Ever given a thought to why TRX is still trendy though it isn't used as much as BTC or ETH? Here is how TRX fuels its blockchain...
Tron is a blockchain-based platform that aims to transform the entertainment and media industry. Tron is decentralized, meaning no company or person has the power to control it. It empowers content creators and consumers in an ecosystem that uses cryptocurrency as its main transaction currency. Instead of having copyright violations, economic barriers, and piracy, Tron provides a free content market where all transactions are transparent, free from “advertisements” with no fees or charges. This transforms traditional models of digital entertainment production into a new era where people can replicate and distribute content without restrictions or limitations.
Know about Tron (TRX)
The Tron network uses the Tronix (TRX) token as its main currency. TRX is a cryptocurrency and a blockchain-based asset that has monetary value in the market and can be used to pay for services on the Tron network. Content creators can produce and store content on the Tron network, but they must have at least 10,000 TRX tokens to do so. The cost of storing 1GB in the content on the blockchain is 0.1 TRX. In addition to all this, there are no restrictions or limitations on storing data on Tron’s blockchain.
With all of this, Tron is a decentralized entertainment and media ecosystem that uses blockchain technology to empower content creators and consumers. It’s like the iTunes store but instead of selling your digital content online, you instead sell it in the form of zero-cost transactions on the blockchain.
Tron has a growing community of developers and supporters such as Justin Sun (Founder, CEO & Co-founder at TRON Foundation) and Bobby Lee (Founder of BTCC Exchange) who have great hope for this revolutionary project. With the successful launch of Tron Mainnet, many new crypto exchanges will be added to Tron’s partner network such as Binance and OKEx.
Tron employs the elements of the blockchain and peer-to-peer (P2P) network technology to eradicate the arbitrator and enable content creators to sell their work directly to clients. Software developers employ the Solidity programming language to develop applications that are hosted on the Tron platform.2
The currency used on the network is TRX or we can say Tronix. Users of the network use the currency TRX to directly pay the content creators to access their apps. Content creators need not pay a transaction fee to Tron. Users can compile their crypto-assets in a mobile, hardware wallet, or desktop.
Evolution of Tron Protocol
The team working on the Tron protocol started from the concept of BitTorrent; a peer-to-peer network for obtaining and sharing files, which is based on the idea that anyone can share a part of their hard disk space with other users. The protocol is also highly decentralized, meaning that users are not forced to download files when they are initially shared. This can save data transfer costs, and also promotes a more fair and open environment as downloaders have no power over who they share it with. BitTorrent’s code is open source (when applied to blockchain technology), meaning that it’s easy for others to verify its security or to improve it through collaboration.
Justin and his team took the protocol, removed BitTorrent’s features that are not applicable to a blockchain, and added the ability for files to be “seeded” (meaning they will remain permanently stored on the network) and for users to be rewarded for seeding a file. This way, the network can encourage users to host files instead of only allowing peers to share with one another. They also incentivized participants to seed by providing them with Tronix (TRX).