What is TRON?
TRON (TRX) is a decentralized entertainment and content-sharing platform which uses blockchain and peer-to-peer (P2P) technology. You can create and share content with anyone using the platform. TRX or Tronix is the native currency of the blockchain and it is the currency that pays you for your content. The force behind the network is the TRON Foundation, which is a non-profit organisation based in Singapore. The foundation is led by Justin Sun, a successful asian tech entrepreneur.
TRON focuses on the social aspect of a cryptocurrency network. Users can share content with other people which makes it similar to social media platforms like Facebook or Instagram. However, content creators are compensated for the content that they create. Similar to the way YouTube or Twitch reward their users by showing ads before videos, TRON rewards content creators without taking a percentage of the revenue. The revenue for your content is paid in Tronix.
Tron is a long-term project with a set of phases beginning with Exodus in 2017 and ultimately leading to Eternity in 2023. Each phase extends the features and functionality of the platform.
The first phase of the project is Exodus. It enables simple distributed file sharing on the TRON platform. In this phase the platform is not using any blockchain technology.
The second phase enables incentives for content creators. Users are rewarded for creating and sharing content on the platform with a certain tipping scheme instead of clicks and views. Clicks are easily reproduced so they are not ideal for measuring the reward.
Great Voyage and Apollo
The next two phases allow content creators to further expand their personal brand through the creation of their own tokens. Moreover, TRON develops a blockchain application platform similar to Ethereum. This allows users to program smart contracts and for example create personal tokens.
Star Trek creates a decentralized online gaming platform.
The last and final phase allows developers and creators to fundraise projects over smart contracts using the TRON platform.
How does TRON work?
TRON uses the UTXO-based commercial model which is also used by Bitcoin. The consensus mechanism used by TRON is proof of stake. TRX coins can be locked by users to receive TRON power (TP). TP gives users a voting right in the network. The longer your tokens are locked away, the more TRON power you receive. The voting right of a user is used to vote for a block validator that confirms transactions in the network.