What is TRON, and what is it trying to accomplish?
According to the official TRON whitepaper:
TRON is a world-leading blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology. The protocol allows each user to freely publish, store and own data, and in the decentralized autonomous form, decides the distribution, subscription, and push of contents and enables content creators by releasing, circulating and dealing with digital assets, thus forming a decentralized content entertainment ecosystem.
What Tron is trying to deliver is a simpler way of delivering online content. As the giants (Google, Youtube, Apple, Spotify, etc.) have taken over the internet and on the way content is being delivered, Tron is trying to provide a medium for your content to be seen without going through a “middle man”. The goal of Tron is to create a worldwide free content entertainment ecosystem.
What does this mean? How to eliminate the “middleman”?
This means that when a user of the TRON protocol creates content, let’s say, for example, a video, they can upload it directly to the TRON blockchain and get paid directly for how viral their video gets.
What is Tron Coin: Tron Foundation
Tron Foundation is a non-profit entity based out of the Southeast Asian industrial strong-arm of Singapore. The foundation mainly engages in operating the Tron crypto network in the principles of openness, fairness, and transparency in supporting Tron’s development team. The team behind the Tron Foundation considers regulation and compliance to be the highest of values. They have approval by the Accounting and Corporate Regulatory Authority and they are under the supervision of the Company Law of Singapore.
The leader of the Tron Foundation is the young Justin Sun, who has an impressive background for a-27-year old.
Justin founded the Peiwo app which already has 10 million users. Justin Sun has led Peiwo to become the first live streaming app to receive cryptos. The Peiwo app is one of the leading members of the online audio content community. Forbes listed Sun as 30 under 30 in Asia.
He is also the protégé of Jack Ma who is the founder of the Ali Baba group. Jack Ma handpicked Justin Sun to study at the Jack Ma Hupan University. Justin Sun is also graduate from the University of Pennsylvania.
While the relationship between Ali Baba and Tron is still unclear, some of the top developers from Ali Baba are leaving Alibaba to go to Tron, which makes the issues even more clouded.
Beyond Jack Ma, Sun surrounded himself with an even wider team of all-star mentors, including Feng Li and Tim Berners-Lee. For those of you that don’t know, Feng Li is an advisor of Ripple and led investment at Coinbase. Tim Berners-Lee is famous for inventing the World Wide Web. Beyond the team, there are a growing number of key influencers in crypto that believe the TRX coin will succeed, including Hacker Noon.
How do TRON transactions work?
Like many other digital currencies, TRX coin transactions occur on a public ledger. On this public ledger, the history of each transaction can be traced all the way back to the first transaction.
The transaction model that TRX uses is similar to the transaction model that Bitcoin uses. The only difference is that Tron has improved Bitcoin’s model by providing additional security. The model TRX uses is called UTXO.
In a UTXO model, there is a basic output which is an amount of money sent to a TRX user’s address alongside a set of rules that will unlock that specific set amount. The final product is an output that is called the UTXO.
The Future Potential of Tron
Its current offering is called Exodus, the free platform suitable for peer-to-peer distribution and storage of content. Exodus is not using blockchain technology at present but uses a special web-based file system protocol that supports a distributed file system.
Odyssey, the next phase, is scheduled to go-live around January 2019. Odyssey, which will leverage the power of blockchain, will involve monetary incentives to promote the creation and hosting of content on Tron.
Instead of following the traditional ways of tracking clicks and views of the content being accessed, Odyssey plans to base the incentives producers on a method that will depend on user interaction and engagement with the content. It may be linked to a “tipping” plan – something like a reward based on how good the content was perceived by the user.
It’s like listening to a street performer. If you like what you hear at first, then you get closer to hear some more. By the time the performance is finished, you can tip the artist, as much or as little as you want, based on how much you enjoyed the performance. Or you can pay more to hear his next song. This is a lot like the Tron network works. You get to hear a preview for free or for a small fee, and then you have the option to pay to hear the entire performance.
Tron has an even greater vision for creators. As the next phases will come: Great Voyage (mid-2020) and Apollo (mid-2021), content creator will be able to build their own personal brands and issue personal tokens.
decentralized gaming and predictive markets platforms are also included in the vision of Tron as the following two stages will take place: Star Trek (mid-2023) and Eternity (late-2025).
What Is Tronix (TRX)?
The Tron network uses its own cryptocurrency called Tronix (TRX).
Tronix can be used by content consumers to pay for the content they want to access. These coins would then go to the content producers’ accounts, where they can be exchanged to other cryptocurrencies, or can be used to pay for blockchain services.
In February 2018, TRX was ranked 15th on the list of largest cryptocurrencies by market capitalization. Tron is available on many cryptocurrency exchanges and can be bought using other cryptos such as Bitcoin or Ethereum.