Several crypto protocols that allow decentralised file-sharing services, such as BitTorrent, IPFS, Filecoin, Arweave, and others, have emerged in recent years. Concurrently, blockchain-powered content production firms such as Flixxo, Theta, Steemit, and Content Box have emerged.
However, there is hardly any project that has tried to combine the two elements. The only exception is Tron, a crypto protocol that has done this. Let us understand what Tron is and how it works!
Deciphering Tron: The Technology and Projects
Tron is a multi-purpose smart-contract platform that allows users to create and deploy decentralised applications. Moreover, the platform also enables users to share media content. Eventually, Tron aims to host a global entertainment system that allows cost-effective content sharing. To achieve this,
Tron recently acquired BitTorrent to expand its product. Furthermore, Tron was first released in Asia but quickly expanded globally. At the time of writing, the site had over 96 million accounts.
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The long term project has 6 phases:
- Exodus: This phase focuses on building a peer-to-peer distribution, storage, and content platform.
- Odyssey: Next, Tron will expand to include financial incentives to encourage content creation. Moreover, it will also incentivise early adopters to foster community growth. Content creators will earn money from tips instead of views to prevent exploits using bots.
- Great Voyage: Next, they seek to allow content creators to organise ICOs or issue branded tokens for people to invest in potential personal brands.
- Apollo: Allow content creators to issue their tokens.
- Star Trek: Transform Tron into a decentralised gaming and forecasting platform.
- Eternity: the next phase would imply working with and monetising a decentralised gaming industry using community growth.
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Despite the phased plan, Tron’s technology is based on the adaptation of IPFS and Ethereum’s platform. Furthermore, Tron’s goal is to collect what other projects have already done.
Tron was established by Justin Sun in 2018, who later acquired the peer-to-peer file-sharing network BitTorrent (BTT). Soon after, Justin had gotten into a controversy with Juan Benet (Founder of Protocol labs). Juan alleged that Justin had stolen the code behind IPFS (Interplanetary File System), a project developed by Protocol Labs. Justin dismissed this as a translation mistake by the volunteers.
How does Tron Work?
To secure the network and allow 1000 transactions per second, Tron employs the delegated proof-of-stake (PoS) consensus process. On the platform, there are 27 “super representatives” who are validators. They are responsible for validating network blocks. To elect these MPs, a token-based voting system is deployed.
Furthermore, the platform supports smart contracts written in Java, Python, etc. Additionally, Tron uses a three-tiered architecture that includes a storage layer, core layer, and application layer. The storage layer is responsible for data and state (of the blockchain) storage. The storage layer stores node and internode connection data as state data.
The core layer consists of smart contract modules, account management, and consensus. The application layer interacts with both final content providers and other users.
The TRX Token: A Snapshot
The TRX token is the native token of the Tron platform. TRX token holders will both create and consume content. Miners on the network can earn TRX tokens by providing data storage space to network users. In doing so, Tron aims to make a market model instead of working as a cloud.
The TRX token was initially an ERC-20 token on Ethereum. It was a one-to-one exchange to Tron MainNet. There were 100 billion TRXs issued in all. 15.75 billion TRXs were allotted to the private auction, 40 billion TRXs to the ICO, 34 billion TRXs to the Tron Foundation, and 10 billion TRXs to Justin Sun’s firm.
With all you now know about the TRX token, we’re sure you’re thinking, “Where can I buy TRX?”. Now, you can buy the TRX token with Zebpay.
Tron is a smart contract and entertainment-focused blockchain. It allows users to create and deploy smart contracts and content. Tron’s ultimate goal is to become a low-cost global entertainment protocol. TRX, the platform’s native token, may be used to tip content creators and pay for services.