Crypto Academy Contest/s1w1 - Favorite blockchain network by @unyimmetuk

Greetings to you all. Wishing everyone a blissful new mont. So glad to be opportune to take part in a contest that gives us the privilege to talk about our favorite blockchain.
Here is my contest entry.

Tell is about your favorite blockchain, its history and why it’s your favorite.


There are lot of blockchains but my favorite is TRON BLOCKCHAIN. This blockchain have set a nice record that makes it deserve a blockchain of the future title.

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Tron blockchain is decentralized in operation and have a coin which is called Tronix (TRX). Tronix can be stored in Tron blockchain wallet known as Tronlink which is available in both DApp and extensions formats. Since Tron blockchain is decentralized, it allows users to have total control of their wallet and become responsible for any risk. This means the use of peep2peep in transactions.

The Tron blockchain can be access by any node at any particular because it is an open source blockchain. It permits hosting of decentralized applications using its smart contracts and that have lead to 100s of DApps been host on it. The Proof-Of-Stake (POS) consensus mechanism is use for validation of blockchain and the validator earns Tronix (TRX) as their rewards.

The nature of Tron blockchain makes similar to Ethereum to an extent that many believe that it borrowed databases from it while others think that it is a forked of Ethereum. It is among the top fastest blockchain that have try to maintain a trilemma. More 1000 transactions can be handled within seconds on the blockchain.

History of Tron blockchain

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On July 2017, A 31 years old Chinese by name Justin Sun established Tron blockchain in Singapore. During it startup, it used the Ethereum blockchain and utilized the ERC-20 token. Tron-Foundation limited published that it have accomplished their goal of creating peep-2-peer file management known as Bit Torrent (BT) and it immediately opened it blockchain after verifying the first block (Genesis block).

A year after it independence (January 2019), Tron successfully acquired about $1.6 billions worth in market cap. Upon the fast rising accomplishment, many people still regard Tron as a cryptocurrency that is disordered and complex.

Till date, Tron blockchain have accomplishment growth and have extend it to been partnering with steem blockchain which have lead to rewarding of Trons (TRX) on steemit social decentralized application).

Holders of Tron on it dApp wallet can perform various services such as; staking and gaining of rewards through voting. The number of staked Trons (TRX) determines the staker opportunity of a user to participate in block validation.

Why Tron blockchain is my favorite

I have experience in using many cryptocurrency and Tron have provide many reason which are;

• Scalability: This is a major reason why I prefer Tron (TRX). It transactions speed is unbelievable if compared with Bitcoin. Since time management is important in every service, Tron blockchain have done a nice job in that angle.

• Justin Sun commitment: unlike other blockchain that it management refuse to communicate with the Society in order to give a nice feedback, Justin Sun always promote Tron blockchain on social media and use his influence to impact more awareness.

• Partnership with steem blockchain: Every week, I earn so Tron (TRX) on steemit. Give a double earn i.e steem & Tron. Any amount of Tron can be traded without any restriction.

• Inonvative: Every time, new dApps are launch on Tron blockchain using it smart contract. This give developers lots of opportunity to monetize their skills. As of today, there are more than 100 dApps operating on it as seen on dappradar, a website for decentralized applications. Furthermore, a new stable token called Decentralized US Dollars (USDD) will be introduced this month.

Earliest shortcoming of Tron blockchain and how it network team have take care of the problem

Tron blockchain had serious shortcoming during it early existence.
The first occurred when Tron was in a bullish trend of about $25 on 5 January 2018 which gave it a total amount of $16.75 billion market cap. A circulation that made it reach a recognition of been among the top cryptocurrencies base on the size of market cap.

On 17 January 2018, Tron went dip to $05 and loss a market cap of $13.65 billions. A value that is about 80% of it initial state. Although nobody can state a clear reason for this lost as it is common in cryptocurrencies but many believe that it is as a result of massive cash out made by Justin Sun and plagiarism charges against him as well.

On 6 January 2018 (less than 24hrs in an uptrend), rumors began spreading that Justin Sun have made a massive cash out at it high value because users noticed a massive transaction done on the blockchain by a user bearing his name. Justin Sun publicly denied the accusations and futher stated that transaction was on by an early investor that bear same name.

Another hit on the blockchain occurred the following day (7th January 2018). Juan Benet, the owner of filecoin.io made a personal investigation on Tron blockchain whitepaper after Bedeho Mender, the owner of Joystream Bit Torrent make accused Justin Sun of plagiarism on it. Juan Benet discovered most of the information on the whitepaper are plagiarized from another cryptocurrency whitepaper. He tweeted that about 9 pages are plagiarized.

Upon all the allegations laid down on Tron blockchain. The team did not relent efforts in countering all of them in a proper and further extending their partnership with reputable companies and allowing programmers operate on their blockchain with a low fee charge.

Changes that I think will make the network better

Although the Tron blockchain network is amazing at it current state but there are certain things that will add more value to it.

There is fee charges for every swapping transaction done on the Tronlink wallet. The higher the number of Trons that will be swap, the greater the fees and this can be discouraging.

Non Fungible Token (NFT) market is a booming market. Justin Sun should put much energy into too rather than focusing on coins alone.

2000tps is fast but base on the rapid increase of dApps that operates on it smart contract, i think that in near future there will be traffic congestion. As such, it should be increased to gradually to even 5000tps or more.

My favorite project built on Tron blockchain

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My favorite dApp on Tron blockchain is SunSwap. It is regarded as the been the first decentralized coin exchange protocol built on Tron blockchain network.

On DappRadar, This exchange protocol is rated 63 in general, 6 in exchange and 1 in Tron categories respectively.

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Other SunSwap operational statistics in the pass 24hrs can be seen below;

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Swapping of 1 TRON (TRX) to SunSwap is attracts a fee of 0.003TRX which is send to liquidity provider as appreciation and 1TRX equals 5.55SUNs

Screenshot taken from my Tronlink wallet

The major features of SunSwap are as follows;

• Governances
• Airdrop
• Stake
• Swap Stablecoin etc

All this feature can be seen on it the SunSwap official website and they are the reasons that it is my favorite.

Conclusion

In conclusion, I’ve briefly discussed about my favorite blockchain historical background and reasons why I prefer it.

As demanded, I’ve also narrate two major shortcomings that hit the blockchain in the year 2018, it negative impacts and how the management handled it and SunSwap exchange protocol is among what I’m explore on the blockchain network.

Despite it current ranging (choppy) trend. I think that holders of should stake because Tron is a token with a bright future.

I tag @ukpono @yuceetoria and @paulyoung to submit their entry as i will happily read