Steemit Crypto Academy Contest / S1W1 - My Favourite Blockchain Network by @swaylee
Greetings Everyone,
This is my 7th and final contest in the engagement challenge for the week and in this contest we would be looking at my favourite blockchain. My favourite blockchain happens to be the Tron blockchain and I would be answering some questions to show why I love it so in order to know more about it like it's history, some projects on the blockchain and so on. Stay tuned
Tron is an open source decentralized blockchain network founded in 2017 by a non profit organization. The name of the organization is the Tron Foundation. The founder and CEO of the Tron blockchain is none other than a Chinese Entrepreneur named Justin Sun and it's native token is the Tronix (TRX). It uses a delegated proof of stake (dPOS) mechanism as it's consensus algorithm. They aim to decentralize the web by removing middle man participation and allow users sell their content directly to the buyers using peer to peer network and blockchain technology. In a way, they are practically competition with Netflix and so on who are centralized.
Tron is one of the most popular blockchains after Bitcoin and Ethereum with one of the highest transaction speeds and little to no transaction costs. It also supports smart contracts. There is a wallet created specially for all tokens built on the Tron blockchain (TRX included) and it is called Tronlink. The Tronlink wallet has its own chrome browser extension, an app for Android users and an app for Apple users. Like steem makes use of witnesses, Tron makes use of super representatives to validate and bear witness to transactions, they are 27 in number and switch between the others every 6 hours.
As for the History of the Tron blockchain,
as I mentioned earlier it was founded in 2017 in Singapore. During the initial Coin Offering to raise capital for Tronix, the foundation was able to raise over $70 million dollars. It's testnet which is an experimental phase using a similar or same software to test the blockchain without risking loss of funds was launched in march 2018. Trx was originally meant to be an ERC20 token but it was then put in the Tron blockchain after its mainnet was launched on May 2018 making it become an independent blockchain.
In July 2018, Tron finally announced that they had acquired BitTorrent which is a decentralized p2p file sharing platform. By the end of the year (December 2018) Justin Sun announced that the Tron foundation locked up a large amount of TRX to reduce the amount of TRX in circulation. In February 2020, the Tron foundation and Steemit board went into a partnership and by December 2020 TRX got integrated into Steemit which enabled users earn both TRX and steem as reward for their content. By March 2021, Tronix became the 22nd largest cryptocurrency by market capitalization of $6.14bn. Now TRX currently has over 100 million users, projects and is listed on numerous exchanges both decentralized (UniSwap e.t.c) and centralized (Binance, Huobi etc).
It's My Favourite Blockchain because,
They have a young and vibrant CEO who is making more and more plans and accepting more huge projects on the blockchain. They allow people with project ideas to develop them on their blockchain. They are always vibrantly looking for partnerships that would better the blockchain and help them achieve their goals of decentralizing the web.
They are really fast and have little to no transaction fees. When using the Tronlink pro wallet, once you have staked a couple of TRX for bandwidth and/or energy, one can carry out swaps and transfers with zero transaction fees and they would be carried out speedily. They perform up to 2000 transactions per second which is much faster than the Bitcoin and Ethereum blockchain.
I also love them because of their aims of trying to remove centralization when it comes to entertainment. For example, Netflix which is a centralized entertainment site where they collect money from their viewers and use it to pay their producers whilst making profit but Tron ends to put an end to that third party involvement by making content creators interact with each other and their viewers directly.
Back in 2020, there was once a time when the blockchain stopped creating and executing blocks because of a false contract against one of the 27 super representatives. This caused a lot of questioning and doubt from their users about their decentralized nature and how effective they were but the founder Justin Sun assured them that the software was updated and everything was back to normal.
It was also revealed that one could render the Tron blockchain partially useless using one single PC to overload the blockchain and making it unable to work which they call a distributed denial of service. It was made public and the Tron blockchain rewarded the finders and improved the system to be able to resist such an attack.
Currently on the Tron blockchain network there are about 1,400 dApps and over 100,000 active users a day which is definitely one of the highest activity on a blockchain. They claim to perform over 2000 transactions in a second and based on what I've noticed from Tron users is that they can definitely do better. If the transaction speed could be multiplied by 2 meaning they would validate more transactions up to 4000 a second then their 100,000 daily users would definitely increase and bring more and more projects to the platform.
It is also said that the network accepts people with project ideas to build them on the Tron public Blockchain but this also means that both people with good intentions and bad intentions would be allowed into the blockchain hence the number of crimes, hacking and fraudulent activities on the blockchain would definitely be on the hike with no sanctions on how to stop them so it would be necessary to put up some barriers before a project can be built on the blockchain. This would help to filter and chase away fraudulent projects and definitely better the blockchain.
Luckily I have done something related to this about a Tron based Dapp called WINk. Here is the link to the publication. I would be talking about JustLend in this contest which is also a Tron based dapp.
 link to website |  link to website |
|---|
JustLend so happens to be the first borrowing and lend decentralized app on the blockchain. For you to utilize any of the features on the app you would have to link your Tronlink wallet to it so you would be able to easily access your funds through it. The governance token used to make Decisions and accept proposals is the JST token. To get JST token, you would need to go to SunSwap and swap tokens/coins to get it.
Just like in a centralized banking system where you deposit money in the bank and they utilize the money to give out loans and earn interest so also is JustLend, a Decentralized borrowing dapp that uses crowdfunding to make money available to those that want to borrow. The people who pool their funds to enable others borrow get interest. By doing this they have created a Decentralized banking system and eliminated middlemen.
From the second screenshot above, we can see that inorder to supply or borrow any token, we have to link our wallet and after linking our wallet balance for the said tokens would be displayed there. Inorder to borrow or supply, we would need to choose one and fill in the appropriate spaces regarding the amount you want to supply or borrow and finalize the transaction. There are 3 pages in the option bar which are the home page (the ones in the screenshot), the market page where we see how much of a coin/token is available for borrowing and then the governance page where you use JST to make decisions and wait to get voted so it can be carried out. The meter on the home page represents your risk level and it increases depending on the amount of a token/coin you borrow.
The Tron blockchain might not be the best Blockchain out there but it definitely is my favorite and from my speculation, a lot of great things are to come. Justin Sun seems to have alot more in store for us than he is letting out. It just keeps growing everyday and I am sure many of us can attest to these words.
[THE 1st, 2nd, 3rd and 4th images used in this post where made by the author using the Canva application]
I also want to invite @somtin01, @victoh78 and @ebukah
I would also like for @steemcurator02 to come review my post personally.
Tron is another powerful Blockchain in the Crypto world. It has really invented many Crypto related projects including games and other Dapps. Interestingly, we can send TRX coins at a very low gas fee. That's a good advantage.
Thank you very much for reading man. I see your activity on various communities on Steemit and It makes me happy. Keep up the good work
Thank you very much for your appreciation. Yeah, I always try to produce high-quality creations.
You have rightly said
What I truly found interesting was your the dapp ok this block chain.
Just lend
Often times we hear of individuals wanting to invest in crypto buy not having the financial capital to do so.
Form this dapp this problem can be solved rapidly and it would encourage individuals to go into crypto
Tron Blockchain has always been one of my favourite and with 1,400 dapps and 100k active users tell us what the blockchain has been able to accomplish over the years and I see more progress in the coming years. Thank you for sharing
By the way their founder is thinking and with his activity, I'm pretty sure he has Alot in store for us
Tron Blockchain has always been one of my favourite and with 1,400 dapps and 100k active users tell us what the blockchain has been able to accomplish over the years and I see more progress in the coming years. Thank you for sharing
Tron is one of the most popular blockchains after Bitcoin and Ethereum with one of the highest transaction speeds and little to no transaction costs. Yes Tron is a very popular Blockchain network, nice post my friend, i like the way you present your work, it's well explained.
Thank you for reading man, I really appreciate
Tron is one of the most popular blockchains after Bitcoin and Ethereum with one of the highest transaction speeds and little to no transaction costs. Yes Tron is a very popular Blockchain network, nice post my friend, i like the way you present your work, it's well explained.
Tron blockchain is one of the blockchains with the largest dApps out there, it's only sad the way the project is not moving as expected, the TRON token should be supposed to have been one of the top coins by now, but we still keep hope alive regardless.
Nice content man!!