Hey guys :) I’m back with another information-packed piece to give you a deep understanding and insight on Tron (TRX)! If you haven’t seen my last piece on Binance and BNB, be sure to check that out too. Hope you enjoy the read!
The list of Q&A is pretty long so first comes the list of questions that I have prepared the answers to:
- What is Tron?
- What is TRX?
- What is Tron Foundation?
- Who created Tron?
- What is Sun Network?
- How many TRX tokens are out there?
- Is Tron’s TRX a security or utility token?
- Can you mine Tron TRX?
- Does Tron have an explorer?
- How is Tron different than Ethereum?
- How many transactions per second can Tron’s TRX handle?
- What is the best wallet for Tron TRX?
- What are the top dApps on Tron network?
- Is TRON decentralized?
- What is Tron Protocol?
- What is the governance of TRON?
- Where can you buy Tron (TRX)?
- Can you trade TRX futures?
- Why and when Tron acquired BitTorrent?
1. What is Tron?
Tron is a blockchain-based decentralized operating system with high-throughput, high-scalability, and high-availability. It was founded by Chinese entrepreneur Justin Sun in September 2017 and is consistently ranked among the top 10 - 15 cryptocurrencies in terms of market capitalization.
The overall aim or purpose of the Tron blockchain is to build a global decentralized digital content entertainment system with distributed cloud storage technology. In other words, Tron strives to build the future of a truly decentralized internet.
Tron’s vision allows for free, easy and cost-effective sharing of digital content across the globe in a decentralized manner that cannot be shut down.
Bringing this vision of a decentralized entertainment ecosystem to life is the Tron blockchain with its smart contract functionality and decentralized application (dapp) building capabilities.
The Tron blockchain mainnet went live on June 25, 2018, and currently (as of February 2020) has 931 nodes distributed across 6 continents making it a secure and decentralized network.
Key attributes of the Tron blockchain include:
Tron differentiates itself from many other blockchains by achieving a high-throughput of transactions per second (TPS). As Tron stands today (2020), its blockchain consistently handles 2000 TPS which is much more than Ethereum at 25 TPS and Bitcoin at just 3 - 6 TPS.
Dapps developed on Tron benefit from a highly scalable blockchain network and efficient smart contracts. This high scalability enables support for an enormous number of users and a wide variety of dapp capabilities and use cases.
Tron has a reliable network structure and decentralized consensus mechanism that comes with an improved rewards distribution mechanism.
All in all, Tron is an ambitious blockchain project that aims to decentralize the internet by creating a free, global, and decentralized digital content entertainment system where developers and content creators can freely publish, own, and store data and other content.
2. What is TRX?
TRX is the native cryptocurrency of the Tron blockchain and is heavily utilized throughout Tron’s blockchain ecosystem.
TRX use cases include:
- Digital Currency / Medium of Exchange
- Token Creation and Issuance on Tron
- Obtain Voting Rights
- Airdrops and Privileges
- Powers the Tron Network
- Investment / Trading
Digital Currency / Medium of Exchange
TRX is the basic unit of account and main medium of exchange on the Tron blockchain and ecosystem. Anyone who has a Tron wallet can send and receive TRX tokens in a matter of seconds from anywhere in the world and TRX can be used to pay for goods and services.
TRX is used as a viable payment method at the following places:
Token Creation and Issuance on Tron
Tron’s blockchain is a public and decentralized blockchain platform that enables anyone to create and issue their own tokens hosted on the Tron blockchain.
When a content creator or dapp developer creates and issues a TRC10 or TRC20 token they are required to pay a fee of 1024 TRX which is then burned (permanently removed from the total supply).
This TRX fee helps to reduce spam on the network and promotes a certain quality when issuing new tokens.
Additionally, when new TRC10 and TRC20 tokens are created and issued on the Tron blockchain, TRX holders can use their TRX to purchase these new tokens.
Obtain Voting Rights
TRX tokens can be used to obtain Tron Power which provides users with certain voting rights in the Tron ecosystem. Tron Power is obtained by voluntarily freezing (locking) TRX tokens in exchange for Tron Power which activates voting rights in Tron elections. A user’s votes are only valid for as long as TRX is frozen. If they are unfrozen, the votes become invalid.
Airdrops and Privileges
Holding TRX tokens provides holders with certain privileges within the Tron ecosystem. For instance, TRX holders could gain exclusive access or discounts to Tron events, products, or services offered by Tron.
Additionally, TRX holders are also entitled to receiving certain airdrops like the BitTorrent (BTT) airdrop that takes place once a year up until 2024.
Powers the Tron Network
TRX is the native cryptocurrency of the Tron blockchain network and is therefore used to power transactions and applications on-chain. As Tron’s network grows and supports more applications and projects its TRX cryptocurrency will be heavily utilized.
Some examples of projects utilizing and relying on Tron’s blockchain network powered by TRX is the BitTorrent (BTT) token and USDT-Tron
Investment / Trading
TRX is considered to be a digital asset investment and since its launch, the asset has appreciated significantly with a return on investment (ROI) of 812% as of February 2020. If you were to consider TRX’s ROI from launch to its high, the ROI would be more than 10,000%.
Therefore, the price of TRX can be extremely volatile moving in both directions and is considered to be a high risk / high-return investment.
Also, TRX is an excellent trading pair in the cryptocurrency markets with lots of liquidity and many trading pairs with leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) as well as numerous altcoins and stablecoins.
3. What is Tron Foundation?
The Tron Foundation is a non-profit organization behind the operations of the Tron blockchain and TRX cryptocurrency. Its purpose is to build the infrastructure for a truly decentralized Internet through the Tron blockchain protocol and to ensure that Tron operates with the principles of openness, fairness, and transparency.
It does this by funding development, submitting proposals, managing employees, hosting events, community networking, marketing, managing various social media channels, and more.
The Tron Foundation was established in September 2017 along with the launch of the TRX cryptocurrency and is headed by its CEO Justin Sun. Since its launch, the foundation has established dual headquarters in the Americas and the Asia Pacific.
The first established head office is located in Singapore and the more recent one is located in San Francisco. The foundation also maintains offices and operations around the world with leading developers, team members, and contributors in many countries.
Overall, the Tron Foundation is simply an entity overlooking and guiding the decentralized Tron blockchain network and its development so that it can stand out and be a success in the competitive cryptocurrency/blockchain industry.
4. Who created Tron?
Justin Sun, Creator of Tron (TRX)
The Tron (TRX) cryptocurrency along with the Tron Foundation was created and founded by budding Chinese tech entrepreneur Justin Sun in 2017.
Justin Sun’s Notable Achievements:
- Masters degree from the University of Pennsylvania
- Bachelor’s degree from Peking University
- The only millennial student in the first batch of entrepreneurs at Hupan University
- Cover figure of Yazhou Zhoukan in 2011
- 2014 Davos Global Shaper
- 2015 CNTV new figure of the year
- Former Chief Representative for Greater China of Ripple
- 2017 Forbes Asia 30 under 30 entrepreneurs
- Founder and CEO of mobile social App Peiwo
- CEO of the P2P file-sharing protocol BitTorrent and founder of BitTorrent Token (BTT)
- Placed the record-breaking $4.5 million bid to have a private lunch with Berkshire Hathaway CEO Warren Buffett
Justin Sun, born in 1990, not only created the billion-dollar-plus market cap cryptocurrency Tron (TRX) when he was just 27 years old, but he also accomplished everything you see in the list above and is still under 30 years old!
The man is a true sensation in the entrepreneurial world and is extremely motivated to succeed in everything he does.
For this reason alone is why many cryptocurrency investors invest in Tron (TRX). They know that the Tron blockchain and TRX cryptocurrency are Sun’s babies and believe that he will do everything in his power to help them succeed.
Moreover, apart from Sun’s long list of academic and entrepreneurial achievements, he is also a millennial influencer and marketing genius.
Justin Sun Twitter Account
He boasts more than 2.1 million followers on Twitter and had over 1.2 million followers on the Chinese social network Weibo before his account got shut down in December 2019.
That being said, while Sun is a marketing genius, some of his tactics are controversial and he has received some scrutiny. But overall, when it comes to marketing he's the top guy in the crypto space and will stop at nothing to succeed in his endeavors.
5. What is Sun Network?
Tron’s Sun Network, otherwise known as DappChain, is a sidechain project for the main Tron blockchain.
The purpose or primary goal of Sun Network is to help dapps operate on Tron with lower energy consumption, faster speed, and enhanced safety to provide unlimited capacity for Tron’s main blockchain network.
Essentially, the Sun Network is a sidechain (second-layer) scaling solution that enhances and ensures unlimited scaling capacity of the Tron mainnet.
Sun Network Side-Chains
Key Features of the Sun Network include:
Compatibility with TRON Protocol
The Sun Network uses the same DPoS consensus mechanism as Tron’s mainchain and supports the same smart contract functionality and most other functions as the mainchain.
Tron developers can quickly and easily migrate existing dapps to the Sun Network sidechain or develop new dapps on the side chain. Existing Tron dapp users can also easily adapt to the Sun Network sidechain.
In order to adhere to developer needs, the Sun Network provides a highly flexible, well-configured, and highly customized network of multiple sidechains. This high customization level is one of the key differences between the Sun Network and Tron’s mainchain.
Lower Resource Cost
On the Sun Network, sidechain transaction costs are only a fraction of the cost on the mainchain. This is excellent news for dapps that have large transaction volumes because they can greatly reduce their costs and energy consumption.
While Tron’s mainchain safeguards the security of all Sun Network sidechains, each individual sidechain has oracle relay-chain and DPoS to ensure the security of on-chain/cross-chain transactions for users.
6. How many TRX tokens are out there?
Tron (TRX) Page on CoinMarketCap
When the Tron (TRX) cryptocurrency was created, a total hard-capped supply of 100 billion TRX tokens was issued into existence.
Out of this 100 billion TRX total supply, 40 percent (40 billion TRX) was sold to investors during the project’s initial coin offering ICO held between August 31 and September 2, 2017.
As for the remaining TRX tokens, 15 percent was reserved for a private offering and 35 percent went to the Tron Foundation and ecosystem.
As the Tron project stands today (February 2020), its total supply is 99,281,283,754 TRX and its circulating supply is 66,682,072,191 TRX.
The total supply of TRX has been significantly decreased due to a 1 billion TRX coin burn which permanently removed 1 billion TRX coins from the total supply, resulting in a total Tron supply of 99 billion TRX.
However, you’ll notice that the total supply of TRX is now above 99 billion by roughly 281 million TRX.
This is because the Tron Foundation devised a system to compensate Super Representatives that run the network by paying them 16 TRX for each block produced. Therefore, a total of 168,192,000 TRX will be awarded annually to 27 Super Representatives.
However, it is speculated that the 100 billion TRX cap will not be exceeded once reached. But for now, whether or not TRX inflation will exceed 100 billion tokens remains unknown.
As for Tron’s circulating supply of just 66,682,072,191 TRX, the remaining 30 billion TRX tokens are frozen (locked up) by the Tron Foundation.
7. Is Tron’s TRX a security or utility token?
As the Tron (TRX) cryptocurrency stands today, it does not classify as a security, but rather a utility token.
If TRX was classified as a security token, it would be subject to federal securities rules and regulations and would only be allowed to be traded on licensed and regulated brokers. This is the primary reason why most cryptocurrencies prefer not to be labeled as securities.
Obviously TRX is not labeled as security today because it is traded on many unregulated cryptocurrency exchanges and no governmental body has declared TRX to be a security.
However, could TRX be labeled as a security in the future?
Let’s find out.
What Classifies a Security Token?
For a crypto token to be considered a security, it must pass the Howey test. To pass the Howey test, the answers to the following questions must all be yes.
- There is an investment of money.
- There is an expectation of profits.
- The investment of money is in a common enterprise.
- Any profit comes from the efforts of a promoter or third party.
At first glance, it might appear that Tron (TRX) answers yes to all of the above questions and is labeled as a security.
However, in reality, it can be argued that Tron (TRX) doesn’t answer yes to all or even any of them. It’s simply open to interpretation and up for debate.
What Classifies a Utility Token?
For a crypto token to be considered a utility token, it must simply provide users with a product and/or service. In other words, utility tokens give token holders a right to use the network and might even give token holders a say in the network by granting them voting rights.
In essence, Tron’s TRX token meets the qualifications of a utility token, which is why it is classified as one today.
8. Can you mine Tron TRX?
The simple answer is no, you cannot mine TRX.
Tron does not use a proof-of-work (PoW) consensus model to issue coins through mining like Bitcoin (BTC), Litecoin (LTC), Ethereum Classic (ETC), and many other cryptocurrencies.
Instead, all of Tron’s TRX tokens were issued all at once during launch and the cryptocurrency follows a Delegated Proof of Stake (DPOS) consensus algorithm.
Proof-of-Work (PoW) Consensus Model
Bitcoin and other PoW cryptocurrencies secure their blockchain networks through miners that use computing power to mine blocks in the blockchain, gain consensus, and push transactions through.
The miners are rewarded with block rewards (new cryptocurrency) when they successfully mine a block, thus achieving consensus and pushing transactions through on the blockchain.
Delegated Proof of Stake (DPOS) Consensus Model
In Tron’s DPOS consensus model, only a handful of trusted servers secure the network by staking TRX tokens and receiving rewards for securing the network. This model of consensus is less decentralized than standard PoS models.
In a PoS model, it’s more decentralized because anyone is allowed to secure the network by staking their tokens in their wallets and validating transactions as opposed to just a handful of trusted servers in DPOS.
However, while PoS is more decentralized than DPOS, the latter provides faster and cheaper transactions than current PoS systems.
So, to summarize, no, you can’t mine Tron. You can only stake Tron if you are one of the trusted servers that they chose. Also, individual TRX holders can stake their tokens if they join a staking pool that allocates your staked TRX to one of the trusted validator servers.
9. Does Tron have an explorer?
The Tronscan blockchain explorer is packed with features that provide valuable and transparent insights into the Tron blockchain. It really is the one-stop-shop for everything you need to know about the Tron blockchain.
See all of the Tronscan blockchain features below:
- Top Statistics
- Foundation Addresses
- Contract Triggers
- Contract Deployment
- Token Tracker
- Token Record
- Tron Committee
- Development Resources
- + Much More
The Trxplorer blockchain explorer is a simple and easy-to-use blockchain explorer that provides its users with valuable information that’s relevant to their needs. It does not provide all of the in-depth statistical data and information that Tronscan does. Instead, it’s more of a practical blockchain explorer for the everyday Tron user.
See all of the Trxplorer blockchain features below:
- Tokens (TRC 10 Tokens and TRC 20 Tokens)
10. How is Tron different than Ethereum?
Tron vs Ethereum
There is a handful of competing blockchain projects with smart contract functionality and dapp building capabilities such as Ethereum (ETH), Tron (TRX), EOS (EOS), Cardano (ADA), Tezos (XTZ), Stellar (XLM), Neo (NEO), and many more.
All of these projects are essentially rivals to one another and have various similarities and differences but for the remainder of this section, we’ll focus on Tron and Ethereum.
Ethereum has the first-mover advantage as it was the first blockchain to launch with smart contract and dapp building capabilities. In fact, Tron was launched years later on Ethereum as an ERC-20 token before it migrated to its own blockchain mainnet on September 25, 2018.
That being said, Tron and Ethereum now run entirely on their own blockchain networks and have many differences.
So, what are the differences?
Ethereum can handle up to 25 transactions per second in its current state before ETH 2.0 and Tron can handle up to 2000 transactions per second. Therefore, Tron has a much higher TPS compared to Etheruem.
Ethereum currently uses a proof-of-work (PoW) consensus model and will be transitioning to a proof-of-stake (PoS) model when it transitions to Ethereum 2.0.
Tron uses a Delegated Proof of Stake (DPOS) consensus algorithm to achieve consensus which provides much faster and cheaper transactions than PoW or PoS models.
However, Ethereum’s consensus models are more decentralized and secure than Tron’s. Tron sacrifices security and decentralization for speed, cost, and efficiency.
Ethereum transactions have GAS fees paid in GWei.
Tron transaction fees are paid in bandwidth points with 5000 free bandwidth points provided daily. As for smart contract fees, they cost energy which is earned through freezing (locking up) TRX.
Ethereum follows a Decentralized Autonomous Organization (DAO) structure.
Tron has Super Representatives (SRs) which are voted in by TRX holders. SRs have the right and obligation to generate blocks.
Ethereum has the following token standards: ERC-20, ERC-721, ERC-50, ERC-137, ERC-162, ERC-165, ERC-181, ERC-190, ERC-820, ERC-1167.
Tron has two token standards: TRC-10 and TRC-20.
Tron: Witness signature in Protobuf
11. How many transactions per second can Tron’s TRX handle?
TRX Transaction Per Second
Tron has a high-throughput blockchain meaning it can handle a high number of transactions per second (TPS).
Tron’s TRX cryptocurrency can consistently handle up to 2,000 TPS which is significantly higher than the two leading cryptocurrency projects by market capitalization – Bitcoin (BTC) and Ethereum (ETH).
Bitcoin boasts only 3 - 6 TPS while Ethereum boasts 25 TPS.
Therefore, among these three, Tron is the clear winner in terms of transactions per second and this high-throughput can be attributed to Tron’s DPOS consensus algorithm.
Tron has decided to decrease its decentralization and security for increased scalability. This common problem of trade-offs referred to as the “blockchain trilemma”.
It is generally accepted that it is not possible to scale a public blockchain network without compromising either security, decentralization, or both – hence “blockchain trilemma”.
There is much debate as to what is the best approach to going about this blockchain trilemma and both sides have valid arguments.
That being said, there’s probably room for both types of blockchains – decentralized and secure or highly scalable – to thrive with different use cases.
12. What is the best wallet for Tron TRX?
Securing your TRX cryptocurrency in your own personal cryptocurrency wallet where you hold onto the private keys is of vital importance.
Here are the 5 best Tron (TRX) cryptocurrency wallets:
- Ledger Nano X (hardware wallet)
- Ledger Nano S (hardware wallet)
- Trust Wallet (mobile wallet)
- Cobo Wallet (mobile wallet)
- Exodus (desktop wallet)
The above-listed wallets are highly rated among cryptocurrency users and they have an excellent reputation for user-friendliness, security, features, and support.
Apart from the above-listed wallets, Tron (TRX) holders have a wide variety of more than 45 other cryptocurrency wallets to choose from.
Community Developed Wallets:
- TRON Wallet IOS/Android
- TronPay Chrome
Tron-Dev Collaboration Wallets
- Huobi Wallet
- Trust Wallet
- Cobo Wallet
- BitPie Wallet
- Ledger Wallets
- Atomic Wallet
- BIXIN Wallet
- Exodus Wallet
- Gate.io Wallet
- Math Wallet
- BitKeep Wallet
- Hoo Wallet
- Buntoy Wallet
- Banko Wallet
- AToken Wallet
- TronATM Wallet
- qPocket Wallet
- Magnum Wallet
- Unikrn Wallet
- Infinito Wallet
Pay and Receive TRX Wallets
- Humming Pay
- Bitcoin Superstore
13. What are the top Dapps on Tron network?
Tron has one of the most active blockchain networks in terms of decentralized application (dapp) development and dapp activity.
As of January 2020, the top 10 dapps on the Tron network are:
- WINk (Tron Casino)
- 888Tron (Tron Casino)
- RocketGame (Tron Casino)
- TronTrade (Tron Exchange)
- WheelWin (Tron Casino)
- 7Tron (Tron Casino)
- TronVegas (Tron Casino)
- BeRich (Tron Casino)
- BITLEX GAMES (Tron Casino)
- Poloni Dex (Tron Exchange)
Previously known as Tronbet, WINk is the world’s first trustless, permissionless, and high-performance e-gaming platform on the TRON network.
Over the past 24 hrs (Jan 30, 2020), WINk has:
- 1410 Users
- 199.2K Transactions
- 129.4M Volume (TRX)
888Tron aims at becoming the biggest and best online gambling platform on the Tron blockchain. The dapp features 162 games and offers sports betting, a live casino, and events and competitions with big prizes.
Over the past 24 hrs (Jan 30, 2020), 888Tron has:
- 2690 Users
- 7.1K Transactions
- 46.7M Volume (TRX)
RocketGame is a provably fair Tron blockchain gambling site that currently offers 16 different games with more coming soon. The dapp offers its users various features including dividends, contests, challenges, events, and lotteries.
Over the past 24 hrs (Jan 30, 2020), RocketGame has:
- 1424 Users
- 11.6K Transactions
- 32.2M Volume (TRX)
TronTrade is a decentralized exchange (DEX) where you can buy and sell TRC-10 and TRC-20 tokens with ease in a safe and secure environment.
Over the past 24 hrs (Jan 30, 2020), TronTrade has:
- 954 Users
- 9.6K Transactions
- 17.7M Volume (TRX)
WheelWin is yet another Tron blockchain gambling platform that features 5 games with more coming soon. The dapp supports not only TRX tokens but ETH, USDT, and TRC20-USDT as well.
Over the past 24 hrs (Jan 30, 2020), WheelWin has:
- 1110 Users
- 26.7K Transactions
- 13.8M Volume (TRX)
Tron is a blockchain-based platform that aims to build a decentralized entertainment ecosystem that allows digital content creators to cut out middlemen and deliver content directly to a global audience.
One of the ways it’s achieving this is by providing developers and content creators with the resources and tools to build robust decentralized applications (dapps) that can reach a global audience.
Since Tron’s mainnet launch in June 2018, it has become one of the fastest-growing blockchain networks in the world with a high amount of activity for its decentralized applications.
Tron (TRX) Dapp Data from Dapp.com
According to data from dapp.com, the Tron blockchain network has a total of:
- 1,393 Smart Contracts
- 538 Dapps
- 21,564 24hr Dapp Users
- 256,804 24hr transactions
- 3,611,484 24hr Volume USD
Also from dapp.com, dapps on the Tron blockchain network can be broken down into the following categories:
- Game: (63 dapps, 12%)
- Gambling: (201 dapps, 31%)
- High Risk: (207 dapps, 38%)
- Exchange: (19 dapps, 14%)
- Finance: (8 dapps, 1%)
- Social: (9 dapps, 2%)
- Art: (2 dapps, 0%)
- Tools: (10 dapps, 2%)
- Others: (19 dapps, 4%)
14. Is TRON decentralized?
Tron Node Map
Tron claims to be a fully decentralized public blockchain protocol and platform.
While this statement is true to an extent, Tron is not as decentralized as some other blockchain networks such as Bitcoin and Ethereum.
Tron uses a Delegated Proof-of-Stake (DPoS) consensus model which is widely known to be more centralized than Bitcoin and Ethereum’s proof-of-work (PoW) model and the upcoming ETH 2.0 proof-of-stake (PoS) model.
Tron’s DPoS consensus model is less decentralized because only a handful of trusted servers known as Super Representative (SR) nodes are voted in to secure the network. This model of consensus is less decentralized than standard PoS models because, in PoS, anyone holding the network’s tokens can participate in securing the network by staking tokens.
The Tron blockchain network currently has 232 Super Representative candidates in which only 27 of them are voted in to run and secure the network:
Tron Super Representative Data
The Tron blockchain network is also securely decentralized with 932 online nodes spread across 6 continents:
Tron Node Locations
All in all, while the Tron blockchain network may not be the most decentralized, it is still far more decentralized than traditional networks operated by companies like Amazon, Google, Netflix, and Apple.
15. What is Tron Protocol?
Tron Protocol Stack
As seen in the image above, the Tron protocol uses a 3-layer architecture which includes:
- Storage Layer
- Core Layer
- Application Layer
Tron utilizes a unique distributed storage protocol that consists of state storage and block storage.
Additionally, the Tron team introduced a graph database into the storage layer to better meet the need for diversified data storage in the real world.
The core layer consists of three modules; the smart contract module, the account management module, and the consensus module. As for the Tron protocol functions, they are based on a stacked virtual machine and an optimized instruction set.
In regards to the development of dapps, the core layer utilizes the Java programming language for smart contracts which is also further supplemented by other high-level programming languages like solidity.
As for the core layer’s consensus algorithm, the Tron protocol uses a Delegated Proof of Stake (DPoS) model along with various innovations to fulfill its special needs.
Tron’s application layer is developer-friendly with various interfaces for the creation of diverse dapps and customized wallets.
Further supporting Tron’s usability for developers, the Tron protocol adheres in entirety to Google Protobuf, which intrinsically supports the multi-language extension.
16. What is the Governance of Tron?
One of the most important, yet most difficult to perfect, aspects of a blockchain network is its governance system.
Blockchain governance refers to the mechanisms by which decentralized blockchain networks adhere to as they adapt and change over time.
In the Tron network, it’s governance model is executed by 27 Super Representatives who generate and validate blocks within a 3 second block time, through a decentralized autonomous organization. As well, these Super Representatives govern the network by proposing and voting for Tron Improvement Proposals in the Tron committee.
Any Tron account can apply to become a Super Representative candidate and every account can vote for Super Representative candidates. The 27 candidates with the most votes become the Super Representatives and the 28th to the 127th (100 candidates) become Super Partners.
When voting for Super Representatives, Tron (TRX) holders must freeze (lock-up) TRX tokens to receive Tron Power (TP) which is needed to vote. Freezing 1 TRX will earn you 1 TP. Therefore, Tron accounts with the most amount of TRX can have the most voting power if they lock up their TRX tokens. When an account unfreezes their TRX tokens, they lose all of their TP accordingly.
Moreover, Super Representatives are re-elected every 6 hours so Tron account holders can always unfreeze and refreeze their TRX tokens to attain TP voting power.
Super Representatives are compensated for generating one block every 3 seconds, with each block reward being 16 TRX. Therefore, a total of 168,192,000 TRX will be awarded annually to 27 Super Representatives.
Additionally, the top 127 candidates get to split a reward of 1,681,920,000 TRX each year. The reward comes from the Tron Foundation’s TRX holdings rather than from inflation.
17. Where can you buy Tron (TRX)?
Like most cryptocurrencies, TRX can be bought on a variety of exchanges that can be swapped for cryptocurrency or fiat. Typically, for the majority of exchanges, you will have to fund your account with fiat, buy BTC or ETH, and then buy TRX.
See below, a list of the top exchanges to buy TRX:
Keep in mind, the cryptocurrency exchanges listed above are some of the best exchanges to buy TRX, but if you go to CoinMarketCap and look under TRX market pairs, many other exchanges will pop up first.
Tron (TRX) Market Pairs Listed on CoinMarketCap
However, these other exchanges showing greater trading volumes are not necessarily better than the ones listed here. Those other exchanges are known to fake trading volumes by participating in wash trading.
18. Can you trade TRX futures?
Tron (TRX) Futures Trading on Binance.com
Yes, as of January 15, 2020, you can trade TRX futures on Binance, the world’s largest cryptocurrency exchange by trading volume.
Traders can trade TRX/USDT perpetual futures contracts on the Binance.com futures exchange with high leverage between 1-125x.
This ability to trade TRX futures with such high leverage offers traders the opportunity to profit immensely from just a small position size. However, the opposite is true as well. Trading with high leverage can increase your chances of getting liquidated significantly and is therefore extremely risky.
In addition to trading TRX futures on Binance, traders can also trade TRX futures on BitMEX, the world’s most popular derivatives trading platform. TRX futures on BitMEX can be traded with up to 20x leverage and all futures contracts are settled in BTC rather TRX.
It’s important to keep in mind that trading TRX futures, or any futures for that matter, can be extremely risky, especially when using high leverage. That being said, futures trading with leverage is mainly meant for more experienced traders, not beginners.
19. Why and when Tron acquired BitTorrent?
The Tron Foundation headed by Justin Sun the creator of TRX acquired BitTorrent, the peer-to-peer (P2P) file sharing platform for a whopping $140 million in July 2018.
BitTorrent is the most widely used communication protocol for P2P file-sharing of data and electronic files over the internet. The protocol is said to have over 170 million monthly active users and is widely used for the transferring of large files including digital video files ie. movies, tv shows, etc, and digital audio files ie. music, audiobooks, etc.
That being said, the Tron blockchain-based platform aims to become a global decentralized digital content entertainment system that essentially decentralizes the internet. Therefore, it makes perfect sense why the Tron Foundation would acquire the world’s leading P2P file-sharing protocol.
BitTorrent has been doing what Tron aims to do since it was founded in 2004 and now that the Tron Foundation has acquired it, Tron can utilize BitTorrent’s massive user base to help bring its vision to life. As well, the acquisition cements Tron’s place as a serious contender in the blockchain and entertainment sector.
Following Tron’s acquisition of BitTorrent, Sun created and launched BitTorrent Token (BTT), a Tron based ERC-10 utility token for the BitTorrent protocol and popular µTorrent Windows client.
The BTT token is utilized in the BitTorrent Speed application which has been integrated into µTorrent. With BitTorrent Speed, users can earn BTT tokens in exchange for seeding torrents and their bandwidth. Additionally, BitTorrent Speed allows people to spend their BTT tokens to increase their download speed.
All in all, Tron’s BitTorrent acquisition was made to further cement Tron’s reputation in the blockchain industry and eyes of the media as well as to take advantage of BitTorrents massive user base with the new Tron-based BitTorrent Token (BTT).
Hope you enjoyed that read :) Let me know if I have missed something in the comments.