What is Tron? Information about TRX Coin

Table of Contents

What is TRON?

TRON is a public, decentralized blockchain platform known for its high scalability and large bandwidth. TRON allows developers to create smart contracts and build decentralized applications (DApps) within its ecosystem.

Additionally, TRON provides users with the freedom to publish, own, store, and share data on the internet. This enables artists, musicians, and authors to release and distribute their content directly to the network without relying on intermediaries like Amazon, YouTube, or Facebook.

TRON was established in July 2017 by the TRON Foundation, a non-profit organization under the leadership of Justin Sun.

How Does TRON Work?

TRON operates based on the Proof of Stake (PoS) consensus mechanism and uses a unique token standard for NFTs and DApps on its platform. The TRON ecosystem includes services like decentralized exchanges (DEX), blockchain browsers, decentralized data storage systems, wallets, and lending platforms. Recently, TRON has pivoted heavily towards decentralized finance (DeFi) and developed many related applications.

The TRON Virtual Machine (TVM) works on a three-layer architecture: application layer, storage layer, and core layer, designed to execute smart contracts. Computational resources, including bandwidth and energy, are distributed evenly among TRX holders. According to the development team, the TRON network can process up to 2,000 transactions per second.

While TRON is primarily focused on content creation, the platform has also made significant strides in areas like DeFi and BitTorrent. One of the most notable applications on TRON is Dlive, a video streaming platform.

Key Products of the TRON Network

TRON currently features two noteworthy products:

Sun.io

As the first DeFi platform on TRON, Sun supports stablecoin trading, token mining, and self-governance. This system optimizes investor returns through incentive programs, such as rewards from liquidity provision fees and staking rewards. Recently, the Sun Pump platform on Sun.io has made waves in the crypto community, surpassing Ethereum’s revenue growth due to the rise of memecoins.

BitTorrent Chain (BTTC)

This is TRON’s first cross-chain compatibility protocol using a PoS consensus mechanism and supporting smart contracts. BTTC allows asset transfers between Ethereum, TRON, and Binance Smart Chain (BSC). In the near future, BTTC will support additional public chains.

Team

TRON’s founder and CEO is Justin Sun, often referred to as the “next Jack Ma” – the CEO of Alibaba. Sun has made numerous impressive accomplishments at just 32 years old:

Graduated from the University of Pennsylvania.
Featured in Forbes 30 Under 30 China in 2015 and Asia in 2017.
Founded the Peiwo app (the “Tinder of China”).
Served as Ripple’s representative in China.

Besides Sun, TRON’s CTO is Lucien Chan, a former Alibaba employee with extensive experience at leading tech companies such as Netease, Qihoo 360, and Tencent. TRON’s development team continues to expand, bringing in highly experienced technical experts like Maorong Lin and Xiadong Xie.

Roadmap

03/2014: Established Raybo, TRON’s predecessor
07/2017: Founded TRON Foundation in Singapore
12/2017: TRON launched its open-source protocol
03/2018: Deployed testnet and web wallet
05/2018: TRON officially launched its mainnet
06/2018: First TRON genesis block was created
07/2018: TRON Foundation acquired peer-to-peer file-sharing service BitTorrent
03/2019: TRON partnered with Tether to release USDT stablecoin as a TRC-20 token
07/2021: TRON Foundation restructured into Tron DAO
11/2021: TRON launched a $1.1 billion fund to develop its ecosystem
12/2021: Justin Sun stepped down as CEO of TRON, handing control to Tron DAO
05/2022: TRON officially launched USDD stablecoin
06/2023: TRON surpassed Ethereum to become the blockchain with the largest user base
08/2024: TRON developed the Sunpump memecoin platform, surpassing Ethereum in revenue

What is TRX Coin?

Basic Information

Token Symbol: TRX
Blockchain: TRON
Listed: 13/09/2017
Price: $0.15
Market Cap: $13.33B
Fully Diluted Valuation (FDV): $13.33B
Total Supply: 86,710,385,116 TRX
Circulating Supply: 86,710,385,116 TRX

TRX Coin Allocation

Initially, TRON’s genesis block comprised 100 billion TRX, distributed as follows:

40% sold in the Public Sale.
25.75% sold in the Private Sale.
The remaining 34.25% is held by the development team and the TRON Foundation.

TRX Coin Release Schedule

All TRX has been fully unlocked, although a small amount of inflation exists due to the staking mechanism.

Use Cases for TRX Coin

TRX plays a central role in the TRON ecosystem, serving four main functions:

Transaction Fees: Like ETH on Ethereum, TRX is used to pay for transaction fees and the creation and execution of smart contracts within the TRON ecosystem. TRX used for fees is burned to reduce circulating supply, increasing coin scarcity.
Rewards: TRX is used as rewards for the most-voted candidates responsible for generating new blocks in the network.
Governance: TRX holders can vote to elect candidates to manage and operate the TRON network.
Payments: TRX can be used to pay for goods and services within the TRON ecosystem.

Where to Buy TRX Tokens?

You can buy and sell TRX on reputable exchanges like Binance, OKX, Bybit, and many others.

Personal Opinion

Here are some key points worth noting:

TRX is a blockchain platform launched in 2017 and has grown significantly, with revenue potential even surpassing Ethereum, indicating its immense growth capacity.
The project is led by Justin Sun, a talented but controversial leader.
All TRX has been unlocked, though there is a minor inflation due to staking, which is not significant.

Conclusion

Above, AZC.News has introduced you to information about what TRON is and TRX Token. If you have any questions, feel free to leave a comment for further clarification!