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What is TRON?

TRX

TRON (TRX) is one of the most ambitious cryptocurrency projects in the world, as it aims to offer a highly scalable and affordable platform for smart contracts, DApps and decentralized…

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What is TRON?

TRON (TRX) is one of the most ambitious cryptocurrency projects in the world, as it aims to offer a highly scalable and affordable platform for smart contracts, DApps and decentralized financial storage. The TRON (TRX) platform was created in 2018 to offer high scalability through the use of the DPoS consensus protocol, and also offers advanced smart contract capabilities that are widely compatible with Ethereum (ETH) and its EVM, thanks to the fact that TRON draws these capabilities from the same technology. More generally, it’s a project that began virtually as a technical enhancement of Ethereum, but which has nevertheless evolved much better, absorbing, as it were, the new technologies that underpin it.

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The genesis of the TRON (TRX) project

Speaking of the origins of TRON, we must mention Justin Sun, a young man of Chinese nationality who has become one of the most controversial and well-known figures in the world of cryptocurrencies worldwide. Sun has been at the forefront of TRON development since 2017, when he created the well-known TRON Foundation in Singapore. This foundation was responsible for “ensuring the development and ecosystem of this cryptocurrency.” The creation of the TRON Foundation, however, was not without controversy, which usually surrounds Sun.

The TRON Foundation decided to use an ICO (Initial Coin Offering) to fund the development of the cryptocurrency. This is how the aforementioned ICO was conducted on September 1, 2017, raising $70 million for development.

The sale meant the issuance of 100,000,000,000 TRX tokens, which were to be delivered to their holders once the network was launched. The controversy was that Sun achieved this shortly before China imposed a block on ICOs in their country. With the successful launch of the ICO, development began, which would officially establish the project on June 24, 2018, when the main TRON network would finally be launched.

Controversy surrounding TRON

While the launch was applauded by some in the community, another actively criticized it for the following reasons:

TRON at the time was simply Ethereum with a new consensus protocol combined with plagiarism of many other people’s ideas to make Tron an individual assemblage of other concepts. Interestingly, even Vitalik Buterin himself criticized the project, saying that the white paper was an almost exact copy of the Ethereum whitepaper. The same has been done by other figures, such as the creator of IPFS and Filecoin (FIL) , Juan Benet, who also denounced on Twitter the plagiarism on the part of TRON against the whitepaper of his project.

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Were these allegations true, or just a FUD attack on a new project? The true and correct answer can be quickly found by analyzing the project’s source code as it was created. There you can see the same Ethereum ideas applied in the Java programming language, instead of Go (officially used in Ethereum). However, the criticism didn’t matter much, because many cryptocurrency projects started in exactly the same way – by repeating the ideas of others.

TRON, a project full of development and innovation

Despite the huge controversy, the project has shown that it is developing very actively, and many of its ideas are completely innovative.

  • First, the layered structure of its operation ensures that their development is very easy to carry out, allowing TRON developers to design, test and release new features without much complication.
  • Second, TRON is committed to decentralizing the execution of its execution spaces.

For example, TRON seeks to use BTFS as a decentralized storage system, where DApps and other network functions can store data in a secure and decentralized way that is accessible to all at all times. At the same time, developers are aiming to create an integration and development system (APIs and SDKs) that will make it easier for third parties to exploit the full potential of the network.

APIs for major programming languages

TRON currently has access to a wide range of APIs for developing applications that can exploit the potential of the TRON blockchain. In fact, official support includes APIs compatible with languages such as Java, Python, C , Scala and Go.

This means that application developers in these languages have native tools to program and create TRON-compatible applications. This is made possible by the TRON application layer or application layer, which is responsible for providing this powerful functionality.

Storage key to TRON’s success

One of the keys to TRON’s success is the decentralized BTFS storage system. BTFS, or BitTorrent Filesystem, is a derivative of IPFS, and its function is simple: it is to serve as a storage network for the TRON network. Such storage can be used for everything from transferring files and data to DApps, to sharing personal and private files with individuals and companies. BTFS is now considered a major component of TRON’s success.

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The future of TRON

TRON is a network that many think has a great future, even in the midst of controversy, which is an undeniable reality. Currently, the TRON team’s work is focused on making BTFS a stable tool. Achieving this goal will undoubtedly accelerate the development and value of the project in front of the entire community. But the work doesn’t stop there. TRON is also currently working on improving the security of its smart contracts and the scalability of its network.

The first case is called TRONZ Shielded Smart Contracts. This implementation aims to make operations with smart contracts completely private and secure, using zk-SNARKs and Bulletproofs technologies. These two are highly advanced cryptographic technologies derived from ZCash and Monero. The idea is to incorporate these two schemes into the TRON smart contract trading system. In this way, the user can choose how to perform operations.

If the user wants privacy, he can choose TRONZ Shielded, and if he doesn’t need it, he can use ordinary smart contracts.

Another feature under construction in TRON is parchains, a concept borrowed from Polkadot. The idea is that blockchains can be created that are compatible with the TRON core network, and thus enable native inter-chain capability. In short, TRON is a project that has a long way to go and will certainly set milestones throughout its existence.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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