What is TRON (TRX)? Beginners Guide.

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Tron is one of the most talked about altcoin in the past year. Also, it is the best performing altcoin since the end of November. So what is Tron and what is its mission? Why so many people are willing to participate in the journey that Tron represents? It is believed that all altcoin projects have misinterpreted the use of a native cryptocurrency, but in this case, TRX looks like is working for the Tron Foundation’s projects. Moreover, their community is as large as Ripple’s, so it is safe to say that the project is half community driven. In this article, we will look at the key things you should know about TRON and it’s cryptocurrency TRX. 

Who is Justin Sun?

Justin Sun. Image source: https://medium.com/@TronDotLive/justin-sun-forbes-30-under-30-8d645a4b2124

Justin Sun is the famous CEO of TRON. He is a former chief-representative for Greater China of Ripple. Justin has a bachelors degree from Peking University and a masters degree from the University of Pennsylvania. Also, he was the first millennial student in the first batch of entrepreneurs at Hupan University. Also, Forbes China listed him in the 2017 Forbes Asia 30 under 30 entrepreneurs. Justin also founded Peiwo, an aspiring app that aims to become the Snapchat of China.

What is TRON?

Tron or Tron Foundation’s main goal is to construct a worldwide free content entertainment system on the blockchain. The Tron protocol, along with their platform, allows users to freely publish, store, share and own their own data or content. Moreover, the users can decide at what price, how and when they would want to sell this information about themselves. And above all, not only they want to make users solely the owners of their data, but also want to cut out middlemen such as Apple, Google, Facebook, Amazon, and Snapchat as well.

The problem

Currently, these dominant cooperations stated above, have control over the majority of user data. Tron’s main goal is to give the power of data back to the people and more essentially – give the ownership of the data back into the creators’ hands.

The healing

TRON aims to “heal” the internet and everything related to users’ data. However, this looks like a very long-term plan. Through many stages, TRON plans to fully develop their platform by 2037. It is very difficult to find a proper roadmap for the project. In this Reddit thread, TRON officials replied that “We haven’t provided any in-depth details on a long term roadmap as of yet.” However, we tried to put it all together.

The TRON Road-map

Exodus

This is the first milestone stage for developing TRON. In this stage, which was dubbed to be finished until December 2018, TRON aims to solve the problem of having big companies controlling users’ data. Exodus will be a decentralized peer-to-peer platform where all users will have the ability to upload, publish, share and store their personal data. In other words – a safe space where data is valued.

Odyssey

In the second stage, TRON aims to create a workspace for content creators. With Odyssey, users will be able to create, distribute and disseminate content while getting rewarded for it with TRX. The main goals for this stage are lowering the fees and royalties taken by third parties such as Google Play and Apple Store.

Great Voyage

In this stage, Tron aims to provide a similar blockchain platform to Ethereum. They want to enable users to make branded tokens, or other words Initial Coin Offerings (ICOs). To achieve this, Tron will have to develop its own blockchain application platform with a Turing complete language for smart contracts.

Apollo

At this stage, Tron should work similarly like Ethereum, hence, making its own tokens. It kind of supplements the Great Voyage stage. Tokens which everyone can easily trade and store. Tron admitted that they could face the same problems as Ethereum when CryptoKitties congested the whole network.

Star Trek

During this stage, Tron aims to develop a gaming and prediction platform. Initially, Tron was launched as a gaming coin. In Star Trek, users will have the ability to play games and receive awards in TRX. Ultimately, this stage is meant for gaming, maybe that is why they called it in the name of one of the best selling games “Star Trek”.

Eternity

This is the last stage of Tron roadmap, hence the name. The dubbed time of achievement – 2037. That is a long way to go, but Justin Sun claims that that is the date when all Tron TRX holders will meet their biggest profit gains, as the Tron platform will become the biggest gaming platform on a global scale. In Eternity, Tron aims to fully complete their gaming platform.

Tron Blockchain Characteristics

1. Scalability: TRON blockchain can be extended through the side chain, which means that not only currency transactions, legally binding contracts, and certificates, audio and video files can be stored in the blockchain database;

2. Decentralization: Without an agency, all nodes have the same rights and obligations, any node stopping working will not affect the overall operation of the system.

3. Trustless environment: All nodes in the system can be traded without trust. Because the operation of the database and the entire system is open and transparent, the nodes can not deceive each other;

4. Consistency: The data information between nodes is consistent;

5. Fault-tolerant: The system can accommodate 1/3 node Byzantine failure;

6. Scalability Account Model: UTXO Model + Account Abstraction. TRON has also made targeted improvements on the premise of UTXO’s easy-to-parallel computing model. To make data easy to manage and easy to program, TRON introduces the world state-lightweight state tree concept, each of which maintains a global world state, the global state has the features of quickly find, cannot be changed, easy to provide proof.
Taken from the Tron White-paper.

TRC10 and TRC20 tokens

These are the technical token standards issued by the Tron Blockchain. In the Network, every user can issue tokens at the expense of 1024 TRX. TRC10 is supported by the blockchain natively without the TRON virtual machine. A virtual machine is an operating system or application environment that emulates a computer system. TVM is a virtual machine built by TRON Foundation for the purpose of making the TRON’s ecosystem bigger and better. Currently, there are more than 1500 TRC10 tokens and growing. The most popular tokens are TronGameGlobalPay (GTP), Tronix (TX) and Leonardo (SAPL).

Top 3 TRON TRX10 tokens. Source: https://tronscan.org

TRC20 is used for smart contracts on the blockchain for implementing tokens with the Tron Virtual Machine. TRC10 tokens have almost 1000 times lower fees than TRC20 tokens. Also, they can be accessed via API. It is safe to say that TRC20 is not that popular since there are only around 24 o them. The most popular TRC20 tokens are 6KPEN_Token(6KPEN), DEXCOIN(DEX) and TronFun Token(FUN).

Tron TRC20 tokens. Source: https://tronscan.org

Tron dApps

Tron currently has about 107 active dApps. To be true, most of them are gambling dApps with an exception of games, high-risk games, and exchanges.

Top 10 Tron most popular dApps

Epic Dragons

The number one dApp at the time of writing is Epic Dragons, which is a fantasy game where you can earn TRX by playing it. It currently has about 4,7k daily users who circulate 565,600k TRX daily and 4,22m TRX weekly.

Epic Dragons Tron dApp.

GOC PLAY

The second most popular Tron dApp is a gambling site called GOC PLAY. With that, you can play all the traditional gambling games such as Dice, Blackjack, Roulette, Poker, and similar. It has a daily user base of 3,8k. Daily volume is around 3,248m TRX

GOC PLAY Tron dApp.

TRONbet

TronBet is the third most visited dApp on the Tron blockchain. It is basically a betting platform, where you can play dice. Similar to all the games which are available to play with Bitcoin back in the day. Not that you cannot play with Bitcoin anymore, moreover to point out that this is nothing new in the dApp space.

TronBet Tron dApp.

What is TronWallet?

Tron Wallet is a multifunctional crypto wallet, designed specifically for the Tron network. It gives you the possibility to interact quickly and easily with your account or to keep your TRX and other account data safe in a cold wallet setup. However, this is not meant for storing ERC-20 tokens, so the word – multifunctional, applies only to the functions you can do with the Tron network. That means you can store TRC20 tokens. It gives you the ability to vote for Super Representatives.

Super Representatives play a key role in governing the TRON community by ensuring basic functions, e.g. block generation and bookkeeping, and obtain corresponding earnings.
TronWallet is available for iOS and Android devices.

https://www.tronwallet.me

Tron reaches One Million User Accounts

On December 23, Tron reached a new milestone set by the CEO Justin Sun – One million users. This achievement took place only 6 months after the launch of mainnet.

At the time of writing, Tron already has reached almost 1,5 million users. To be exact, the project now has more than 1,447,405 total addresses.

As we can see the address growth chart is skyrocketing in the past days or even weeks. Guess it is safe to say that Tron is significantly growing in popularity.

This, of course, raised a lot of discussions in the crypto-space, as Misha Lederman, the co-founder of IamDecentralized.org compared Tron to Ethereum saying: “In comparison, Ethereum reached 1 million accounts on Jan 22, in 542 days or 18 months since ETH Mainnet Launch. Let that sink in for a moment…”
Many tweeters replied to this tweet saying that these two projects cannot be compared as Tron only had to copy the Ethereum white-paper and develop it further:

Nevertheless, the statistics show that these tweeters are right. TRX now can handle 2,000 transactions per second in comparison to ETH’s 25.

Source: https://tron.network
A Discussion on Twitter comparing TRON with Ethereum.

Plans to overtake Ethereum

Tron has long plans to overtake the third largest cryptocurrency Ethereum. Especially now during this year-long bear market. Research by Diar revealed that in the past months, most of the ICOs created on Ethereum, cashed out since Ethereum lost almost 90% of its value. Justin Sun responded very quickly tweeting:

Claims of plagiarizing white-paper and beef with Vitalik Buterin

Crypto Twitter (CT) always likes to analyze things and dig a little deeper into shady projects. This time Tron also fell into CTs hands. Tron was accused of white-paper plagiarism. The founder of Protocol Labs, Juan Benet, tweeted that at least 9 pages of Tron white-paper were copied from the IPFS or Filecoin papers. Juan Benet co-wrote these papers with the help of other Protocol Labs members. He tweeted:

Justin Sun replied rather calmly explaining that “Our original version of the whitepaper is in Chinese and we have a very detailed reference to the latest Chinese version. The English, Korea, Japanese and Spanish versions are translated by the volunteers. The translation missed numerous important details not just reference.”
However, the intent of these accusations is not clear, as all these papers are open-source, which means that everyone can copy them.

Moreover, Vitalik Buterin engaged with Justin Sun when Justin tweeted a wide comparison why Tron is better that Ethereum.

The raw statistics show that transaction-wise Tron is better than Ethereum, however, you cannot compare an asset with a $1,6b market cap to an asset with a market cap of $12b.

Tron Price

Tron chart. Source: coinmarketcap.com

Tron (TRX), unlike other cryptocurrencies this bear market, actually is performing seemingly well. Last year, September 12, the asset reached its all-time low and since then has constantly improved in price. When looking at Bitfinex price charts, we see an interesting picture.

Tron trading against Bitcoin has seen a bigger growth than against the U.S. Dollar.

TRX/BTC. Source: Tradingview.com

TRX/BTC has risen +145% since the all-time low in September.

TRX/USD has risen “only” 115% since the all-time low in September.

TRX/USD. Source: Tradingview.com

Today, at the time of writing, TRX is trading at $0.024562 with -1,82%.

How to buy TRX?

The cryptocurrency is available for purchase in almost all of the popular crypto exchanges.
Binance, HitBTC, Huobi, OKEx, Bithumb, Bit-Z, IDAX, DigiFinex, Bitfinex, Bittrex, KuCoin, and many others. Just log on to your desired exchange and start buying TRX.

Tron Markets. Source: coinmarketcap.com

Conclusion

Overall, Tron looks like a great project with huge ambitions. At the moment it really looks like it could substitute Ethereum. And that is the interesting part. Ethereum has a lot of work ahead in their Constantinople upgrade, but while they are doing that, Tron is building a new legacy. People always speculate whether the top 3 coins could ever be replaced. This could be the case if both teams keep the same pace as up til now.

However, in the long run, if we look at Tron’s lifetime goals of becoming a global gaming platform in 2037, a simple question bears into mind. Isn’t that too long? Or is it just a number which the developers set to calm themselves, just in case they fail at something? I mean, that is 18 years from now. Either they are very farsighted or very careful about the future.

In conclusion – whether to invest in this asset or not – it is up to you, as this is not a piece of investment advice, but just a simple break-down on the cryptocurrency. But in my opinion, Tron could be here to stay. 

Source:

https://tron.network
https://www.reddit.com/r/Tronix/comments/9wq0dq/tron_roadmap_questions_about_odyssey_great_voyage/
https://developers.tron.network/docs/super-representatives-1
https://cointelegraph.com/news/tron-reaches-one-million-user-addresses-in-six-months-since-launch
https://globalcoinreport.com/tron-trx-road-map-success/
https://globalcoinreport.com/justin-sun-just-tweeted-tron-trx-mainnet-is-alive/
https://o836fhe91.qnssl.com/tron/whitebook/TronWhitepaper_en.pdf
https://www.forbes.com/sites/jessedamiani/2017/12/14/crypto-watch-tron-trx-price-surges-over-500-in-a-week-outperforming-btc-ltc-and-eth/#4ff5a933350f
https://coincentral.com/trx-beginners-guide/
https://medium.com/@TronDotLive/what-exactly-is-tron-virtual-machine-tvm-1424ac17b2c7
https://diar.co/ethereum-ico-treasury-balances/
https://www.ccn.com/trons-whitepaper-appears-plagiarize-filecoin-ifps/
https://www.ccn.com/vitalik-buterin-continues-to-troll-tron-over-whitepaper-plagiarism-allegations/
https://www.forbes.com/profile/justin-sun/#1bc7c86d603f

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