Original article by Bitpowr
Tron is a popular blockchain-based operating system on which a user can create decentralized applications, and distribute media content. The TRX token on its own is used to gain access to certain features of the operating software that are available on the Tron Protocol. Therefore, the main purpose of the token is for use on the Tron network. However, it is still a store of value and it can be exchanged and traded on exchanges, so it can also be described as a virtual currency.
Advantages of Tron(TRX)?
When talking about buying or trading Tron, Here are some benefits of Tron that you should know:
1. Low transaction fees: The transaction fees of Tron are negligible as you would only have to pay $0.000005 whenever you make a transaction.
2. Greater volume of transactions: One of the most important qualities of Tron is its ability to carry out bulk transactions on its network which is another great advantage.
3. An excellent engineering team: Perhaps one of the biggest advantages of Tron is that it has a great team of developers and contributors maintaining the network.
4. Fast transactions: Because its network can carry out up to 2000 transactions per second, Tron transactions are very fast and near-instant.
How Does Tron (TRX) Work?
While Tron is now regarded as a separate coin, it was once an Ethereum-based ERC-20 token.
The Tron network operates on a few principles, with one being decentralization. All the data on the blockchain is completely free and not controlled by any central authority. Content creators on the network can earn TRX tokens as a reward for sharing their content.
Developers can also create their own tokens for use on the Tron Blockchain. These tokens can then be used in network-based decentralized applications created by users. These newly created tokens are then stored alongside the main TRX token.
Tron works on a delegated proof-of-stake consensus system. In this system, transactions on the network are validated by 27 super representatives that are entrusted with managing and holding the transaction history. Super representatives are selected every six hours and earn TRX coins generated by the mechanism as a reward for their services.
The Tron blockchain gets a new block added to it every 3 seconds and those that added the block get 32 TRX tokens.
What Makes Tron Unique?
Tron is a very special cryptocurrency for several reasons. For one, there are almost zero transaction fees for TRX, which is quite impressive. On top of that, the network can carry out 2000 transactions every second.
Further, holding (and staking) TRX tokens gives users the opportunity to participate in the super representatives’ selection process on the Tron network. On top of that, the platform’s ability to reward content creators for their work, while keeping full ownership of their projects, is an excellent value-add.
The TRON blockchain comes with two types of network resources involved when transferring digital assets: Bandwidth and Energy.
Using Bandwidth each user is entitled to approximately 15 free transfers. In subsequent transfers, the transaction fee is calculated based on the amount of bandwidth used on each transaction.
For each transfer on the TRON network, a certain amount of energy and processing power is also required. While processing transfers independent of smart contracts and calculating energy as zero, energy is not squandered. Transactions involving smart contracts and decentralized applications must pay an energy fee, the amount of which varies depending on the size of the transaction, as energy is needed for those activities.
The value of the energy computation is 0 when transferring non-smart contract assets (like TRX). Although the energy value is more than zero when the transfer is a smart contract asset such as TRC20 tokens.
With Bitpowr, you can freeze and stake TRX directly from your vault wallet to earn the bandwidth and energy required to transfer any TRON-based digital assets for free.
This opens up a new line of opportunity for your digital asset business to significantly boost revenue by massively saving on mining fees.
To learn more on this click here.