TRON aims to “heal the Internet” by providing “data liberation” to its users. They will be able to control their data and receive payment directly for what they produce. This doesn't just apply to YouTube-style user-generated content. It also works with various types of dApps (decentralized applications) built on the TRON blockchain.
TRON has a three-layer architecture, divided into storage, core and application layers. The storage layer stores information about the blocks and the state of the system. The main layer serves as the basis for smart contracts, a consensus mechanism and account management. The application layer is the system layer that hosts interfaces for application development. In addition, there is the Sun Network, a side-chain network built specifically to introduce more dapps into the system.
The TRON mechanism uses a delegated proof-of-stake algorithm. Participants are classified as Super-Representatives (SRs), SR Partners and SR Candidates. SRs are chosen by voting. The first 27 super representatives get the right to generate blocks and process transactions, receiving an award for this. Blocks are produced every 3 seconds and bring 160 TRX. Validators who took 28-127 places become SR partners who are entitled to remuneration for voting and, in fact, act as witnesses. The cost of applying to become an SR candidate is 9.999 TRX. Regardless of the election result, no one will return the money to you, they simply burn up. Any participant can make suggestions for improving the network and vote. To vote, the TRX owner must place a bet and receive Tron Power (TP), proportional to the amount they freeze in the ratio of 1:1. By attributing votes to the candidate from the CP, the user can receive a part of his remuneration for the vote. Since the SRS list is updated every 6 hours, the awards are also accumulated during this time period and distributed accordingly as the list is rearranged according to the rating. The network also uses smart contracts and has two token standards: TRC 20 uses smart contracts and is compatible with ERC 20, while TRC 10 is issued by a system contract. The native currency on the Tronix blockchain (TRX). In addition to betting by voting, there are two additional ways to force TRX to power the network.
In general, the functioning of this system is as follows:
- The author or the copyright holder publishes the result of his intellectual work on the official website. You can upload anything you want-from literary novels to an author's song or art on a certain topic. Then the participant puts out information about how his creation can be used (as an accompaniment to another work or as an independent product). Next to it, he indicates the price of his work.
- Another user who is interested in this work purchases it for the local currency Tron (TRX). However, users should remember that it is impossible to purchase a particular product on this resource with the help of fiat money (dollar, euro, rubles, etc.). Inside the system, there is its own cryptocurrency, which must be purchased at exchangers or exchanges in order to make a transaction.
- As soon as the interested user has acquired the result of intellectual work, the amount specified by him is transferred to the author's account. The author can use the tokens at his discretion – to purchase a work from another author, simply save money on his account, or exchange them for another cryptocurrency or fiat funds.
- Tron (TRX) is the main currency of the system. For this currency, you can buy or sell the results of your intellectual work. If necessary, the owner of a certain amount in this currency can exchange it for fiat money or other cryptocurrency.
- Tron Power. It is impossible to purchase or exchange other money for the currency. This is a text from catalogue cryptodefix. The only means of getting them is to fix the TRX currency on the website platform. In this case, they are converted to TR. The presence of such tokens gives advantages to their owner. For example, the owner of the TR has the right to vote for certain changes in the system, or to oppose them.
- TRON 20. Coins owned by developers. With the help of them, they create new full-fledged blockchains with new tokens.
TRX can be used for various purposes:
- TRX can be used to pay for content that people want to visit. The payment goes directly to the content creators. It is also used to pay the price for what people do on the hundreds of dApps hosted on TRON blockchain. Tokens can be changed or pay for services in the block chain.
- Although it has not yet become widespread, it can be used to pay for everyday goods and services.
- It can also be used as a means of saving for investments, like bitcoin and other cryptocurrencies. At the time of writing it was valued at about $ 0.03. We will talk more about the price history of TRX and whether it is a good investment later in this article.
- Users on the network can block their tokens for a while to get the “power of the Throne”. This, in fact, gives users the right to vote when making decisions on the network. Although users cannot use tokens if the they are blocked, this ensures that they will not be used by anyone else.