History of Tron
Tron is a blockchain-based decentralised digital platform launched in 2017 by Justin Sun that enables content creators to sell directly to consumers using its TRX cryptocurrency, while competing with Ethereum through lower transaction fees.
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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.
Disclaimer: This article is for informational and educational purposes only and should not be considered financial advice. Cryptocurrency investments involve risk, and you should conduct your own research or consult a qualified financial professional before making any investment decisions. AFRIDAX does not guarantee any returns, and past performance is not indicative of future results.