What is Tron (TRX)? Everything you need to know about TRX

Tron (TRX) is a prominent blockchain platform aiming to build a decentralized internet ecosystem. Founded by Justin Sun, Tron quickly gained attention to its ability to process transactions quickly and at low costs.

In this article, AZCoin will provide you with a comprehensive overview of Tron, how it works, and whether it is a worthwhile investment.

What is Tron (TRX)?

What is Tron (TRX)?
What is Tron (TRX)?

Tron is a public blockchain platform, operating on open-source code and built with the aim of creating an online entertainment ecosystem. Essentially, Tron allows developers to build and deploy decentralized applications (dApps) on their platform and use TRX as a means of payment.

When was Tron created and by whom?

Tron was initially created in September 2017 by Justin Sun, a young and energetic entrepreneur from China. Sun was previously the CEO of Peiwo, a music streaming app with millions of users. After finding success with Peiwo, Sun decided to pivot towards blockchain space and founded the Tron Foundation.

During its development, Tron attracted the interest and investment of many major investors, including prominent names like Tim Draper and Binance. This is also one of Tron’s strengths-the support and financial backing from large investors.

Structure of Tron

Structure of Tron
Structure of Tron

The structure of Tron consists of three layers: the Core Layer, the Storage Layer, and the Application Layer.

  • Core Layer: This is the central layer of Tron, where all network activities are managed. It includes functions such as account management, transactions, information flow control, and fraud prevention. With high decentralization, the Core Layer helps to make transactions faster and more efficient.
  • Storage Layer: This layer is used to store information related to decentralized applications (dApps). It is also where documents and data about users’ accounts and transaction activities on the Tron network are stored. Storing this information ensures transparency and security for users.
  • Application Layer: This is what developers can use to build and deploy decentralized applications (dApp) on the Tron platform. These dApps can be used to create entertainment content such as games, payment applications, and much more.

Compare Tron (TRX) vs Ethereum (ETH)

Tron and Ethereum are two of the most popular blockchain platforms today. Although they operate with similar goals, they have notable differences in their characteristics.

  • Transaction Speed: One of Tron’s strengths compared to Ethereum is transaction processing speed. While Ethereum can only handle about 15 transactions per second, Tron can process up to 2000 transactions in the same amount of time.
  • Transaction Fees: With an average transaction fee of about 10 cents, Tron also has an advantage over Ethereum, which can have transaction fees reaching several dollars. This is aimed at providing favorable conditions for developers and users to use applications on the Tron platform.
  • Scalability: Tron has higher scalability compared to Ethereum. With its ability to handle large transactions and low fees, Tron is considered one of the blockchain platforms with superior development potential in the future.

Detailed information about TRX coin

Detailed information about TRX coin
Detailed information about TRX coin

TRX is the cryptocurrency used to represent value and conduct transactions on the Tron network. Additionally, it is also used to pay for applications and services on the Tron platform. Below is some detailed information about the TRX coin.

Key Metrics TRX coin

  • Ticker: TRX.
  • Blockchain: TRON.
  • Token Type: Coin, Mineable.
  • Token Standard: TRC10, TRC20.
  • Consensus: Delegated Proof of Stake (DPoS).
  • Block Reward: 32 TRX.
  • Transaction Time: 2000 TPS.
  • Block Time: 3 seconds.
  • Genesis Supply: 100,000,000,000 TRX.
  • Total Supply: 99,281,283,754 TRX.

TRX coin Allocation

  • 40% of TRX coins were sold during the Public Sale.
  • 25.75% of TRX coins were sold during the Private Sale.
  • 34.25% of TRX coins are owned by the Team and Foundation.

How to buy a TRX coin?

If you want to buy TRX coins, there are several ways to do so. First, you need to have a digital wallet that supports TRX coins. Then, you can purchase TRX on the best crypto exchanges like Binance, OKX, or Coinbase using Bitcoin or Ethereum..

Which wallets support TRX coin storage?

Like Dogecoin and USDC, TRX coin also has several electronic storage wallets such as Ledger Nano S, Trust Wallet, MyEtherWallet, and Exodus. However, you can also store TRX on supported exchange platforms that offer wallets, such as Binance or OKX.

Predicting the future of Tron

Predicting the future of Tron
Predicting the future of Tron

In just two years, Tron has experienced continuous growth and attracted the attention of many large investors. Many experts also believe that Tron has top market development potential in the future. Other predictions also suggest that the value of TRX will rise significantly in the coming year and may reach new all-time highs.

Should you invest in Tron?

As with any investment, the decision to invest in Tron depends on each individual’s needs and financial capabilities. However, with positive information and forecasts about Tron’s future development, it could be an attractive investment option. And always remember to read the project’s privacy policy before investing to ensure its safety.

The end

Tron is not only a high-performance blockchain platform with low transaction costs, but also one of the potential competitors to Ethereum. AZcoin hopes this article has helped you better understand this platform and provided you with the knowledge to make informed investment decisions. Wishing you luck and success in your investment journey!

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