- The TRON project was founded by Justin Sun in 2014, Ripple’s Ex-Chief Representative in Greater China.
- TRON has a three-layer core architecture – the storage layer, a core layer, and an application layer.
- The TRON project is leveraging peer-to-peer networks and blockchain technology to remove the middleman from the entertainment industry.
The TRON project has been active since 2014. But TRONix (TRX), the native token of the TRON project was introduced to the crypto world during the bull market of 2017. It benefited greatly from the crypto bull market. Within a short amount of time, TRON attracted many investors and enthusiasts. It led to a dramatic increase in the size of the TRON project.
With fame, the TRON project also attracted a fair number of detractors. The detractors of the TRON project complain that TRON installs existing technologies on the TRON platform. They believe that TRON doesn’t have any technological advances. Hence, TRON relies on marketing and publicity stunts to gain popularity.
What is TRON?
TRON is a project that leverages blockchain to offer an absolutely-free content entertainment system. Its entertainment system comes with a distributed storage technology, which makes sharing digital content both easy and cost-effective.
The organization behind the TRON Project is known as the TRON Foundation – a nonprofit organization. But the TRON project was founded in 2014, almost 3 years before the TRON foundation.
Currently, Justin Sun, CEO of the TRON Foundation is heading the TRON project. The organization also has an in-house development team and it includes some of the leading names from the technology industry.
What Problem Does TRON Solve?
TRON wants to remove the middleman from the entertainment industry. It is using innovative technologies such as peer-to-peer networks and blockchain to connect the content creators and content consumers directly. In this process, there won’t be any role for a middleman.
The main benefit of the TRON project is that it will lead to cost reduction for the consumers. It will also help improve the revenue for the content creators through direct receipts. Hence, TRON offers a win-win situation for both the content creators and the content consumers.
TRON – How Does it Work?
The core architecture of TRON is a three-layered one. It means that its platform is split into three layers – the storage layer, a core layer, and an application layer. A key feature of these three core elements of the TRON architecture is in the TRON’s design book.
#1. Storage Layer:
There is a distributed storage protocol within TRON and it is made of block and state storage. It offers both easy updates and fast processing through a graph database. This part of the TRON’s core infrastructure is known as the storage layer.
#2. Core Layer:
TRON platform consists of a core layer, which in turn has several other modules. These modules include important components such as consensus, account management, and smart contracts. This part of the TRON’s core infrastructure is known as the core layer.
#3. Application Layer:
The application layer is where any developers can create and deploy DApps on the TRON network. It also allows developers to customize and issue tokens of their own. This part of the TRON’s core infrastructure is known as the application layer.
A delegated Proof-of-Stake consensus system is at the center of how the TRON project works. Under the DPoS consensus system, the power holder in TRON votes to elect witnesses. The node that gets most of the votes gets elected as “witnesses.” The elected nodes receive rewards to validate the blocks.
Justin Sun – CEO of TRON
Justin Sun was born in 1990 and already had a prolific background before launching TRON.
He was the Chief Representative of Ripple in Greater China. Justin was also the founder and CEO of Piewo – a mobile social application. He was among the one of 2017’s Forbes Asia‘s “30 Under 30” entrepreneurs. Justin’s name was also included twice in the list of Forbes China‘s “30 Under 30” influencers.
Justin has a sTRONg presence on social media, especially Twitter. He currently has 2.1 million followers on Twitter. Yet, he has also got a fair share of criticism for the TRON’s plagiarism scandal. Some of the detractors also question his marketing tactics to promote the TRON project.
Is TRON Heavily Reliant on Advertising?
Let’s just say that TRON is different from other blockchain projects when it comes to its approach. Other blockchain projects leverage new technologies and features to gain traction. TRON gains traction through other means – advertising. TRON has built its platform through technologies that are already available and have been put to use in other projects.
The China-based TRON project is also heavily focused on the Asia-Pacific region. It partners many leading influencers in the Asia-Pacific region to create viral campaigns. Such campaigns help TRON to attract more users into the TRON Network. TRON also translates important protocol documentation into Asia’s most used languages to reach more users.
TRON’s Price Movements
TRON started trading on various cryptocurrency exchanges on September 13th, 2017. At that time, TRX’s opening price was $0.002 and its closing price was $0.0019. Its price was at a full-time low of $0.001091 on September 15th, 2017.
In December 2017, the crypto bull market began. The price of TRON’s TRX token was doubled to $0.036, effectively doubling the market cap of the TRON project to $2.3 billion. Previously, TRON had a market cap of $1.2 billion.
With the crypto bull market at its peak, TRX’s price reached $0.30 on January 5th, 2018. During the launch of TRON’s MainNet Odyssey 2.0 on May 31, 2018, the price of TRX token came down to $0.062. At the end of the day, it went further down to $0.060.
TRON completed the acquisition of BitTorrent on July 24, 2018. All BitTorrent services and products were incorporated into TRON. At that time, each TRX token was worth $0.034 at opening time. By the end of the day, the price of TRX tokens arose to $0.048.
The opening price of each TRX token was $0.014 during the cryptocurrency market crash on March 12, 2020. At the end of the black Thursday crash day, the price of each TRX token plummeted to $0.0087.
In April 2020, the Samsung app store started featuring TRON DApps and each TRX was worth $0.12 then. Today, at the time of writing, each TRX token is worth $0.026288.
TRON has an ambitious goal and they are already working very hard to achieve it. The TRON team has already established many partnerships and there are several third-party DApps on the TRON network currently. Yet, we cannot discount the fact that TRON also has many detractors. It is also treading troubled waters because of its marketing practices.
It will be interesting to see how TRON disrupts the entertainment industry. If it becomes successful at what it wants to achieve, it will be a win-win situation for the content consumers and content creators.