Since the ICO of TRON was introduced to the cryptocurrency market on 9th September 2017, it has been a sensation to myriads of traders across the globe. This digital currency was developed as a decentralized and open source blockchain protocol capable of providing various entertainment contents from all around the world to its users. The developers of TRON mentioned six different stages starting from Exodus to Eternity in their whitepaper. According to TRON’s whitepaper, these stages are distributed over the next five years until 2023.
Despite the sheer competition in the cryptocurrency market for a decent market capitalization as well as the price of individual coins, TRON now holds the eleventh position on Coinmarketcap with a steady upward trend. For other coins, it usually takes years to reach a market cap of billion dollars but this cryptocurrency has managed to achieve that feat within months (Circa 3 Billion USD on 29th March 2018).
TRON was tokenized by the end of 2017 and since then it has been going through frequent development updates and lucrative partnerships to move forward in the cryptocurrency market. Especially, TRON’s recent embroilment in the online gaming industry and partnership with BitGuild is likely to play a significant part in this currency’s future.
What is Tron TRX?
Tron coin is another cryptocurrency which is traded online and is popular among users. TRON has performed very well in the last few months and its market cap has increased multifold.
It is launched in the mid-September of the year 2017. Tron’s official cryptocurrency is Tronix (TRX).
It was originally designed to give digital content creators full ownership and control over their content. The company is targeting the media and entertainment sector.
Tron cryptocurrency is providing users a decentralized content distribution platform. The user is allowed to freely publish, store and own data. The company is targeting competitors such as Google Play, Apple, etc who provide this service on higher charges.
Simple Steps to Buy Tron in India
Simply register at first instance on KoinOK. You will need to upload your KYC documents for verification (PAN Card & Aadhaar Card).
ID Proofs: After registering, you will need to perform a few verification steps before you can start using the account, for which you need to upload PAN card and Aadhaar card.
KYC verification will be done very shortly and you will be notified.
Once you have been notified, you are ready to go.
Key features of TRON
TRON wants to “Heal the Internet” through the following features:
- Data liberation: free and uncontrolled data
- Enabling content ecosystem where users can obtain digital assets from content spreading
- Personal ICO with the ability to distribute digital assets
- Infrastructure to allow distributed digital assets exchange (such as games) and market forecasting..
Tron uses the blockchain to build what they call a “social media platform”. That’s just a technical way to say applications, decentralized applications to be exact. Here’s a picture from their white paper about how their overall technical framework works:
Included in this section of the technical framework are the data layer and the network layer. The data layer describes two databases called “LevelDB and CouchDB.” Don’t get too hung up on these, as they are just the foundation level of Tron. If you aren’t trying to develop an application on Tron’s blockchain, you won’t need to worry about these.
P2P-based Distributed Storage System
The network layer describes the P2P (or peer to peer) network. While you might think of a “peer” as a buddy of yours, in this case, they are actually computers. So P2P actually describes the connection of computers to one another without a central server. This is what people mean when they say “decentralized peer to peer cryptocurrency.” While I could go on about how amazing the implications of this are all day, that’s not why you’re reading this. Let’s move on to the more important parts of Tron!
The Blockchain Platform
Included in this section of the technical framework is the consensus layer and the contract layer. Consensus is the process of validating transactions on a blockchain. There are a couple of different mechanisms to reach consensus, but we will just talk about Proof of Stake since that is what Tron employs. In Proof of Stake, holders of Tron “stake” their TRX tokens to vote on and validate transactions. Those with a higher stake have higher voting power, and they earn a higher percentage of the reward when consensus is reached. They receive a reward because they are actively participating in the validation of the transactions on the Tron network. The “Fast Paxos based Proof of Stake” just describes the exact algorithm Tron uses.
The contract layer describes the way that Tron’s blockchain allows for smart contracts to be built. A smart contract is a command in code that can be thought of as an “If This, Then That” type of command. These are incredibly complex if you dive into the technical aspects, so just remember them like a contract that is automatically executed when the “If This” part occurs. So what do these contracts let people do? This allows for the top part of the technical framework to occur, so let’s dive into the most interesting part of Tron for the non-developers out there!
The Social Media Platform
Tron is looking to revolutionize social media by decentralizing it. You may ask, how is it centralized right now?
Well, when you sign up for a social media platform right now the process goes a lot like this:
- You give them personal details about yourself, including your email address and birthday.
- You request a username, pick a screen name, and finish setting up your profile.
- They give you the confirmation but reserve the right to remove your posts and to ban you if they need to.
First of all, one party now holds your personal information. Second of all, they can remove your posts or ban you if they feel the need to do so. While in most cases, you may deserve to have your post removed or to be banned, this is still censorship. This type of authority held by one party makes the system incredibly centralized. Are we also forgetting that your information is pretty readily available to any hacker that breaches the social media outlet’s security?
What Tron seeks to do is make the process more like this:
- You register a username securely into the blockchain (through cryptography).
- You are confirmed by using a little bit of Proof of Work.
- You are now free to use the web without worrying about being censored or others gaining access to more information than you wanted to give out.
This is a long-term project with a set of phases beginning with Exodus in 2017 and ultimately leading to Eternity in 2023. Below are the key features of the 6 stages:
1. Exodus: The free platform for peer to peer distribution, storage, and content.
2. Odyssey: Economic incentives put in place to encourage content creation and empowerment
3. Great Voyage & Apollo: Individual ICO capabilities
4. Apollo: Ability for content producers to issue personal tokens (TRON 20 Token)
5. Star Trek: To emulate something similar to Augur with a decentralized forecasting and gaming platform.
6. Eternity: Envisions the ability to fundraise and monetize based on the community growth.