DON'T MISS
Home / Altcoins / TRON

TRON

What Is TRON?

trx
TRON

TRON (TRX) was founded in 2017 by Justin Sun through a Singapore-based non-profit called the Tron Foundation. The Tron Foundation’s 2017 initial coin offering (ICO) created 100 billion TRX and raised a total of $70 million.

The TRON Protocol represents the architecture of an operating system based on blockchain technology which could enable developers to create smart contracts and decentralized applications (DApps), freely publish, own and store data and other content. According to the TRON Foundation, the ecosystem surrounding this network specializes in offering massive scalability and consistent reliability capable of processing transactions at a high rate via high-throughput computing. TRON was initially created as a token based on Ethereum, but migrated to its own network in 2018. Holders of ERC20 TRX tokens traded them for the TRX digital currency on the TRON network, and the Ethereum-based tokens were then destroyed.

TRON founder Justin Sun is known for being active on social media. He is also the CEO of BitTorrent, and acquired Steem in 2020.

How Do You Mine TRON?

TRON is based on a delegated proof-of-stake system, unliked Bitcoin’s proof-of-work, where a rotating cast of 27 “super representatives” validate the transaction on the blockchain. They are chosen every six hours, blocks are created on the blockchain every three seconds and super representatives receive 32 TRX as a block reward. You can also participate in the TRON blockchain by running a witness node (proposing blocks and voting on protocol decisions), a full node (broadcast transactions and blocks) or a Solidity node (syncs blocks from full nodes, provides APIs).

Users participate in staking on the TRON network by using “Tron Power,” a network resource equal to the amount of TRX that is being staked.

How do I buy cryptocurrency?

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.

x

Check Also

BitCash

About BitCash BitCash describes itself as a decentralized cryptocurrency designed to facilitate ...