What is Tron (TRX)?

What is Tron (TRX)?

Let's get to know Tron, the hot and compelling smart contract blockchain!

Most people may have heard of various Smart Contract networks with different strengths but one of the hottest and most compelling networks at the moment has to be given to the Tron network.



Wondering what Tron (TRX) is? Let's dive deep together with the information provided below! 



What is Tron (TRX)?



Tron is a decentralized blockchain network built with a focus on storage, transmission, and various use cases where developers can write smart contracts to Build dApps (Decentralized Applications) on the Tron network.



The Tron network also has a native currency, TRX tokens, where users can use TRX tokens to send value between users and also include the use of various functions on the network.



Tron developer team



The Tron (TRX) coin was first created in 2017 by Sun Yuchen or known as Justin Sun on the Ethereum network as an ERC-20 standard token, before making its own Mainnet in 2018 and establishing an organization under the name of the Tron Foundation.



Strengths and Interesting Technologies of Tron



Delegated Proof of Stake (DPoS) is a Consensus Algorithm used by the Tron network with the purpose of supporting a higher transaction volume and increasing the ability to expand the network (Scalability) which is better than the Consensus Algorithm like Proof of Work (PoW) in terms of efficiency and electricity consumption.



Users can stake TRX coins in the network to participate in voting for the validator of the transaction in each round in which both voters and validators will receive TRX coins as a reward.



TRON Virtual Machine (TVM) is a software platform adapted from the Ethereum Virtual Machine (EVM) to make it easy for developers to implement smart contracts on the Tron network. The Tron network also supports programming languages like Solidity.



For example, the TRC-20 and TRC-721 tokens build on the Tron network are also compatible with the ERC-20 and ERC-721 standard tokens on the Ethereum network.



Dapp Chain is a sidechain built to work with the Tron network, allowing developers to build dApps that can run with higher performance with less electricity consumption, faster speed, better security and smart contract development and modification can be made easier.





Refer to Coinmarketcap, as of June 6, 2022, TRX is the 13th largest cryptocurrency with a total market capitalization of approximately $7.7 billion US dollars, or about 266,000 million Baht. The TRX coins do not have a max total supply and there are approximately 93.22 billion coins in circulating supply.



On top of that, the TRX coin all-time high is at 7.1 Baht and as of the time of writing the price is around 2.85 Baht.



What to watch out for TRX



According to Defi Llama, the Tron network climbed to No. 3 in terms of Total Value Locked on the network, demonstrating that the adoption DeFi platform or Lending Protocol has a huge growth after the creation of USDD.



Tron Foundation shutdown to transform Tron Networks into a truly decentralized network where the Tron DAO allows TRX token holders to participate in the decisions of the Tron network in the future.



TRON DAO is a non-profit organization that operates without intermediaries or also known as DAO(Decentralized Autonomous Organization), where users can bring TRX and stake them into the platform to get the right to make decisions and funding the development of the Tron network in terms of both technology and ecosystems.



Conclusion



TRX coin is the currency on the Tron network that is getting more and more attention right now compared to other networks in terms of being a Smart Contract platform that has been developed and adjusted for more performance and versatility.



However, every coin has different advantages. Investors should always research for information before investing which allows investors to analyze and manage their risks effectively.



Reference:

Tron, Coinmarketcap, Investopedia, Tron Whitepaper 2.0

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