Technologically, TRON, the main competitor to Ethereum and EOS, is rapidly growing its user base and is quite aggressively clearing a place for itself on the crypto market. TRON is enticing developers of these projects in order to save them from the collapse of platforms. Since TRON started on Ethereum and followed its development path, the virtual machine (TVM), smart contracts and TRON token standards are compatible with Ethereum, making it easy to migrate projects to this blockchain.
An Advantage over Ethereum
Unlike Ethereum, where, according to Justin Sun, “miners are fighting developers,” TRON uses a delegated proof-of-Stake (DPoS) consensus algorithm. This algorithm implements the separation of functions of coin holders with voting rights and transaction validators.
TRON is headed by Justin Sun, a young Chinese entrepreneur. Since his activity significantly affects the market and the price of TRX, he is often called a marketing genius.
In 2017, Sun created a non-profit organization, TRON Foundation, in Singapore, with the help of which he attracted 15 thousand Bitcoins to ICO for his venture – 40% of the estimated 100 billion TRX token emission. At the same time, 15% of the coins were distributed at pre-sale, 35% went to the reserve fund of the project – for the TRON blockchain development team and outsource TRON development – and 10% went to the Peiwo fund. In 2018, the TRON Foundation acquired BitTorrent for $ 140 million. Its uTorrent application generates about 3% of daily internet traffic every month. The company also decided to launch its own version of IPFS: BTFS.
The TRON architecture distinguishes between three tiers: storage, core and applications.
Validators, 27 super representatives elected by TRX holders, are responsible for verifying transaction data and creating new blocks on the TRON network. At the same time, unlike the EOS network, where elections for block producers are held without the possibility of buying votes, this practice exists in the TRON system. Super representatives can direct all the rewards they receive for adding a new block to the blockchain to buy votes and to keep control of the network.
The project’s native cryptocurrency (TRX) is the main medium of exchange on the TRON network. TRON20 tokens are intended for developers. With their help, it will be possible to issue coins on the platform for their own applications. And for TRON Power (TP) tokens, which become available when TRX is blocked, users acquire the right to vote on the development of the network.
The project roadmap for 2017 to 2025 includes six stages.