Education • 5 min read
By Camilla Marziani
Are you looking for a fast blockchain with low transaction fees and with a focus on full-on web decentralisation? Then TRON might be the one you’re looking for. In this article, we’re putting the spotlight on TRON, the blockchain that wants to decentralise the web.
Founded in 2018 by Justin Sun, TRON is one of the largest blockchains in the world, with a special focus on supporting decentralised applications (DApps) and smart contracts on its network. Behind TRON, there’s both the goal and philosophy of “decentralise the web”, an ambitious goal that the blockchain is trying to achieve by rapidly widening its adoption. TRON’s ecosystem has some tricks up its sleeve, including its 3-layer architecture and a particular type of Delegated Proof of Stake, its Virtual Machine (TVM) and other features facilitating DeFi and DApps creation (and migration), as well as a little gem on top: the project recently announced BTTC, TRON’s cross-chain scaling solution.
🎉🎉🎉Congratulations on #TRON total accounts exceeding 62 million!— TRON Foundation (@Tronfoundation) November 15, 2021
✅According to #TRONSCAN, TRON's total accounts have reached 62,006,112.
✅#TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
🥰Appreciation to all #TRONICS pic.twitter.com/okV6jRB38F
Let’s take a look at some of the most interesting features TRON has to offer together. Before getting to know more about TRON in detail, you might want to take a look at TRON’s Crypto ID, our clear and structured way to show you TRON is about.
In the pursuit of web decentralisation, TRON has been trying to create a suitable and inexpensive environment for developers to implement smart contracts and DApps. That’s why the project has introduced the TVM, TRON Virtual Machine, “a lightweight, Turing-complete virtual machine developed for the TRON ecosystem”, providing developers with an easy way to develop and compile smart contracts using the same programming language used on Ethereum, Solidity, while maintaining relatively low prices - if compared to both Ethereum and other blockchains.
So, the migration of DApps to TRON is also possible and simple. In fact, among other things, TRON wants to establish itself as a valid alternative to Ethereum, as the official website suggests:
“Different from the gas mechanism on Ethereum’s EVM, transaction operations or smart contracts on TVM are free, consuming no tokens.”
“TVM is compatible with EVM and will be with more mainstream VMs in the future. Thereby, all smart contracts on EVM are executable on TVM.”
In the Delegated Proof of Stake consensus algorithm adopted by TRON, 27 Super Representatives - SRs for short - are elected for block creation. The vote occurs every 6 hours. Users who freeze their accounts can vote for the SRs, and the first 27 are chosen as super representatives for block creation. Voters can choose the SRs according to multiple criteria: from the rewards each representative has in store for voters, to the projects they are proposing to promote TRON’s adoption. The votes that SRs receive allow them to create blocks, but without according to their accounts any special privilege. In this type of consensus algorithm, block rewards for the SRs are set annually at 336,384,000 TRX in total.
The rewards are sent to each SR after the block creation is finished via a sub-account (not directly in the SRs’ accounts) and they’re only able to actually withdraw the rewards once every 24 hours.
TRON claims that this choice of consensus mechanism is intended to increase decentralisation and democratisation in the network, while keeping it fast. According to TRON’s whitepaper:
“TRON’s DPoS system offers an innovative mechanism resulting in 2000 TPS.”
TRON’s 3-layer architecture is divided into Application Layer, Core Layer, and Storage Layer.
The Core Layer hosts many modules, including the modules regarding consensus, smart contracts and account management.
The Application layer could likely be the most interesting one for developers: it’s in fact the layer involved in the creation of DApps and wallets.
The Storage Layer contains the Blockchain Storage and the State Storage, with the latter adding protection to the first by storing newly created forks and increasing stability.
TRON acquired BitTorrent in 2018, and just 6 months later BitTorrent launched BTT, its own TRX10 compatible token. In late October 2021, TRON presented BTTC (the BitTorrent-Chain) a scalable cross-chain solution connecting the TRON mainnet with the Ethereum one, with other networks in the pipeline.
The BTTC wants to provide users with a simple all-in-one solution to develop and migrate DApps between networks - and it’s already compatible with DApps based on Ethereum. This cross-chain protocol adopts a POS (Proof of Stake) mechanism and has a fixed number of 21 validators. In order to participate in block creation, the 21 validators need to freeze an amount of BTT on TRON’s mainnet and will then receive block rewards as well as rewards for checkpoint submissions, which is a “snapshot of BitTorrent-Chain chain state”.
The main use cases of the BTTC according to its whitepaper are in line with the decentralisation focus of the TRON network: decentralised trading, decentralised finance, decentralised gaming and NFTs.
Are you considering investing in TRON? Then a good idea to get to know more details about TRON’s projects and plans for the future would be visiting its official website, tron.network. You can also check out TRON’s price development on Bitpanda: while it’s not an indication of future performance, some find it helpful in their decision-making process.
As always when we’re talking about investing, keep in mind your personal tolerance to investment risks, your portfolio situation in terms of diversification, and your preference regarding investing results.
On Bitpanda, you can invest in TRON easily, quickly and safely. You can set up your Bitpanda account in just a few clicks: via smartphone, you just need to download our iOS or Android mobile app, via laptop you can access our Bitpanda web app. Register and verify your account in a matter of minutes, deposit your funds and you’ll be good to go.
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