History of Tron

Tron is a blockchain-based decentralised digital platform with its own cryptocurrency, called Tronix or TRX. Tron, a non-profit organisation based in Singapore, was founded in 2017 with the goal of hosting a global entertainment system for the reasonably priced exchange of digital content.

Initially marketed primarily in Asia, Tron had now gone global. As of August 2023, there were roughly 180 million accounts on the network.

Currently serving as CEO, Tron was founded by Justin Sun and has operations in Singapore and San Francisco. Sun, who was born in 1990, is also the CEO of the file-sharing application BitTorrent.

Understanding Tron

Tron uses the features of the blockchain and peer-to-peer (P2P) network technology to eliminate the middleman and allow content creators to sell their work directly to consumers. Software developers use the Solidity programming language to create apps that are hosted on the Tron platform.

The currency used on the network is Tronix, or TRX. Users of the network use TRX to directly pay the content creators to access their applications. Content creators do not pay a transaction fee to Tron. (TRX transactions also are free on the platform.)

Users can store their crypto-assets in a desktop, mobile, or hardware wallet.

The Tron and Ethereum Networks

There have been comparisons made between the Tron network topology and the Ethereum platform, and both utilise some of the same fundamental building elements, including tokens, smart contracts, and decentralised applications (dApps). In fact, it has come under fire for allegedly “going too far” in terms of borrowing instead of creating the foundational elements of its platform.

There are indications that Ethereum and Tronix are starting to compete with one another for the traders’ business. Less than a month after support for it began, the amount of USD Coin, a cryptocurrency linked to the US dollar, in circulation on Tron exceeded $108 million.

This “could be another sign that crypto traders are increasingly turning to blockchains that provide cheaper transaction fees with faster speed than what’s found on Ethereum,” according to Coindesk in July 2021.

The Future of Tron

Tron was developed as a direct response to the media landscape, which includes online behemoths like Netflix and Amazon. “Decentralise the Web” is its tagline, and its mission is to remove the corporate middlemen from the media consumption process.

The calibre of the programming that cryptocurrencies offer their users will undoubtedly play a role in determining their future viability, even beyond the current surge.