TRX, the blockchain project TRON, was launched in 2017 by the nonprofit Tron Foundation through an initial public offering of tokens. The issue amounted to 100 billion TRX, the initial investors invested in the cryptocurrency project TRON the equivalent of 70 million USD in cryptocurrency. Justin Sun (CEO of BitTorrent and owner of the media blockchain Steem), known in the crypto world, is considered the founder of the project.
TRX was originally an ERC-20 standard token, which allowed the ICO to be launched quickly and the funds needed for development to be raised. In 2018, the TRON blockchain network was launched and the coin was integrated with its own blockchain network. ERC20 TRX tokens were converted into native TRX tokens, after which they were burned by a smart contract.
The operating system of the decentralized blockchain project TRON allows third-party developers to create DApps (decentralized applications) and smart contracts, create their own coins, store data, and more. Some of the main advantages of this blockchain are excellent scalability, reliability, security, and high speed of transactions, the cost of which is minimal.
The TRON blockchain network is based on the Delegated proof-of-stake (DPoS) consensus algorithm. Technically, the blockchain proof-of-stake process looks like this. 27 superrepresentatives (the list of which changes periodically) validate a transaction on the blockchain. Superrepresentatives are elected every 6 hours, and blocks are entered into the blockchain every 3 seconds. For their work, superrepresentatives receive 32 TRX as a reward per block.
Anyone can join the project ecosystem and participate in the management of the TRON blockchain network. To start, one must buy and freeze TRX tokens in one's account, and in return the user is rewarded with Tron Power tokens, which are a unit of voice.
TRX can be bought, sold, and exchanged on any cryptocurrency exchange that supports it. It is a popular and sought-after coin by users.
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