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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
Is Pi Cryptocurrency Safe?
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
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.
