What is TRON
Founded in 2017 and headed by CEO, Justin Sun, TRON is a decentralized platform that aims to allow for the creation of content, websites, and applications. Labeled by some as the “Web 4.0”, TRON also aims to facilitate the issuance of digital assets.
The core aim of the TRON protocol is to cut out the middleman in entertainment-based services and bring consumers directly to the content creators. For example, YouTube is a centralized video hosting platform that generates revenue through ads displayed on user’s content. The ad revenue generated from a video is split unequally in favor of YouTube as it takes the larger percentage share. However, with the use of the TRON protocol, content creators can deliver their content directly to their audience and get paid for it, without the aid of a middleman.
The TRON project aims to streamline the entertainment industry by bringing it on to a decentralized blockchain.
How TRON Works
Through the use of the TRON Virtual Machine or TVM, developers can create and execute smart contracts written in any high-level programming language. According to the TRON whitepaper, TRON smart contracts can currently be written in Java or Go (GoLang), however, the project aims to support a range of different programming languages which can then be deployed on the TRON blockchain.
Smart contracts allow for the creation of decentralized applications, or DApps, which can operate on top of the TRON blockchain. Example applications that can be built on top of the TRON blockchain include dating, betting, and gaming applications. According to the TRON whitepaper, applications built on top of the TRON blockchain tend to have an inbuilt reward system.
For example, a dating application built on top of TRON could reward a user in the TRON token (TRX) if they receive a large amount of interest from other users. Conversely, if a user deems the actions of a fellow user to be reprimandable, the user can issue a smart contract for TRX destruction. Therefore, destroying the tokens of the offender. Although, it is not made entirely clear in the TRON whitepaper how such disputes would be settled.
The consensus mechanism currently employed by the TRON protocol is Delegated Proof-of-Stake.
In addition, key network information includes:
- Block time: 15 seconds
- Signature algorithm: Lamport algorithm
- Single block confirmations
The TRON protocol currently supports a block time of 15 seconds, with only a single block being required for confirmation.
TRON also utilizes the Lamport algorithm for its protocol. This is in contrast with the Bitcoin and Ethereum protocols which both support Elliptic Curve Digital Signature Algorithm (ECDSA). The Lamport algorithm is reported to offer resistance to quantum computing attack and may prove to be the superior of the two algorithms.
The TRON whitepaper points to 2 main reasons as to why the TRON platform is needed, particularly with regards to the entertainment industry:
- User credit and user information
- Transfer of value
User credit and user information – In this context, user credit could simply refer to the points collected in an application operating on top of the TRON blockchain. User credit can take the form of a custom credit system set by an application, or TRX, the TRON token. Movement of user credit and user information between applications is simplified because all the applications would be operating on the same blockchain. This begets the lowering of input costs for developers, as well as the elimination of repeated authentication for different applications by users.
Transfer of value – As well as allowing for the movement of user information, TRON purports to offer a key advantage in the area of transference of value. Through the use of the TRX token, users can seamlessly transfer value between applications with minimal transaction costs.
The TRON protocol stands to change the way in which users interact with applications if it can successfully accomplish its goals.
One could say that the aim of the TRON protocol is to centralize the entertainment industry and bring it on to a single decentralized platform.
Written By: Bisola Asolo
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