Justin Sun’s Tron Platform and Cryptocurrency Explained
Tron network is an incredibly exciting project for all those who are interested in media and entertainment. Imagine the platform that combines both Twitch and Netflix (or any other favorite streaming service) being decentralized. That’s what the Tron project is about.
Tron project and TRX coins were established by Justin Sun in 2017. Initially being based on the Ethereum blockchain, the network has its own blockchain launched in 2018. The developers’ main aim is to make the network as useful as possible for users who are tired of platforms framed with ads all over the place.
Despite those amazing ideas behind the Tron project, there is also controversy associated with its creator. Let’s start from scratch. In this article, we’ll tell you all about Tron Foundation and its products: Tron cryptocurrency, its tokens, and the ecosystem as a whole.
Tron Network Architecture
The TRON architecture distinguishes between three layers: storage, core, and applications.
In addition to storing network blocks and statuses at the storage level, it uses a GRPC-neutral concerning the language and platform, an open-source framework for remote procedure calls.
At the core level, modules for consensus, smart contracts, and account management are implemented.
At the application level, it is possible to create decentralized applications not only in the main protocol language (Java), but also in others, including Scala, C ++, Python, and Go, and with support for the Protobuf structured data serialization protocol.
After analyzing the TRON whitepaper, the creator of IPFS, Juan Benet, noted that a significant part of the document was copied from materials of other projects, including his own, or contains basic information about p2p systems’ operation, presented as something original.
Ethereum co-founder Vitalik Buterin also accused Justin Sun of plagiarizing. He is ready for some other project to give the dust to Ethereum but not the Tron network.
Tron cryptocurrency is a very thought-out type of digital money. The currency is divided into three parts, differing in their value.
The project’s native cryptocurrency, TRX coins, is the main medium of exchange on the TRON network.
TRON20 tokens are intended for developers: with their help, it will be possible to issue coins on the platform for their applications.
TRON Power (TP) tokens become available when TRX is blocked. Users can acquire the right to vote on the development of the network.
Justin Sun’s Controversial Figure
Justin Sun is a Chinese-born founder of the Tron Foundation. According to his autobiography, Sun graduated a special business seminar led by Jack Ma, a co-founder of Alibaba. Sun says that Ma inspired him to be successful and wealthy. In 2015 and 2017, he was included in the Forbes “30 under 30” lists in Asia and China.
Sun’s first success was connected with his app Peiwo. It was an audio-based mix of Tinder and live chat rooms. Sometime later, the app was deleted from Appstore and Google Play due to pornography and wrong social values as a whole.
In 2019, Tron Foundation bought BitTorrent for $140 million. There are many controversial opinions of employees about Justin Sun’s figure as a boss. Let’s say, they are impressed by his behavior. After BitTorrent changed their office to the new one with an incredible San Francisco view, Sun flooded the office with articles about himself. The authors praised Sun’s talent and leadership.
There was also an issue in the Tron main idea. Sun wants it to be decentralized and free of any laws. It can be connected with his roots: there are strict laws in China. However, his project is a pandora box because anything can be live-streamed, even child abuse, and terrorist content. The Verge claimed Justin Sun to be the ‘hype man of the century.’
Tron vs. Ethereum vs. EOS
Technologically, TRON cryptocurrency is the main competitor to Ethereum and EOS. It is rapidly growing its user base and quite aggressively clearing a place for itself on the crypto market, luring the developers of these projects to “save them from the collapse” of platforms.
Since TRON crypto started on Ethereum base and followed its development path, the virtual machine (TVM), smart contracts, and TRON token standards are compatible with Ethereum, making it easy to migrate projects to this blockchain. Unlike Ethereum, TRON uses a Delegated Proof of Stake (DPoS) consensus algorithm, which introduces a separation of functions between coin holders with voting rights and transaction validators.
Both projects use the DpoS algorithm in EOS, but for EOS, this is the DpoS version of pipelined BFT (Pipelined Byzantine Fault Tolerance). The time for generating a new block and confirming a transaction on the network is less, and the total time for confirming the result is longer than that of TRON cryptocurrency.
However, migrating projects between blockchains is problematic. Justin Sun speaks directly to the developers of EOS developers, advising them to decide which of the two platforms to connect the future with.
Validators are responsible for verifying transaction data and creating new blocks on the TRON network – 27 Super representatives elected by TRX holders. Unlike the EOS network, where elections for block producers are held without the possibility of buying votes, this practice exists in the TRON system. Super Representatives can direct all the rewards they receive for adding a new block to the blockchain to buy votes and keep control of the network.
Tron Crypto Future
Tron roadmap is filled with many steps. There are four main steps to achieve in the nearest future (e.g., Exodus, Odyssey, Great Voyage, Apollo). Stark Trek and Eternity steps are planned for the long-term.
Exodus. Launching the mainnet. This step was accomplished in 2018.
Odyssey. Advancing the project’s economic inducements and stimulates growth.
Great Voyage. Users will be able to create their own tokens.
Apollo. Building a fully decentralized token trading platform.
Star Trek. Developing the game platform for users to create games. TRX’s becoming a gaming coin.
Eternity. The last stage of Tron development. Becoming of decentralized blockchain-based gaming and market platform.
Where to Store Tron (TRX) Coins?
For the storage of TRX, you can use quite a wide range of wallets: hot and cold. First and foremost, the wallet has to be compatible with the TRX cryptocurrency. There is something to choose from here.. Let’s explore the best options to store Tron.
TronLink Wallet is a Tron wallet recommended by the team. It supports mobile phones on iOS and Android, as well as can be installed as a Chrome extension.
Klever.io is a secure peer-to-peer crypto wallet and exchange for TRX coins and many other cryptocurrencies. Available for Chrome, iOS, and Android. It’s easy to install and use. All of the details are encrypted with a password and 24-symbol phrase.
Cobo Wallet is a mobile multicurrency wallet. This wallet is incredibly user-friendly with its easy interface and setup process. Tron coins, Bitcoin, Ethereum, Litecoin, EOS, Dash and are supported.
You can also store and trade your Tron coins in Huobi Wallet, Trust Wallet, Exodus, etc. You can use a cold wallet Ledger Nano S which provides secure offline storage of your savings.
Investing in Tron isn’t just a waste of money or, on the contrary, make a fortune. It’s about developing the future of media sources and making a new step towards improving cryptocurrency and decentralized apps. The project has a strong team, credible partnerships (which are software provider Baofeng, Chinese Netflix; oBike, bike-sharing in Singapore), and grand plans.
If you are already interested in investing in Tron cryptocurrency, check out our cross-rates in the widget below. It’s easy to buy or exchange TRX via our service because we treat every customer with respect and ready to answer all your questions.