The power structure of the internet has shifted significantly since the early 2000’s. Today, the content that we receive online is largely manipulated by the interests of giant corporations, who advertise and feed certain ideas into the heads of users constantly. Big players like amazon, ebay dictate what products are sold to the masses in general, and as result of this we can see a gradual centralization of the internet.
In order to break away from such structures, there are how many crypto platforms that offer users with a host of possibilities to share and receive information (musc, news, social media) in a completely different way.
What is Tron (TRX)?
In its basic essence, Tron is a “blockchain based entertainment system” that is full of original content.
Founded in 2017 by the non-profit Tron Foundation, based in Singapore, TRON is a decentralized digital content sharing platform aiming to disrupt the trillion-dollar entertainment industry.
It makes use of a currency called TRX, that is used to govern all of the actions that take place within the ecosystem. Owing to its native economic system, this platform is able to allow for excellent “one-on-one interaction between providers of digital entertainment content and ordinary users”.
As a direct result of this, content providers will no longer have to pay high fees/ commissions to media platforms such as Google Play and the Apple App store. Also, like may other crypto platforms, Tron allows all of tits users to receive incentives for sharing content such as texts, pictures, videos, and broadcasts.
Leveraging blockchain and peer-to-peer networking, TRON seeks to eliminate the middlemen and allow content creators to directly reach their consumers and monetize their content. In September 2017, TRON's ICO lasted only 3 days, meeting its hard cap of 15,000 bitcoins.
The TRON Mission
TRON has courted plenty of controversy from various quarters for its aggressive marketing practices and plagiarism. In January 2018, it was alleged that vast portions of the TRON whitepaper was plagiarized. The CEO, Justin Sun, imputed similarities of the English whitepaper to other projects down to poor translation from volunteer translators.
TRON also has a habit of switching its stated purpose and value proposition. From being initially promoted as a decentralized entertainment content sharing platform for gambling, games and social apps, TRON has recently begun marketing itself as a protocol for ‘decentralizing the web‘ and ‘healing the Internet.’
TRON has a 3-tier model which comprises an application interface layer, a blockchain layer and a P2P distributed storage system.
The application layer access of content created and deployed on the platform. The blockchain layer is a smart-contract platform which employs a distributed, delegated proof-of-stake model to achieve consensus. The P2P storage system is a distributed data storage network for all content shared on the platform.
Consensus is achieved on the TRON network through a delegated proof-of-stake mechanism called TPOS, which features 27 community-elected super representatives who function as validating nodes for transactions on the network.
TRX holders will be able to gain TRON Power (TP) by holding and locking their TRX tokens for long periods. Higher TP equates to greater weightage in voting rights.
The Roadmap for TRON consists of six phases spanning 6 years,
- Exodus, the first phase, is a free P2P data sharing platform to distribute and store user content.
- Odysseus, the second phase, will incentivize content creators by expanding user rights to content.
- Great Voyage, the third phase, will implement personal ICO to allow users to launch their own crowdfunding campaigns.
- Apollo, the fourth phase, will allow issuance of personal tokens, known as TRON 20 tokens, by users on the platform.
- Star Trek, the fifth phase, will enable a decentralized platform for online gaming and prediction markets.
- Eternity, the sixth and final phase, envisions the ability to fundraise and monetize based on the community growth.
Other Key Aspects of This System Include
(i) Social Networking:
Tron serves as an excellent social media platform, allowing users to freely exchange thoughts, idea, media without the interference of any middlemen.
Owing to the fact that this system is based on the blockchain, it allows users to have full control over their digital assets.In addition to this, users who share and create good content, are also rewarded either monetarily or in the form of other incentives.
(iii) Payment Network:
An additional use of Tron is its ability to double up as a fully autonomous payment system. Users can send and receive money from any part of the globe within minutes when using this platform. The transactions are encrypted, and can only be accessed by the parties that are directly involved with them.
About the Company
The Tron Foundation has been around for awhile now, and was set up initially to serve as a platform for cutting edge digital innovation. The company has been approved by institutions such as the Accounting and Corporate Regulatory Authority (ACRA), and is run by the Board of Trustees or the Board of Governors formed by eligible individuals for independent management and operation, which is also independent from the government's administration.
Other Important Aspects of The TRON Service
(i) Data Liberty:
There is no censorship of any media that is relayed within the Tron network. This ensures that all parties have access to freedom of speech, and that nobody has to unfairly be subjected to corporate sanctions etc. The information that can be circulated without any prohibition includes characters, pictures, audios and videos.
(ii) Content Enabling:
Another underrated aspect of this system is its ability to stimulate content ecology via the use of incentives.
(iii) Personal ICO Option:
Users have to option to “freely distribute digital assets in the form of an ICO”. As a result of this, other platform users can enjoy the benefits and services that are delivered via the “continuous development of data contributors by purchasing digital”
(iv) Completely Decentralized:
The distribution of digital assets is done via mechanisms that are completely decentralized. Some of the other core features employed by this platform include distributed exchange, autonomous gaming, forecast and game system.
TRON TRX Token Details
The official token used by the platform is called Tronix (abbreviated to TRX). It is currently on sale, and can be purchased via the use of fiat, as well as cryptocurrencies from the official company website.TRON has a circulating supply of roughly 65 billion TRX, with a maximum supply of 100 billion TRX. The Tron Foundation, which holds 35 billion TRX, has expressed an intent to carry out periodic coin burn to heighten demand for its native token.
In terms of the allocation of these tokens, the company has presented the following model:
- Public offering: 40%
- TRON Foundation and the ecosystem: 35%
- Private offering: 15%
- Pay initial supporter-Pei Wo Huanle (Beijing) Technology Co., Ltd.: 10%
TRON mainnet was launched on the 31st of May, with its first super representative election set to take place on the 26th of June.