What Is Tron? All You Need To Know
The internet has changed millions of lives in a million ways, and for that, we are thankful. But there is a downside to it that cannot simply be ignored: it is
dominated by centralized players and middlemen. Companies like Google, Amazon, Twitter, and Facebook literally own the internet and are able to easily track and control the data we unknowingly generate. All we do is willingly hand them data we have no idea how or what it is being used for, and help them build their empire of money.
However, all that is going to change thanks to Tron, a smart contract blockchain that aims to solve that problem once and for all by building a decentralized internet that is owned and more importantly controlled only by the individuals who use it. In this article, we will explore the basics of Tron and how it works.
What is Tron?
Founded by Justin Sun, the former chief representative of Ripple in China, who resigned from his role as CEO of the Tron Foundation in December 2021, Tron is an open–source blockchain designed to function as the infrastructure for a decentralized internet, which control was handed to the non–profit decentralized autonomous organization called Tron DAO. Thanks to its innovative way of using smart contracts, Tron cannot be controlled or shut down by a single person or entity as it takes advantage from smart contracts to form the building blocks of decentralized applications (dApps) that run on top of its network of nodes. Why go through all the trouble, you may ask? Tron’s main goal is to “heal the internet”. To build the foundation on top of which sophisticated services like decentralized gaming networks, trading platforms, and decentralized finance (DeFi) applications can be built.
How does Tron work?
Unlike Bitcoin, Tron does not get criticized for its environmental impact much since it is secured by the delegated proof–of–stake model, or DPoS, which allows users to vote on which nodes they think should process transactions on the network. As of now, there are 27 of these “super representatives” on the Tron network whose job is to validate transactions, create new blocks and compete for rewards for good behavior. Now what if someone misbehaves? This is one of Tron’s many advantages: Thanks to its ongoing voting system to elect super representatives, in case one is misbehaving, they can be easily replaced.
Follow Xapa on social media and stay tuned for more!
