Cryptocurrency Explained

Cryptocurrency Explained: What Is Tron?

Tron is a decentralized platform for content sharing and entertainment. It uses peer-to-peer and blockchain technology. It is the next generation social media outlet enabling all to share content with anyone anywhere in the world. Its basic unit is called Tronix and is referred by ‘TRX’ as its ticker number. The users can share content in the Tron cryptocurrency ecosystem platform and are also compensated for the data and content that they create.

The company behind Tron is a non-profit entity based in Singapore. After getting approval by the Accounting and Corporate Regulatory Authority, the company remains under the supervision of the Company Law of Singapore.

The Founder

Justin Sun, the founder of Tron, has gained his place after developing the Peiwo app with the popularity of 10 million users. He is the protégé of none other but Jack Ma, founder of the Alibaba group. Justin Sun was handpicked by him to study in the prestigious Jack Ma Hupan University. Justin Sun also graduated from University of Pennsylvania. Tim Berners-Lee, who developed the World Wide Web, and Feng Li, who guided the investment at Coinbase and also an advisor of Ripple, are the other grand mentors who have touched Justin Sun’s life.

How Tron Can Be Used

Tron enables the content creators and artists all over the world to enjoy the ownership of the content created by them.

Tron has achieved the purpose of the internet as it was initially designed or perceived to be. It has reached the stature of the third web or web 3.0 which will be a decentralized open network.

Unfortunately, when the dotcom bubble happened, the internet deviated from its initial goal to be a decentralized entity. The power shifted in the hands of the tech giants as Silicon Valley developed on the infrastructure that was provided to them. Cambridge Analytica is an example of this. But with the advent of Tron, the power shifted back into the hands of the users where they get to control their own data.

Purpose Of Tron Coin

Will the Tron put the internet back to the original position it was meant to be at?

The developers simply like Tron as it permits the use of any of the high-level-languages for the smart contracts. This will allow the developers to use the language of their choice on top of the open-software design that Tron offers.

Tron products can be picked up on the network. First, Tron came up with cryptokitties and then soon after with cryptopuppies which were inspired by the upcoming Chinese calendar of the year of the dog. The Tron dogs managed $18 USD per dog. This is one of the many successful Tron products.

Tron Transactions

The TRX coin transaction is like most other digital currencies and it happens on a public ledger. The transaction can be traced to the very first transaction. The TRX transaction is similar to that of Bitcoin but the only difference is that it has additional security. The model being used by TRX is UTXO. The UTXO gives an output which is the amount of money given to the TRX user’s address and with it a set of rules to unlock the amount specified.

How Secure Is Tron

Tron’s reputation is good where security is concerned and the budget has been focused on the security criteria. Jorge Guo has received acknowledgment for his work from Google, Huawei and Qualcomm.

The users need to be smart while holding the TRX and need to store their coin very sensibly. Coins can be stored on hardware wallets like the My Ether Wallet and you only need to write down your private key. They do not maintain the backup of username or passwords. So if you lose or forget your password, you will lose all your TRX. There is going to be no email that would be sent to allow you to reset your password.

Being a digital asset, Tron is not beyond exploitation and security may be breached, a risk that prevails in the digitization era. The help of hardware wallet may be taken for possessing private keys for basic security.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Ritika Monga loves trying new things and is a person of many interests - content writing, Graphic & Web Design, sports, teaching and researching. She writes cryptocurrency guides, research and news articles for OWLT Market.

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