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TRON is a platform for decentralized applications (dApps for short) and smart contracts based on a blockchain. In this respect, TRON is very similar to the Ethereum cryptocurrency. The key goal of TRON is to create an entertainment ecosystem where consumers and producers can do without intermediaries.
Before exchanging TRX, you need to understand how the cryptocurrency works as well as its key features. Let’s consider them!
How Does TRON Cryptocurrency Work?
Initially, TRON was considered as a blockchain platform for developers and consumers. The technology focuses on entertainment, gaming as well as social media. On the TRON platform, programmers develop their own dApps, i.e. programs that run on a blockchain. They also create their own smart contracts that automate, speed up, and make processes more reliable.
While Ethereum developers work with the Solidity programming language created specifically for this blockchain, developers on TRON use the well-known JavaScript programming language. With TRON, users have full control over their own data. The possibility of a sale or misuse of your data by third parties is excluded. With TRON, content creators also have the right to their data and programs, videos, texts they have created.
In the TRON ecosystem, profits are distributed fairly. The project tries to create an idealized Internet world, in which content creators and consumers interact directly with one another and focus on creating good content. Every interaction, like liking content, is rewarded with the TRON (TRX) cryptocurrency. The cryptocurrency is also called ‘Tronix’.
The TRX cryptocurrency serves as the basis for your own cryptocurrencies, which can be created on the blockchain. The technology operates similarly to Ethereum with its ERC20 token. Every time content is uploaded, TRX coins are burned. TRX is also used for different services within the network’s ecosystem, mainly for paying for them. Last but not least, TRON is characterized by a special consensus mechanism — the ‘Delegated Proof-of-Stake’ (DPoS) protocol. A total of 100 million TRX coins will be created. There is no mining.
Who Developed TRON: Just Learn About Justin Sun
The cryptocurrency as well as the whole platform were developed by the TRON Foundation. The non-profit organization is based in Singapore and was founded by Justin Sun in September 2017. The technology was originally based on Ethereum cryptocurrency and later developed into its own blockchain. The TRON Foundation and Justin Sun have attracted attention to their project via aggressive marketing.
What Are the Key Pros & Cons of TRON?
On the one hand, TRON boasts of many partnerships with global companies and a large community. In addition, TRON is almost everywhere thanks to aggressive marketing. The platform is one of Ethereum’s most promising competitors. Here, users as well as content creators have full control over their own data. That is, misuse of the data or the deprivation of ownership by third parties is excluded.
Compared to Ethereum, the transaction speed is extremely high, it’s 10,000 transactions per second. At the same time, the constant coin burn reduces the amount of Tronix, which increases the value of every single token. On TRON, the universal JavaScript programming language is available to programmers.
On the other hand, the Foundation and Justin Sun are criticized for their aggressive marketing. Another disadvantage is the long development time — the roadmap runs until 2027. There has also been controversy about the white paper — some parts of it were written off. However, the newly written white paper can be classified as completely authentic. Another disadvantage is that Ethereum is still the number one smart contract platform compared to TRON.
What other interesting facts about TRON and TRX do you know? Just share your thoughts in the comments!
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