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Ethereum first introduced the ‘distributed web’ idea in 2013. The idea took shape with an official release in 2015. The core development team introduced Ethereum as the ‘world’s first programmable blockchain’. But in late 2017, another platform showed up with the very same objective. It was TRON.
According to the official whitepaper, TRON wants to establish a ‘truly decentralized Internet and its infrastructure’.
Since its release, TRON has become one of the most valuable cryptocurrency projects in the industry. It has a strong, thriving community of supporters and investors who swear by the platform’s potential.
Although TRON has garnered quite the attention, confusion regarding its design, the native crypto token – TRX, and overall architecture persist.
And since, it is a widely popular project, it makes sense to look at TRON in detail and the price of TRON in India.
What is TRON?
Similar to Ethereum, TRON is a blockchain-based platform that allows the creation of decentralized applications using smart contracts.
Justin Sun, an ex-chief representative of Ripple in the Greater China area is TRON’s creator and is a double recipient of the Forbes ’30 under 30′ award in Asia.
He opened the TRON Foundation in Singapore in 2017, to spearhead the rapid development of the platform.
Although TRON is based on Ethereum, the project distinguishes itself from the public blockchain by claiming to be a ‘high-throughput’ platform that supports ‘high-scalability’ and ‘high-availability’.
The TRON team wants to open doors to widespread adoption by eliminating inefficiencies like high transaction fees, and low transaction throughput times that plague the Bitcoin and Ethereum networks.
History
After the TRON Foundation, the project’s open-source protocol saw the daylight of reality in December 2017. This happened after a hugely successful ICO that raised $70 million in September.
March 2018 marked the release of the test net, blockchain explorer, and the web wallet. The mainnet launch happened in May of that year.
However, the most significant development for TRON was its migration from Ethereum and the creation of the Genesis Block. Also, the TRON Foundation acquired BitTorrent in July 2018.
In October 2018, TRON launched the TRON Virtual Machine (TVM), the platform’s complete developers’ toolset, and a 360-degree support system.
As per the developer team, TRON launched Project Atlas, the world’s biggest decentralized application last year. The team also released the BitTorrent cryptocurrency token (BTT) in 2019.
This was a landmark event as a new crypto asset found its way to millions of existing users.
How Does TRON Work?
3-Layer Model
Akin to Ethereum’s 3-tier system, TRON’s architecture also consists of 3 layers – the Storage Layer, the Core Layer, and the Application Layer.
- Core Layer – This layer handles smart contracts, account management, and consensus mechanism execution. Ethreum’s Solidity is the default language for programming smart contracts.
- Storage Layer – This layer stores TRON’s network data. Blockchain Storage stores all blockchain data. State Storage stores all information about offshoots/forked chains.
- Application Layer – This is the layer that developers use to create TRON based decentralized applications/dApps and wallets.
Apart from this the TRON protocol follows Google Protocol Buffers that helps arrange data for use in communication protocols, data storage, etc.
Consensus Protocol: Delegated Proof-of-Stake
Similar to EOS, TRON leverages the Delegated Proof-of-Stake governance protocol to achieve consensus on the blockchain.
The consensus process takes place between a group of 27 Super Representatives (SR). Also, all these representatives are chosen/elected by Tronix (TRX) holders to validate transactions and produce blocks.
TRX is TRON’s native cryptocurrency token. SRs are readjusted every 6 hours based on the votes received from TRX holders.
The network produces one block every three seconds, with each SR receiving 32 TRX for the same. In all, SRs get to make 336,384,000 TRX annually through block rewards.
An SR upon finishing block production receives the rewards in a sub-account situated in the super-ledger.SRs can check, but not directly make use of these TRX tokens.
A withdrawal can be made by each SR once every 24 hours, transferring the rewards from the sub-account to the specified SR account. The TRON network employs three different types of nodes – Witness Nodes, Full Nodes, and Solidity Nodes.
Witness nodes are set up by SRs and are mainly responsible for block production and proposal creation/voting. Full nodes provide APIs and broadcast transactions and blocks.
Solidity nodes sync blocks from other Full Nodes and also provide indexable APIs.
TRX Staking
For electing Super Representatives, users need to lock their stake in TRX in exchange for ‘TRON Power’. TRX holders receive 1 Tron Power for every 1 TRX they chose to “lock” in. TRX exchanged for voting rights is untradeable.
What are the applications of TRX? How and Where to Buy TRON’s coin?
Apart from obtaining voting rights to elect super representatives, TRX also functions as the primary currency for accessing numerous dApps. TRON dApps use TRC-10 and TRC-20 tokens. These tokens can be exchanged with TRX.
Users also need to be TRX holders to purchase other tokens that may be issued on TRON. To avail of all the above facilities, one would have to start by buying TRX first.
WazirX provides a seamless TRX buying experience in India. Check out the below video to know more:
Further Reading:
How to Buy Cryptocurrencies in India?
How to Open a Crypto Trading Account in India?
4 Things to Consider Before Investing in Cryptocurrencies
What are the Business Benefits of Cryptocurrencies?
5 Cryptocurrency Scams and How to Deal With Them
4 Advantages of Blockchain Technology in the Cryptocurrency Domain
Also you can download the app and Start Trading Now!
Android App – WazirX – Buy TRON (TRX)
iOS App – WazirX
Frequently Asked Questions
Is Tron A Good Investment?
The potential of Tron as an investment is subjective and depends on various factors such as market trends, current value, and future prospects. Do your own research before investing.
How To Sell Tron In India?
You can sell Tron in India by registering on a crypto exchange platform supporting Tron and withdrawing funds to your bank account.
How To Buy Tron In India?
If you want to buy Tron in India, you can follow these steps:
- Choose a crypto exchange that supports Tron trading in India. WazirX is a popular choice among Indian traders.
- Create an account on the exchange by providing your email ID, mobile number, and KYC documents.
- Complete the verification process and add funds to your account using a bank transfer or other payment options provided by the exchange.
- Once the funds are credited to your account, go to the Tron trading page and place a buy order by specifying the amount of Tron you want to buy and the price you are willing to pay.
- Wait for the order to be executed and the Tron coins to be credited to your account. Read this blog to know more: https://wazirx.com/blog/how-to-buy-tron-coin-in-india/
How To Invest In Tron In India?
You can purchase TRON (TRX) from any trusted Crypto exchange in India that offers options to buy, sell and trade TRX tokens. Firstly, you need to create an account on the exchange and deposit funds to buy TRX. You can opt to deposit fiat currency via bank transfer, UPI deposits or exchange another token for TRX. However, it is recommended to research the current market conditions before buying TRON (TRX) to make informed investment decisions.
Is Tron Mineable?
Tron is not mineable, as it uses a delegated proof-of-stake consensus mechanism.
What Is Tron Coin?
Tron is a decentralized blockchain platform that was created to promote entertainment and content. Based on a delegated Proof-of-Stake (dPoS) consensus, the network can handle 2,000 transactions per second. Users of Tron choose "super representatives" (SRs) who are paid to validate transactions. The primary goal of Tron Coin is to provide tools for democratic content creation and to redistribute power in the content distribution sector.
Where To Buy Tron Crypto?
You can buy Tron (TRX) in India at a crypto exchange like WazirX. It is trusted by almost 1.3 Crores Indians and is considered one of the best exchanges in India that works continuously to improve its features and user experience.
How Tron Works?
Tron works on a delegated Proof-of-Stake (dPoS) consensus mechanism. 27 super representatives who are responsible for keeping track of the transaction history in this system validate transactions. Every six hours, a super representative is picked, and in exchange for their services, they receive a TRX coin produced by the machine. Every 3 seconds, a new block is added to the Tron blockchain, and those who added the block are given 32 TRX coins.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
