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October 16, 2018

Coin Profile: TRON (Tronix or TRX)

“one of the largest blockchain-based operating systems in the world”

Coin Market Cap Rank: 11
Current Market Cap: $1,627,787,987
Website: https://tron.network

 

TRON only launched last year but has gained plenty of attention from its ambitiously minded founder, Justin Sun.

Justin Sun was named one of the Forbes 30 under 30-years for Asia in 2015 and previously worked at Ripple. Eventually, he left to launch the TRON Foundation in Beijing.

The TRON Foundation was founded on the basis to alter traditional internet practices and build a decentralised operating system (OS). Essentially, a blockchain OS on which developers can create decentralised applications.

Here’s everything you should know about TRON and the Tronix (TRX) cryptocurrency.

 

What is Tron (Tronix or ‘TRX’)?

TRON is a decentralised blockchain platform that supports smart contracts and high throughput. In offering the ability to create DApps, developers can use TRON as an operating system on which to deploy their innovative decentralised applications.

Headquartered in Beijing and San Francisco, the TRON Foundation aims to decentralise the internet and “change the world with technology” through its infrastructure.

In June 2018, TRON launched a token migration from ERC20 TRX to Mainnet TRX. In case you missed the migration, here’s what TRON revealed about the migration on its official site:

tron trx mainnet

Diagram: Tron

If your TRX is held on an exchange, no action is required.If your TRX is held in a wallet, you must deposit your TRX to an exchange before June 24, 2018 to avoid any losses.

From June 21st– 25th, TRX withdrawals on exchanges will be suspended. On June 25th, both TRX deposits and withdraws on exchanges will be suspended. Deposits and withdraws will resume on June 26th. During this period, TRX trading will not be affected.

If your TRX is held in a wallet and you were not aware of the migration notice, or saw the migration notice after June 25th, please visit our permanent token-exchange counter to exchange your tokens for Mainnet TRX.

 

Tron’s Blockchain Infrastructure and Consensus Protocol

The TRON blockchain has integrated a 3-layer architecture:

  1. Storage Layer
  2. Core Layer
  3. Application Layer 

Below is a diagram of TRON’s 3 protocol layers:

tron trx blockchain

Diagram: Tron


TRON has 4 aspects of module design:

  1. Consensus Module

The TRON system makes use of the Proof-of-Stake (PoS) consensus protocol. The advantage of integrating the PoS protocol is this will allow TRON to become the primary acting as a platform for blockchain practical use cases. Thus, according to TRON, “a Delegated-Proof-of-Stake (DPOS) consensus will meet all future demands”.

 

  1.  KhaosDB Module

The KhaosDB Module is used for the purpose of storing new folk chains within a particular time period. The Module has therefore been built into TRON’s full-node memory. In turn, network witnesses will be able to switch active chain into the new main chain.

 

  1. Digital Token Module

TRON’s digital token module consists of a ‘configuration module’ and an ‘issue/deployment module’. The configuration module allows users to create a personalised digital token using the functions offered by it. In terms of the issue/deployment module, users will be able to make a choice to issue a digital token after a customizing parameter that is the system default of artificial.

 

  1. Smart Contract Module

TRON uses smart contracts that run on virtual machines; allowing developers to build different decentralised applications that can make complex scenes a reality.

 

Benefits provided by TRON

TRON promises its users and developers high scalability, availability and throughput. By improving the TPS in TRON for the purpose of using it as a practical use case, a high throughput is achieved. In turn, DApps can be implemented using TRON smart contracts, as well as support many users.

Of course, this results in an improved rewards distribution mechanism due to its reliable network structure, value, user asset and decentralised consensus.

But, with many cryptocurrencies competing with advantages offered by TRON, the TRON TRX cryptocurrency has its exclusivities:

  • A convenient cost-effective solution to using DApp functions on the blockchain.
  • Developer rights include deploying DApps in the TRON net, expanding business and acquiring awareness as influencers.
  • Network witnesses show support for TRON and its profits.
  • Cutting-edge blockchain technology.
  • The TRON Wallet supports Tronix (TRX), as well as other tokens on the TRON Mainnet.

 

How to Buy and Sell Tronix (TRX)

Tronix (TRX) can be bought via conversion on our peer-to-peer marketplace. This means you can buy TRX with ZAR, EUR, NGN, GBP, AUD and many more. Supporting 25 countries, TRX can be bought using the most convenient local payment method; including bank transfers, PayPal, TransferWise, supported fiat deposits, direct deposits and M-Pesa. Credit card payments are coming soon.

Alternatively, Tronix can be sold for BTC or other cryptocurrencies via the Coindirect conversion service. If you are located in one of our other 24 supported countries, you can instantly sell your TRX by selecting the best buy offer from vendors in your country or you can set up a sell offer on our peer-to-peer marketplace if it’s one of our major supported currencies.

Access our integrated platform and #OwnTheFuture with Coindirect.