TRON (TRX): Definition, History, and How It Works – Bittime

TRON is a blockchain network that enables the development of decentralized applications (DApps) and smart contracts. TRON also has its own cryptocurrency called TRX. TRON was founded by Justin Sun, a well-known crypto figure in Asia. TRON has a vision to create a decentralized Internet free from censorship and monopoly.

Understanding TRON (TRX)

TRON is a type of cryptocurrency, which is a form of digital money that is not regulated by a central authority, such as a bank or government. Cryptocurrencies use blockchain technology, which is a system that records and verifies all transactions that occur on a peer-to-peer network. Blockchain ensures that transactions cannot be forged, duplicated, or altered.

TRON has symbol TRX and ISO 4217 code TRX. One TRON is equivalent to 100 million units called Sun. TRON can be exchanged for fiat currencies, such as rupiah or dollars, or for other cryptocurrencies, such as Bitcoin or Ethereum. TRON can also be used for various purposes, such as shopping online, donating, tipping, or just having fun.

History of TRON

TRON network was first established in March 2014 and officially created in September 2017 by Justin Sun. Sun is a well-known crypto figure in Asia. Justin Sun studied at Hupan Uni, a business school in China. The school was founded by the founder of Alibaba, one of China's richest men. Justin Sun specifically wrote a final thesis study on the decentralized Internet.

Later, Justin Sun created Peiwo, a Snapchat-like app for Chinese users. Justin Sun received some criticism at the beginning of TRON's adventure. TRON's initial white paper was considered by some to be crude plagiarism from other cryptocurrencies such as Filecoin. Vitalik Buterin, the creator of Ethereum, is one of the people behind this criticism.

Later, Justin Sun was also accused of selling TRX worth $300 million before the price plummeted 30%. On the other hand, Justin Sun in particular bought the BitTorrent platform in 2018 for $140 million. As a reminder, BiTorrent is a decentralized platform where users can exchange content peer-to-peer.

Justin Sun's achievement was to buy the platform to tokenize assets. He introduced the BitTorrent token (BTT) to finance transactions. He also bought social network Steemit to take inspiration from his consensus model. As you will understand, TRON and its founders are associated with many projects within the world of crypto and the decentralized Internet.

Why is TRON (TRX) Designed?

TRON crypto was created by the TRON Foundation in 2017. Initially, the TRON coin was an ERC-20 token, which meant it used the Ethereum blockchain which is still very popular for trading. Later in 2018, the developers launched their own blockchain. The initial goal of the TRON network was to compete with global content providers such as Amazon, Netflix, YouTube, etc.

TRON's mission is to create a decentralized Internet free from censorship and monopoly. TRON wants to give users the power to control and utilize their own content. TRON also wants to incentivize content creators to produce quality and useful content. TRON believes that a decentralized Internet is a more just and democratic future.

How TRON Works

The TRON network has a lot in common with Ethereum. Both blockchains enable the development of decentralized applications (DApps) and smart contracts. TRON, like Ethereum, has its own "virtual machine", which allows it to read and execute smart contracts. On the TRON network, smart contracts can be coded in Solidity language (Ethereum's blockchain language) or Java.

TRON Scalability

The TRON network highlights its formidable scalability. Moreover, according to its website, TRON defines itself as "the world's fastest public blockchain". According to the TRON white paper, the mentioned scalability is 2,000 TPS (transactions per second). Compared to Bitcoin and Ethereum, TRON's scalability is much better. In fact, the numbers given on TRON's website are even better. Thus, the developers call the creation of blocks every three seconds and scalability up to 10, 000 TPS.

Decentralized Applications (DApps)

The TRON network bears many similarities to Ethereum. Both blockchains enable the development of decentralized applications (DApps) and smart contracts. TRON, like Ethereum, has its own "virtual machine", which allows it to read and execute smart contracts. On the TRON network, smart contracts can be coded in Solidity language (Ethereum's blockchain language) or Java.

How to Buy TRX on Bittime

You can buy and sell TRX in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti. TRX is available on Bittime with TRX IDR pairing.

To be able to buy TRX/IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make TRX purchases in the application. Complete Guide on How to Buy TRX on Bittime.

Monitor the price chart movements of Tron (TRX), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.