Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @steemtopus.
Good day everyone, welcome to my blog today.
I recently wrote a post about every basic things you need to know about tron and it's blockchain. You might be interested in reading that before you learn why tron blockchain is my favourite.
TRON aims to construct a worldwide free content entertainment system with blockchain and distributed storage technology.
This technology allows each user to freely publish, store and own data, which gives content creators an opportunity to develop products and services through digital assets and to circulate these digital assets throughout TRON’s decentralized network ecosystem based on TRON’s smart contract platform; providing users with improved experience and bringing about the true ownership of data.
HISTORY✍
Tron is a cryptocurrency developed by Justin Sun, a former Ripple representative in Greater China. Tron completed its ICO (initial coin offering) in August 2017. The project launched its mainnet on May 31, 2018, officially becoming an independent blockchain.
Tron’s technology allows users to publish and store data freely on decentralized applications using smart contracts; anyone can create new tokens or cryptocurrencies through TRON’s platform with just one click.
Currently, there are more than 100 million active users of Tron. It has been listed on numerous major exchanges including Binance, OKEx, Huobi Pro and Bitfinex since it was first launched.
In addition to being a currency for daily transactions, Tron also provides developers with high-speed transaction processing capabilities that can be used for gaming apps and other apps requiring high performance. This makes it easier for developers to create large-scale decentralized applications without having to worry about scalability issues.
.png)
WHY IT IS MY FAVOURITE🤝
It is scalable and has the best smart contract development platform of any blockchain. I love that it allows developers to build anything they want on the Tron blockchain, something that is not possible on Ethereum because of its gas fees.
I also love the low transaction fees as well as how cheap it is to send a tron between two Tron wallets. Tronix (TRX) may soon be used for more than just sending funds from one wallet to another, though; there are plans for instant cryptocurrency micropayments in place too!
There’s also a project called Project Atlas which will bridge Bitcoin and Tron together, creating a hybrid crypto coin with both blockchains. The final thing I like about Tron is that it is an international company located in Singapore.
Unlike many other coins which have their team members scattered around different countries, most of TRON’s employees work out of their offices in Singapore or China - saving them time and money when compared to travelling back and forth across borders.
.jpeg)
Source
The TRON foundation works hard at promoting partnerships with companies around the world while developing great software tools for other developers to use as well!
The biggest strength of TRON's blockchain lies in its current ability to handle extremely high transaction throughput. The network can process thousands of transactions per second without a hitch, making it one of the most versatile blockchains available. Its popularity isn't just hype; Tron truly offers something new and useful to cryptocurrency enthusiasts. It also has some exciting features on deck that will give it an edge over other coins.
It plans to decentralize file sharing through BitTorrent, for example, which could make for faster downloads and better privacy protections than similar services like Dropbox or Google Drive.
It also has strong community support from its founder Justin Sun (the CEO of Ripple). In fact, Sun was named Forbes Asia's 30 under 30 in 2017 for his work with Ripple Labs.
The development team behind TRX are working hard to deliver what they promised when they launched their ICO back in September 2017.
They've already delivered two major upgrades since then—including MainNet—and they're working on more improvements as we speak.
EARLIER SHORTCOMINGS OF TRON BLOCKCHAIN👎
For example, Tron was one of several blockchain projects looking to give content creators a new way to share and control their work. And much like bitcoin, early Tron suffered from scalability issues.
Early iterations of its technology could only support about 1,000 transactions per second—far too few for a blockchain network vying to be an ideal home for developers’ and startups’ applications. But as it quickly grew in popularity, users wanted faster transaction speeds and higher levels of interoperability between different blockchains.
Tron was able to overcome these hurdles by launching a decentralized application (dApp) ecosystem that allowed developer teams and individual developers to build out apps on top of its blockchain protocols and contribute code changes back into those protocols via smart contracts with real-world implications.
As mentioned above, Tron had initially been developed by a small group of individuals who were also members of the ONTology development team. As such, ONTology soon became very similar to Tron because they used many similar technical components. This made sense at first; however, ONTology has since branched off and is developing quite differently than TRON and other popular blockchains such as EOS or Cardano. In fact, there are more transactions processed through TRON than both EOS and Cardano combined due to TRON's focused dApps platform which allows user freedom through entertainment-based uses rather than enterprise efficiencies like EOS or academic efforts like Cardano.
WHAT CHANGES WILL MAKE THE TRON BLOCKCHAIN BETTER💪
Tron is unique in that its blockchain lets users choose to store any number of transactions for free. However, it also offers full features for those who want to make use of them, like allowing smart contracts.
Tron’s blockchain will evolve into a completely decentralized ecosystem. For example, Sun wants developers to develop cloud storage or decentralized storage platforms on Tron’s blockchain. He also envisions an ad exchange where online advertisers can buy and sell ad space through their own smart contracts. A future consensus will allow all kinds of distributed applications to be developed on our public chain...
"We are not only a public chain but more importantly, we are a self-governed community", said Sun at its launch event in San Francisco. And I am here to share with you my experience as a user of the Tron network as well as what changes will make the Tron blockchain better.
For me, three main things could change over time to improve the Tron network. The first one is related to its consensus algorithm which is currently based on proof of stake (POS).
This algorithm gives benefits for staking TRX coins which means you get rewards if you have lots of TRX coins with no further effort required. If people have little incentive to hold their coins they may trade or sell them immediately after getting rewarded by POS.
This makes price volatility increase significantly so there should be some reward given to people who hold TRX coins rather than simply those who stake them. Another way that the Tron network could improve is to add new transaction types to its protocol. Ethereum added different transaction types when it launched such as multi-signature transactions and even meta transactions. In fact, Ethereum has several other improvements planned for later on including scaling solutions such as sharding and plasma. Another way would be for Tron to add new assets similar to how Ethereum does with ERC20 tokens and ERC721 collectables. The third way that Tron could improve is via dApps development. Currently, Tron has about 70 dApps according to DappRadar, compared to nearly 1000 for Ethereum.
JUSTSWAP IS A PROJECT ON THE TRON BLOCKCHAIN✌
Justswap is a project on the Tron blockchain for financial services. It includes features like collateral, loans, and cryptocurrency exchanges to offer various benefits of using different centralized or decentralized systems. It has a hybrid structure that combines smart contracts with central authority systems. The two key features of Justswap are Collateral and Loan services. Anyone can post assets on the Justswap platform as collateral, which is instantly listed in return for the JUS token (ERC20 token of Tron network).
.png)
Users can borrow cash from Justswap on their credit score secured by their asset on the Justswap platform and transfer their borrowed funds directly to their Tron-based wallet within 24 hours after receiving an approval notice based on his/her deposit amount and credit score.
CONCLUSIONS👌
Tron is a decentralized protocol for the digital entertainment industry. It aims to transform the internet and its primary content distribution model, search, for the better. The primary objective of the TRON foundation is to decentralize the digital entertainment industry through blockchain technology
I really enjoy reading your entertaining and educative post, with this points you've made, I'm not only convinced on why you love TRX Blockchain, but I can also go on to say our school pupils needs to put in cryptocurrency as one of the course in school.
Thank you for your post
Yea, the tron blockchain is one of the best around. It is my favourite because it is very cheap and easy to use. Thank you for being here, steem on!
With your review on Tron, am now convinced why Tron is your favourite Blockchain! Thanks for sharing your favourite Blockchain with us
Thank you for being here, i appreciate your effort
Thanks for taking us into the world of Tron (TRX).
Most of us knew less of the Tron blockchain although we gain some of its tokens with PoB on this platform.
hola bella, Tron es la red mas rapida y economica del mercado y es usada para enviar mucho dinero a todas partes del mundo en segundos. muy buena Red saludos y mucha suerte.
I did joy really know much about the tron blockchain, you have enlightened me more with your post and I can see why you fancy it more.
Best wishes.
Thank you for enjoying my post. I enjoyed writing it too because it is my favourite blockchain. Meanwhile, did you join the engagement challenge? I'll look forward to your entries.
I am now following you, you can as well follow me too, cheers!
Yes I joined the challenge, you can visit my page to see some of my entries. I am now following you.
Hello Steemtopus. You wrote beautifully about the Tron blockchain network. I love this blockchain network because it's very cheap in terms of transaction fees and it has many decentralized applications that makes it easy for users to perform different transactions easily.
You mentioned Justswap as a project that is built on top of the Tron network, I have used this decentralized application to swap my TRX cryptocurrencies and I also use the Tronlink wallet to save and freeze my TRX to vote for super representatives. Success in the contest to you.
I am glad if you have experience with the tron blockchain and was able to enjoy tron's exclusive benefit of having a very low transaction fee. Thank you for being here, i appreciate it.
The idea of I culprating cloud storage into the Tron block chain sounds really promising..
Before now, i did not have this much information and background knowledge about Tronix.
@steemptopus, it is credible for me to conclude that you have done justice to this subject.
It's low transaction fee and amazing developmental features is simply amazing.
Well done dear.
You have written well, from all indication Tron is your best block chain. Indeed Tron has the best smart contact as you mentioned because I have used it before.
Best of luck.