TRON is a decentralized, blockchain-based platform that supports decentralized applications (DApps), smart contracts, and transactions. TRON was first created with the goal of fairly rewarding content creators through its global content entertainment system. Put simply, it’s a decentralized content and entertainment platform. As TRON utilizes distributed storage, it opens the door for more cost-efficient and seamless sharing of digital media. The creators of TRON sought out to cut out the big media companies like YouTube and Facebook, to bring more control and revenues directly to those creating content.
How does Tron work?
Tron utilizes a delegated-proof-of-stake (DPoS) consensus mechanism. DPoS systems are similar to PoS systems, in that shareholders can stake their holdings in a network wallet, and in turn earn native tokens. Tron’s native token is called Tronix (TRX). The difference between the two systems is that in a DPoS, only elected nodes can approve transaction blocks. The system that allows smart contracts to run securely in a decentralized environment is called the TRON Virtual Machine (TVM).
Within the Tron network, transactions are validated by 27 “super representatives.” These super representatives play a significant role in governing the Tron community, as they’re tasked with maintaining the blockchain’s transaction history. The 27 are chosen out of 127 candidates every six hours. The 127 candidates are selected based on votes from the entire, Tron stakeholder community. In exchange for helping maintain transaction history, they are rewarded with TRX coins.
What is Tron used for?
Tron essentially serves as a decentralized, distributed storage network that allows creators to host their content right onto the network. As mentioned before, this was Tron’s initial goal. Tron allows creators and developers to make their own dApps and tokens within the ecosystem. DApps built on Tron could include decentralized exchanges, lending platforms, and even games. In addition to dApp development, Tron is used for financial transactions, facilitated through TRX.
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