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Analysis of the TRON ecosystem and the TRX coin

What is TRON?

TRON (TRX) is a decentralized protocol built on the Blockchain platform, TRON was created with the goal of building a free entertainment content system on a global scale thanks to Blockchain and distributed storage. The platform allows developers to freely publish, store & own data in a decentralized form, decide on the distribution, subscription and push of content and enable content creators by releasing, circulating and handling digital assets, thereby creating an entertainment content ecosystem.

TRON was founded by the non-profit company TRON Foundation in July 2017, the platform is inspired by Ethereum’s Smart Contract Platform. With high scalability, large bandwidth, Tron allows developers to create Smart Contracts and develop dApps.

TRON was founded by the non-profit company TRON Foundation in July 2017 under the leadership of Justin Sun.
TRON was founded by the non-profit company TRON Foundation in July 2017 under the leadership of Justin Sun.

Highlights

  • TRON can achieve high throughput by focusing on improving the TPS offered on the TRON blockchain. It can reach around 2000 TPS, compared to 3–6 TPS for Bitcoin and 25 TPS for Ethereum.
  • Along with high TPS maintainability, TRON also allows developers to deploy applications in a variety of ways. This is possible due to the platform’s innate scalability and is partly supported by highly efficient smart contracts.
  • Reliability is very important to the TRON platform. As it is applicable across a variety of purposes and applications, TRON has focused on building a reliable structure to maintain availability over the long term.

Tokens of the TRON Ecosystem

The platform uses 3 different tokens including: TRONIX, TRON Power and TRON 20, their roles are specific:

  • TRONIX (TRX): This token can be bought, sold, exchanged on exchanges; they are also the basic condition needed to access the platform, used to buy and sell content.
  • TRON Power (TP): Used to lock TRONIX tokens, users who voluntarily lock their own TRX tokens will receive more TP, and have more voting rights and other privileges in the ecosystem. TRON Power is non-exchangeable and of course requires a long-term commitment. TP works quite similar to Steem Power on the Steemit platform.
  • TRON 20 Token: Used to allow content creators to create and issue their own tokens, similar to Waves and NEM.
  • Basically, content creators can put works on the ecosystem platform and sell them, it can be movies, photos, music etc. These transactions will use TRX tokens and without any fees.

Detailed information about TRX coin

What is TRX coin?

TRX is the official cryptocurrency operating in the TRON Blockchain platform. Initially, TRX was built on top of Ethereum according to the ERC-20 standard. On May 31, 2018, TRON officially completed the Mainnet. From there, TRX was moved to run on the TRON Blockchain.

TRX is the official cryptocurrency operating in the TRON
TRX is the official cryptocurrency operating in the TRON

Key Metrics

  • Ticker: TRX.
  • Blockchain: TRON.
  • Consensus: Delegated Proof of Stake (DPoS).
  • Token Type: Coin, Mineable.
  • Token Standard: TRC10, TRC20.
  • Block Time: 3s.
  • Block Reward: 32 TRX.
  • Transaction Time: 2000 TPS.
  • Genesis Supply: 100,000,000,000 TRX.
  • Total Supply: 99,281,283,754 TRX.
  • Circulating Supply: 66,140,232,427 TRX.

TRX Allocation

  • Public Sale 40%
  • Private Sale 25.75%
  • Team & Foundation 34.25%

TRX Use Case

  • Fees: Like ETH in the Ethereum network, TRX in the network is used to pay transaction fees and fees for creating and executing Smart Contracts on the ecosystem. Paid TRX will be burned to remove from circulation reducing the supply of TRX.
  • Rewards: TRX is used as a reward for the most voted candidates to create a new block.
  • Governance: Holders can use TRX to vote for candidates to run the network.
  • Payments: TRX is used to pay for goods and services within the network.

Pieces of the TRON ecosystem

The ecosystem is very diverse, from community projects, decentralized exchanges to storage wallets! To facilitate applications, TRON created the DAppchain. DAppchain is responsible for removing computing power and energy from the main TRON blockchain, helping to reduce costs, improve speed, and bring high performance to transactions and applications.

Here are some key pieces in the ecosystem:

TronWallet (Klever.io)

TronWallet has become a multi-chain wallet platform that extends beyond the TRON ecosystem
TronWallet has become a multi-chain wallet platform that extends beyond the TRON ecosystem

TronWallet was launched in late 2018. Compatible with iOS and Android, the app allows users to create and manage multiple wallets. In addition, TronWallet also provides a voting platform, helping users stake their TRX and select super representatives.

TronWallet has become one of the most used blockchain applications in the crypto space. In 2020, TronWallet has become a multi-chain wallet platform that extends beyond the ecosystem, integrating features that are interoperable with the Bitcoin and Ethereum blockchains.
With over 25,000 daily active users after three years of development, TronWallet switched to fourth-generation wallet platform Klever.io in July 2020. This event brings even more favorable interoperability with any blockchain. Klever allows users to take full ownership of their coins and private keys.

PoloniDEX

PoloniDEX is the decentralized exchange of the ecosystem. Users can trade TRX or USDT or UDSJ with hundreds of other token pairs. PoloniDEX is a popular application known for its simple interface in the ecosystem.

PoloniDEX is the decentralized exchange of the TRON ecosystem.
PoloniDEX is the decentralized exchange of the TRON ecosystem.

When using the PoloniDEX app, be aware of your bandwidth usage and energy resources. Each transaction made will use both bandwidth and energy. Users are provided with free bandwidth resources of 5000 BP every 24 hours. Users can generate more energy or bandwidth by locking TRX on the exchange.

If users use up bandwidth resources, the platform will derive resource value directly from TRX holdings.

TRONscan

This is a blockchain explorer in the ecosystem. Like Etherscan, it helps users to quickly trace all transactions on the TRON blockchain. In addition, TRONScan also acts as a portal to update key on-chain metrics and analytics.

TRONScan is the foundation needed to ensure transparency in the entire ecosystem. Furthermore, the TRONScan explorer incorporates a real-time news feed for important updates such as scheduled maintenance and API tuning.

TRONScan is the foundation needed to ensure transparency in the entire ecosystem.
TRONScan is the foundation needed to ensure transparency in the entire ecosystem.

In addition, TRONScan is also home to JustStable – a collateralized debt position (CDP) portal that provides instant access to DeFi for users of the Network. JustStable CDP gateway can be easily integrated with TRON LINK and Ledger wallets.

JustLend

JustLend – platform providing lending and borrowing services.
JustLend – platform providing lending and borrowing services.

Similar to Aave and Compound, JustLend is a platform that provides lending and borrowing services. Users can make a profit by providing liquidity to the protocol. In addition, JustLend is integrated with a decentralized governance model, allowing JST token holders to vote to decide on changes in the protocol. In particular, the platform provides a risk meter, making it possible for anyone to monitor the risk value of a debt position and the risk of liquidation.

JustSwap

JustSwap is a popular decentralized exchange like Uniswap. JustSwap users can swap any TRON token easily, using a familiar and easy-to-understand interface. JustSwap uses liquidity pools to facilitate token swaps across the ecosystem. Just connect the TRONLink wallet and you’re good to go!

JustSwap – a popular DEX in the ecosystem
JustSwap – a popular DEX in the ecosystem

JustLink

JustLink is a decentralized oracle platform that runs on the network. JustLink ensures tamper-proof information can be reliably put in and out of the chain, without permission. In addition, JustLink is in charge of validating information before it is added to the blockchain, to ensure that smart contracts receive only trusted data.

JustLink is a decentralized oracle platform that runs on the network.
JustLink is a decentralized oracle platform that runs on the network.

JustLink is maintained by a decentralized network of nodes that operate in a similar way to Chainlink and Band Protocol. By providing a trusted data feed for decentralized applications, JustLink oracle is helping to accelerate the growth of the ecosystem.

Roadmap

Tron is a decentralized content sharing platform. In 2018, the project purchased the file sharing service BitTorrent to expand its product. Tron is a long-term project with 6 phases:

  • Exodus: building a free platform for peer-to-peer content distribution, storage, and distribution. Exodus’ goal is to provide distributed file sharing in a simple way.
  • Odyssey: introduces financial incentives to incentivize users to create content.
  • Great Voyage: launch TRON native ICO. Tron will allow content creators and potential stake distributions through individual ICOs or private tokens.
  • Apollo: allows content developers to issue individual tokens.
  • Star Trek: offers a decentralized gaming and forecasting platform.
  • Eternity: further improve the game industry, besides increase fundraising and monetization based on community development.
Roadmap of TRON
Roadmap of TRON

Summary

The TRON ecosystem has gone from strength to strength in recent years. Many speculate that it could become a platform for blockchain developers if the issues of high gas fees on Ethereum are not resolved soon.

The ecosystem boasts an impressive array of tools and services that rival many of the major blockchains in the DeFi space. With an impressive marketing strategy and a growing following, we can expect to see more good things emerge from the ecosystem in the coming months.