Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by madilyn02

Hello dear friends, I still remain @madilyn02. It is great to participate in steemit cryptoacademy engagement contest entitled my favorite blockchain network.

This contest is coming at the right time considering the plethora of blockchain networks we have all around us. So it is a great pleasure to let you all know my favorite.

My Favorite Blockchain Network

My favorite blockchain is the Tron Blockchain. It is a blockchain that I have passion for. You may ask how and why? By the time you read through this article , you will see beyond reasonable doubt why I chose it 🤗.

Tron network

The Tron blockchain was launched on 25th July 2018 by the developers; Tron Foundation Ltd, which is owned or founded by Justin Sun in 2017.

It is a public blockchain which is designed to provide basic underlying infrastructure aimed at enabling developers create smart contract applications, publish their content freely, own and be able to store information. To run the blockchain very well, it uses the Delegated Proof of Stake as its consensus algorithm. Using this consensus algorithm enables the blockchain process transactions at great speed with very much reduced transaction fees. It ialso has Tronix(trx) as its native token. The tron network has more than 1200 nodes and a block height of over 8 million. A total of more than 2 million transaction runs through the blockchain on a daily note.

Why is it my favorite blockchain network?

Some of the great features that makes Tron Blockchain network unique are

● The Tron Blockchain have a very tight security system that we call the 3 layer architecture, which includes the core layer, storage layer and an application layer*

● The Tron Blockchain makes use of the Delegated proof of stake as its consensus algorithm. In this type of consensus algorithm, 27 SRs(Super Representatives) are saddled with the responsibility of producing blocks, verifying and validating data for the tron network. These SRs are voted for every 6 hours. For a holder to be eligible for voting, he must have freezed all the tron in his account, using it for voting. Other criteria like projects sponsored to promote tthe adoption of tron and rewards paid to those who voted them are taken into consideration.

The blockchain network produces a block every 3 seconds, rewards the SRs with 32 trx for each block produced and have a record of 10,000 TPS. This makes the blockchain to have high scalability than any other blockchain network.

● The Tron network have what we call the Tron Virtual Machine(TVM). the computer program used for developing the blockchain is called Solidity. So smart contracts are also written in with Solidity. The TVM makes it very easy for Ethereum developers to launch dapps on the Tron network. The transactions conducted using this method are carried out for free. This is because of the bandwidth point being used instead of the gas mechanis used by ethereum network. There are also arrangements on the pipeline to add other programming languages in the network. This means that cross-chain can take place in the block chain network too.

● The tronix(trx) which is the native token have been seen to have many use cases. It is being used currently as a means of payment for services and goods carried out by service providers and merchants within the network.
It is used to pay for fees and commissions while running smart contracts on the network. Tron is staked to provide energy for powering smart contracts or voting for the SRs.

● Tron network enables developers to convert apps on centralized plaforms to decentralized apps. With the absorbtion of bittorent in tron network, people who upload their contents are rewarded with trx. This encourages people to upload more content.

● The Tron blockchain focuses more on people than businesses.

Does the network have some early shortcomings and how has the network team taken care of the problem?

There are so many challenges that the tron foundation have had over the years. They can be listed as follows;

■ So many people does not believe that Tron is real. Many were thinking that it is a scam.

■ The project was accused of plagiarizing the white papers of other chain while writing its own.

■ Justin Sun also made a promise which he never kept to his word, leaving it unfulfilled.

■ Many staff of BitTorrent resigned because of the inability of Sun to leave through to his promises, since he has access to so many nodes, thus giving him excessive power to manipulate price.

■ His statement that his own projects native token Trx is a shit coin caused quite a stir.

Despite all these challenges, the network have continued to grow from strength, becoming more legitimate than ever. When we examine the blockchain network, it shows a very healthy and very active system. The activities of people shows that the network is being trusted by investors and crypto lovers. The level of trx been staked in the chain increases on a daily note with them earning trx as rewards.

There is increased decentralized app activity, since we can see tron being traded in various exchanges both centralized and decentralized.
We have also seen a beehive of activity with smaller wallets indicating that the ecosystem is balanced and the token widely distributed.

With these, the challenges and problems have been resolved.

What changes do you suggest would make the network better?

I think this blockchain needs serious marketing and promotion. This could be done through social media. There should be a program run by the foundation where tertiary institutions should be met to make use of the blockchain, especially the BitTorrent project where writers can upload their files and share it, allowing others to have access to it by paying some little tokens. It can actually be a foundation for research work and papers.

Secondly, more awareness should be created about the speed, scalability and fee less nature of the blockchain network. Mostly known is the $1 usdt charge for any amount of usdt transaction carried out. We all know what we pay as gas fees on ethereum network.

I also think attention should be given to the energy consumed and the bandwith being used up during internal transactions on the blockchain like staking, lending, borrowing, etc. These transactions consummate so much tron as energy that it becomes discouraging especially when you have few tron tokens to work with.

So they should look at reducing the energy consumed during those internal transactions.

Write about a project that is built on my favorite blockchain.

SunSwap

One of the projects run on the tron blockchain is the JustSwap. JustSwap is an exchange(Dex) which is hosted exclusively on the tron blockchain.

It is looked at as one of the biggest exchange platform, having so much members on the social platform. In JustSwap, users can easily move and exchange various tron tokens like trx, usdc,Sun, Wbtt, Btt, Btc, Eth, Usdt and others.

In 2021, Sun.io acquired JustSwap renaming the integration as SunSwap, thus becoming the Largest Decentralized Exchange in Tron network. This Dex is just like a one-stop platform where you can do all the do-ables in crypto investment, like token mining, stablecoin swap and self-governance. These products they offer have gained so much support and have revolutionized mining entirely, having a total value locked value of over $1.3billion TVL.

The integration of these two big heads named SunSwap will be supporting direct transactions between trc20, providing liquidity and creating a wow experience for its users. This in turn simplifies things for liquidity market makers. The new upgrade now supports more staking pools, sharing SUN tokens as rewards for mining.

This project SUNSwap is going to become the largest decentralized exchange in the future with the application 9f the cross-chain bridge soon to be integrated. The Sun token is going to be the improved on since it will now be used as the governance token for the SUNSWAP platform.

There are other developmental phases that this project will employ as they march towards becoming the best Dex exchange. These include

◇ strengthening the Sun token, so it can be used to reward liquidity providers, buyback tokens with profit on the platform. The buying back and the burning of the Sun tokens will definitely add more value to the price of the Sun token.

◇ An improved version of the SunSwap will improve the liquidity mining feature of the platform.

◇ In the next phase, SunSwap will integrate with Sunswap.com, create a pool and add the feature of the VeSun in the platform. Then finally, trading of futures and other derivatives will be introduced into the platform.

So we can see that this projects is a massive one and I hope we invest in it right now to benefit from it in the future.

Conclusion

The tron blockchain network is very unique, fast, cheap, very scalable and can onboard as many dapps as possible. With its unique 3 layer structure, so many improvements can be done on the Blockchain.

Gradually, tronix, the native token is taking it's position in the crypto market and we await to see many investors scampering for it.

The various projects done on the network are also very excellent. Soonest, SunSwap, one its project, will become the most sought after exchange in the near future.

Thank you for going through my analysis, I hope you have learnt a lot from this write-up.