fall over time.

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