Tron is one of the most prominent cryptocurrencies on the web3 landscape. Its founder, Justin Sun, has a larger-than-life profile and is one of the reasons Tron has instant name recognition.
Sun is famous for winning a bid to have lunch with legendary investor Warren Buffet in an attempt to convert Buffet into a crypto believer. He has done incredible work in promoting Tron, even though some of his actions are controversial.
Today, Tron is one of the most traded assets on the market with a $13.18B market cap and daily trading volume of $330.4M as of October 16, 2024, according to Binance reporting. It has consistently retained its status as one of the largest cryptocurrencies by market valuation and will likely remain there for the foreseeable future.
Exploring Tron
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The Tron blockchain compares favorably to Ethereum as compared to Bitcoin. It is a blockchain network that hosts decentralized applications with the scalability to match. Tron has built a virtual machine, similar to the Ethereum Virtual Machine, for efficient smart contract execution and supporting decentralized applications.
A virtual machine is similar to a computer operating system. Tron can support various use cases from this utility and developers have found a home therein. These use cases range from gaming, multimedia, financial applications and more.
Tron’s breakout moment was the launch of its own blockchain and the acquisition of BitTorrent in 2017. These moves showcased the platform’s ambition to connect to various aspects of the crypto sector and become a prominent entity.
TRX is one of the most popular trading pairs globally. It is the platform’s utility token and supports all activity on the blockchain. Content creators can monetize their work and get tokenized payments. Tron has several TRC-20 tokens similar to how Ethereum has the ERC-20 standard.
The essence of this network is smart contracts. These are automated blockchain contracts that self-execute once the respective parties perform their obligations. Smart contracts underpin decentralized interactivity and the work of Web3 developers.
Having learned from the scalability issues of Ethereum, Tron uses delegated proof-of-stake for platform governance. This consensus is highly effective and can allow for faster transaction execution than Ethereum and Bitcoin. Tron has the advantage of higher throughput and scalability, which translate into lower transaction fees for users.
Focus On Further Growth
Sun and the Tron team have their work cut out for future growth. Ethereum built a huge competitive advantage on account of its pioneer status and challengers like Solana and Tron have to go the extra mile to dethrone Tron. The key is to showcase a competitive advantage and entice the thousands of developers creating on rival blockchains to adopt Tron.
At the moment, Sun’s public persona is indispensable to Tron’s image. That said, they will need more than just sleek marketing to truly compete on the global scale. Tron constantly releases updates and products as part of this effort. It will be fascinating to track the future progress of this network.
This content is intended for informational purposes and should not be construed as investment advice. As with all investments, there is risk, and the past performance of a particular asset class does not guarantee any future performance. The publisher does not represent or warrant that information in this content is accurate or complete as this article was provided by an outside contributor. The views, thoughts and opinions in this contributor content belong solely to the content provider.
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