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 attempting to deliver is a much more straightforward method of online content. The giants Google, Youtube, Apple, Spotify, etc. are in control of how the content is sent. That’s why Tron’s goal is to offer a medium for the content to be viewed without using through a”middle man”. The objective of Tron is to make a global free content ecosystem.
What does this mean? How to eliminate the “middleman”?
If a user of the TRON protocol generates content, for instance, a video, the user could upload it straight into the TRON blockchain and get paid straight for the way viral their movie gets.
What is Tron Coin: Tron Foundation
Tron Foundation is a nonprofit entity based in Singapore. The principles behind Tron development team are openness, equity, and transparency. The group behind the Tron Foundation believes that compliance and regulation are the greatest of values. They’ve acceptance from the Accounting and Corporate Regulatory Authority and they’re under the oversight of the Company Law of Singapore.
Justin Sun is the chief of the Tron Foundation.
Justin launched the Peiwo program which currently had 10 million consumers in 2018. Justin Sun has directed Peiwo to become the first live streaming program to accept cryptos. The Peiwo program is among the primary members of the internet music content network. Justin Sun was listed by Forbes on the ’30 under 30′ in Asia.
He’s also the protégé of Jack Ma who’s the creator of this Ali Baba group. Jack Ma handpicked Justin Sun to study in the Jack Ma Hupan University. Justin Sun has also graduated from the University of Pennsylvania.
While the association between Ali Baba and Tron remains unclear, a number of the very best programmers from Ali Baba are shifting from Alibaba to Tron.
Past Jack Ma, Sun surrounded himself with an even wider group of all-star mentors, such as Feng Li and Tim Berners-Lee. Feng Li is a consultant of Ripple and directed investment in Coinbase. Past the group, there are an increasing number of important influencers in crypto which believe that the TRX coin will triumph, such as Hacker Noon.
How do TRON transactions work?
With this particular public ledger, the background of every trade can be tracked all the way back to the very first trade.
The trade model that TRX utilizes is similar to the one used by Bitcoin uses. The sole distinction is that Tron has enhanced Bitcoin’s version by offering another layer of security. The version used by TRX is named UTXO.
In a UTXO version, there’s a fundamental output that is a quantity of money delivered to some TRX user’s address along with a set of guidelines which will unlock those tokens. The final product is an outcome that’s known as the UTXO.
The Future Potential of Tron
Currently, they offer Exodus, a free system for peer-to-peer storage and distribution of content. Exodus isn’t utilizing blockchain technology at current but utilizes a distinctive online file system protocol which supports a distributed file system.
Then you have another stage of the project, Odyssey.
Odyssey will influence the ability of blockchain and will incorporate monetary incentives to foster the production and hosting of content on Tron.
Rather than following the standard means of monitoring clicks and perspectives of their content being obtained, Odyssey intends to base the incentives manufacturers on a method which will rely on consumer interaction and involvement with the content. It could possibly be connected to a “tipping” program – some sort of a reward based system on how great the material was perceived by the consumer.
Think about street artists. If you enjoy the first moments you hear his art, then you want to hear more.
When his or her performance has ended, you can tip the artist, depending on how much you enjoyed his content. Or you could pay more to listen to his next tune. This is how the Tron system functions. You get to listen to a trailer at no cost or for a small charge, then you have the choice to pay to listen to the whole performance.
But Tron has a much larger vision.
Decentralized gambling and predictive markets systems are also envisioned by its founders, and two subsequent phases will are announced: Star Trek (mid-2023) and Eternity (late-2025).
What Is Tronix (TRX)?
The Tron network utilizes its own cryptocurrency named Tronix (TRX).
Tronix may be used by content customers to spend money on content. These coins are then transferred to the content producers’ accounts and from there they these coins can be exchanged into other cryptocurrencies or can be used to pay for blockchain services.
In February 2018, TRX was ranked 15th on the list of biggest cryptocurrencies by market capitalization. Tron can be obtained on a lot of cryptocurrency exchanges and could be purchased using different cryptos like Bitcoin or even Ethereum.