The decentralized nature of blockchain is gradually replacing centralized processes in the real world. The year 2022 has brought about several innovations and chances for mainstream adoption of the blockchain across various organizations. Blockchain is altering how people connect, respond, and develop in an ecosystem across different corporate use cases, gaming, and educational applications. The demand for blockchain systems is rising due to this extraordinary growth. In our previous blog post, we discussed the Top 15 blockchain platforms. We examine the TRON blockchain platform and its operation in this blog.
Tron is a blockchain-based operating system with over 103 million users (as of 2022); it is purely community-driven DAO. Tron DAO focused on accelerating web3 progression and allowing users to create novel and useful blockchain solutions. On 27th December 2022, Tron DAO joined Enterprise Ethereum Alliance (EEA) to work with top corporate users, innovators, and business leaders to hasten the adoption and growth of Ethereum Blockchain in various business sectors.
Tron is an open-source blockchain platform intended to serve as the foundation for a decentralized internet with the help of smart contracts, the building blocks of decentralized applications, or DApps, which are programs that utilize the nodes in the Tron network to run. It focuses on building and establishing services like trading platforms, decentralized gaming networks, and decentralized finance (DeFi) applications.
Justin Sun, a former top official at Ripple, founded Tron. Sun handed up the project management to the non-profit Tron DAO, a decentralized autonomous organization when he resigned from his position as CEO of the Tron Foundation in December 2021.
The native coin of the Tron is called Tronix or TRX. It can be staked to gain network rewards and is utilized for the network's transaction fees. Additionally, it is used for network governance, with TRX holders having a voice in network decisions.
Similar to how the EVM-based Ethereum platform operates, the TRON Virtual Machine (TVM), designed for the TRON ecosystem. It aims to deliver a customized blockchain system that is efficient, stable, usable, safe, and scalable. The TRC-20 technical standard is used to create TVM-compatible tokens through smart contracts that are fully ERC-20 compliant.
TRON uses a delegated Proof-of-Stake (DPoS) consensus mechanism to reach a consensus. The proof-of-stake method used by blockchains like Ethereum has evolved into DPoS. This system allows users to vote on which nodes should be permitted to handle network transactions. There are 27 of these "super representatives" on the Tron network.
Their duties include checking transactions, building new blocks, and competing for incentives for good network behavior. Super representatives are chosen through an ongoing voting process, so if any nodes work inappropriately, they can replace with another node.
The Solidity programming language is the TRON blockchain ecosystem's core smart contract language. Solidity was chosen due to its ability to work with Ethereum and its simplicity and efficiency in developing and maintaining decentralized apps (dApps).
The Ethereum network's structure and that of Tron are strikingly similar. Tron has received criticism for allegedly duplicating too much of the ETH network technology rather than coming up with the original platform's fundamentals.
However, many users are switching to Tron because of its faster performance and reduced transaction fees compared to Ethereum.
Many intriguing applications are running on the Tron blockchain network, which is expanding and becoming a powerful blockchain platform. Let's examine some of the top projects of Tron.
JustSwap is a Decentralized exchange (DEX) built on the Tron blockchain. It is one of the largest platforms on the Tron network. It was first introduced in 2020 and is a powerful social network platform with over 50k Twitter followers and over 15k members in its Telegram group. You can trade tokens on JustSwap, including TRX, BTC, ETH, USDC, SUN, NFT, WBTT, WTRX, USDT, and many more.
Kraftly is a decentralized NFT market built on the BSC and Tron network blockchains. Kraftly allows users to produce, purchase, and sell NFTs, rare digital goods, and collectibles, similar to many other NFT marketplaces. Buyers and sellers of NFT can transact directly with one another.
Luminous is an open crypto-gaming ecosystem. It is an online gaming platform that lets you play games and, of course, make money. Some of its popular games are megabit and Lucky Dice; the Megabit game allows you to anticipate the price of Bitcoin and, if successful, receive "hundreds of USD each day." However, Lucky Dice allows you to play the dice and receive cryptocurrency incentives.
It is a digital platform built on smart contracts that connect and builds up various DeFi marketplaces. Its main goal is to make cross-chain trade simple and inexpensive. By using smart contracts, Unifi increases the value of each blockchain by enabling service providers to use the Unifi Protocol to develop distinctive, DeFi-based goods and services. The number of blockchains that Unifi supports is continually growing, which broadens the range of goods and services that can be developed using the Protocol.
Tron is working to establish its ecosystem as the hub of the developing decentralized internet, supporting many initiatives and DApps. Even though Blockchain technology's data structures have inherent security qualities because of their consensus, cryptography, and decentralization principles, every evolving platform has risks and vulnerabilities.
BlockChainSentry, based in Palo Alto, CA, and Bangalore, India, is a leader in the management of Tron projects with custom detectors. If you want to develop a secure blockchain project, check out our security tools and solutions, carefully curated by cybersecurity experts and designed for all vulnerabilities. Our security dashboard includes a user-friendly environment where you can scan your projects. You will also be able to set up a scan schedule to monitor your blockchain projects thoroughly.