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TRON (TRX), which entered the cryptocurrency market in 2017, has one of the most vociferous fan bases in the industry. By utilising this community support and its distinctive technical features, this coin was able to rise to among the top 10 cryptocurrencies in the world according to market cap. The fact that TRON completed this task in under two years is even more astounding.
The decentralised virtual machine TRON was developed to aid in the emergence of the decentralised internet. Similar to Ethereum, TRON uses smart contracts that are stored on its own native blockchain to let Dapp developers build and use complicated protocols. The platform’s transaction times and vivacious CEO are currently its two biggest selling points.
The platform can handle 2000 transactions per second in detail. With this performance, TRX is on par with significant payment processors like PayPal. The best part is that TRON has no transaction fees. With TRX, you can instantly send a million dollars to any location in the world without having to pay a fee.
It’s imperative to have a basic understanding of the decentralised internet in order to fully appreciate the enormous challenge that TRON’s developers hope to undertake. The decentralised internet is fundamentally different from the internet you are used to. There aren’t any hosting firms, in general. Instead, individual users control the entire internet.
The idea of a decentralised network seemed unachievable until recently. The world’s computing power was inadequate.
The beginning of TRON’s history occurs early in 2017. At that time, Justin Sun, the company’s CEO, formally established the TRON Foundation, a non-profit with offices in Singapore. Building the foundation for a decentralised internet and setting up a democratic mechanism to run the new network were the objectives of this group.
Notably, Sun has experience in the FinTech industry. He is, for starters, Jack Ma, the creator of Alibabaprotégé. ,’s It’s incredible that after graduating from Ma’s Hupan University, he quickly made it onto Forbes’ “China 30 under 30” and “Asia 30 under 30” lists. Keenly, Sun had already established himself in the blockchain industry before the launch of TRON.
For instance, Sun served as Ripple’s principal representative in the region of Greater China. His job gave him access to the network of people he would eventually need to bring the TRON idea to life. He also founded Peiwo, a wildly successful live-streaming service. The app currently has over 10 million users in China.
The fact that Sun integrated TRON into Peiwo just a few months after the acquisition is even more astounding. TRON’s standing in the area was strengthened by this merger. The tactic also considerably increased TRON’s active user base.
The debut of TRON was significant. $70 million was raised during the 2017 TRON Foundation ICO for the purpose of advancing the TRON ecosystem. Investors were given TRX tokens in place of their BTC or ETH during the event. TRX tokens had a market value of just $0.0019 at the time of the auction.
The TRON Foundation created the utility tokens known as TRX tokens to serve as a medium of exchange for all TRC-based tokens. These currencies are MainNet-based and make it simple to conduct transactions across the blockchain.
In terms of market capitalization, Sun has propelled TRON into the top ten cryptocurrencies by 2018. The platform’s creators now have the means, the know-how, and the drive to introduce their own blockchain thanks to this achievement. TRON was able to switch the platform from ERC-20 thanks to this choice.
The blockchain is protected by the Delegated-Proof-of-Stake (DPoS) consensus process used by the TRON network. When users stake their assets in a network wallet, a DPoS works similarly to a proof-of-stake consensus process in that it enables users to generate passive income.