Tron FAQ :: What is the TRON (TRX) cryptocurrency?

TRON (TRX) is the native cryptocurrency of the blockchain platform of the same name that runs decentralized applications. TRON is among the top 20 crypto assets by market capitalization.

TRON was launched in China in 2017 and is positioned as an "Ethereum killer". It claims to simplify the development of decentralized applications and supports smart contracts of other blockchains.

Despite the long development period, the TRON ecosystem remains limited, although it includes several large projects, including decentralized finance (DeFi).

Who created TRON and when?

The TRON blockchain platform was developed under the leadership of Justin Sun, a young Chinese entrepreneur. Previously, he served as an ambassador for Ripple in China and launched Peiwo, a popular mobile audio streaming app.

In July 2017, Sun registered the non-profit TRON Foundation in Singapore. A few months later, he founded a company in San Francisco, USA.

In August 2017, TRON organized an ICO, which resulted in the team raising around $70 million. The project was positioned as a competitor to Ethereum and EOS; the TRON testnet was launched in spring 2018, and the mainnet was launched on May 31, 2018.

The aggressive marketing and eccentric statements of Justin Sun on social media have had a noticeable impact on the market price of the local TRON coin, which has been repeatedly criticized by the cryptocurrency community.

The TRON project was accused of being highly centralized and copying its competitors. The researchers found that the white paper the project released for its ICO contained a significant amount of plagiarism from other blockchain projects, including Ethereum.

At the end of 2021, Justin Sun announced his retirement from TRON, "stepping back from active management"; in January 2022, the TRON governance reform was completed: project management was transferred from the TRON Foundation to TRON DAO, a decentralized structure.

How does TRON work?

The architecture of the TRON blockchain consists of three layers:

• Core - consensus module, smart contracts, TRON virtual machine (TVM) and account management;
• Application layer - used by developers to create decentralized applications; And
• Storage layer - designed to store network blocks, segmentation of blockchain data and blockchain state data.

The TRON blockchain uses the Delegated Proof-of-Stake (DPoS) consensus algorithm pioneered by competing EOS projects. Blocks are generated every three seconds, and the maximum network throughput is 2,000 transactions per second.

27 superagents (actually validators) selected from hundreds of node operators are responsible for validating transactions and creating new blocks. The super agent that creates the next block and executes the transaction receives 32 TRX. He can use all or part of his remuneration to buy votes in order to maintain control of the network.

Users who participate in TRX staking by transferring their coins to a super agent receive a yield of about 4% (staking reward data as of the end of August 2022).

There are three types of nodes in the TRON blockchain:

• Supernode: a node with a superdelegate candidate;
• Full nodes: that translate transactions and synchronize them with the blockchain;
• Strength nodes: that synchronize blocks from a full node and provide an API for third-party applications to access the blockchain.

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