In a report published last year, Gartner predicted that by the year 2020, the banking sector will make $1 billion from blockchain-based cryptocurrencies. On its face, the prediction seemed overenthusiastic. However, the increasing number of diverse cryptocurrencies stepping into the market every day has made it plausible. In fact, cryptocurrencies such as Litecoin, Etherum, Bitcoin, TRON, Ripple, and others have shown both unexpected and unprecedented results.
Of all the cryptocurrencies, TRON’s unique position as an open content sharing platform integrated with blockchain caught investors’ attention.
Let’s dive in to better understand this powerful company.
What is TRON?
Tron is a blockchain based smart contract protocol which allows content providers to share their data with their users without having to go through an intermediary. For instance, in order to download WhatsApp, you have to use a third party which in this case is the Google Play Store. TRON eliminates the need for interacting with this third party. You can directly communicate with the producer to download that software. In fact, you can also make your content—songs, videos, software, services—available on the TRON platform which is integrated with a peer-to-peer storage network.
TRON uses Tronix (TRX) as the cryptocurrency for all the transactions happening throughout the platform. Based on the nature of the content, it falls under the category of an entertainment content-sharing platform. TRON is a re-imagined idea of a completely translucent market that has the direct communication between buyers and sellers, with various authentication processes within the technology.
How Does TRON Work?
TRON has a three-layer architecture. The first is the Social Media platform which is the application layer. On this platform, cryptocurrency miners can combine the processing power of their machines and enhance the user registration. It allows them to have more users registered on the network as they are able to interact and collaborate together on the content sharing platform (TRON) with ease. The integration of blockchain technology provides security and eliminates the duplication of users due to the authentication processes each user must undergo.
The second layer is the blockchain platform. It consists of a contract layer and the consensus layer. The contract layer is all about the smart contract. This digital document has the testimony of the buyer and the seller, making them authenticated participants as the document is open and accessible to all the users in the network. Whereas, the consensus layer has Proof of Stake (PoS) algorithm that solves the problem of distributed consensus. Simply put, it is a method to verify the authenticity of a system based on various data sets that decide the end result.
Lastly, the third layer is the peer-to-peer network that involves the network and the storage layer. The network layer is the distributed storage system along with the database that can consolidate the user information securely.
Why Choose TRON?
Better Control: Users have complete ownership of their content—there is no obligation in warehousing, publishing, or accessing their data. TRON allows owners to set the limits on the pricing and decide how much of the data they want to share. As a result, these features set this platform apart from competitors.
Transparency: TRON allows users to interact with the producer—you directly pay to a person who sells a software without any third-party intervention. Due to its transparency, the risk of fraudulence is mitigated to a certain extent.
Extensibility: TRON’s blockchain technology can be extended through side chain for a variety of uses. These include smart contracts, video and audio files, and cryptocurrency transactions.
Purely Decentralized: TRON’s competent foundational base ensures the failure of one node in the network will not affect all the other nodes. Because of this, the systems continue to work even during power outages and unforeseen failures.
Gamer’s Choice: TRON has gained ample amount of popularity in the work of online gaming. Various websites have started to accept this currency for upgrades, premium features, and secret hacks.
Investors’ Choice: TRON has been the talk-of-the-town in China and other countries with mature economies. This points to its secure future and guaranteed growth.
Through its robust features and growing userbase, TRON is poised to continue to grow. At the time of writing, it is the 10th largest cryptocurrency in the world. Due to its constant improvement, it will continue to rise to the top of the cryptocurrency market.
Experience this unique decentralized ecosystem for yourself today.