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Tronix (TRX) is the cryptocurrency at the center of Tron, a blockchain-based platform with two key functions. It operates as a worldwide platform for sharing online content, as well as a tool for developers to create decentralized applications that do not require intermediaries.
Tron is among a number of cryptocurrency initiatives that aim to decentralize the internet with the use of blockchain technology. Its platform is specifically designed for peer-to-peer file sharing and has set its sights on competing with centralized tech giants such as YouTube in the media industry.
In 2017, Tron raised $60 million through an initial coin offering (ICO). A significant portion of the tokens were allocated to private sale investors (15.75 billion TRX) and ICO investors (40 billion TRX). The Tron Foundation, the nonprofit organization responsible for guiding the project’s development, received over 34 billion TRX. Additionally, 10 billion TRX was given to Peiwo Huanle Technology Co., a company owned by tech entrepreneur Justin Sun.
Upon the launch of the mainnet, the Tron Foundation burned 1 billion TRX, reducing the supply of the token. The supply cap of Tronix (TRX) is currently set at 100 billion, but the Tron Foundation has indicated that it is not a permanent limit. According to CoinMarketCap, Tron’s all-time high price was recorded in January 2018 at $0.22, during a bullish market trend in the cryptocurrency space. In the following years, the price of Tron fluctuated between $0.01 and $0.04, with a recent peak in April 2021 when the price rose to $0.16, following the breakout of bitcoin above $64,000.
Tron is a blockchain-based platform that aims to make it easier for individuals and businesses to distribute and share digital content, such as files, images, videos, and entertainment, without relying on centralized media companies like Netflix and YouTube. It borrows technology from Ethereum and utilizes a virtual machine called the Tron Virtual Machine (TVM) to execute smart contracts.
The network operates on a delegated proof-of-stake consensus mechanism, where token holders elect delegates to validate transactions and add them to the blockchain. A rotating group of 27 delegates, known as “super representatives,” are swapped out every six hours to ensure security and decentralization.
Tron’s architecture is designed to facilitate decentralized file sharing and is split into three layers: the core layer deals with smart contracts and consensus, the storage layer is responsible for storing large data, and the application layer allows developers to build decentralized applications. The goal of Tron is to provide a secure and decentralized alternative to centralized media tech companies and make it easier for individuals and businesses to distribute and share digital content.
