What is tron?

TRON is a decentralized, open-source blockchain platform that was launched in 2017 by its founder Justin Sun. The project has raised capital up to $60 million USD through the ICO sale of its native coin which is called Tronix (TRX). Tron works with a delegated proof-of-stake (DPos) consensus mechanism, which means it uses much less power than other currencies like Bitcoin and also guarantees supreme performance without compromising decentralization and censorship resistance. The main idea of the project is to create an entertainment network similar to AppStore or GooglePlay, but in which developers can create their own entertainment applications and directly offer them to users without intermediaries.

Initially, the coin was based on the ERC-20 standard, but in 2018, the project moved to its own Odyssey 2.0 blockchain network. TRON started on the basis of Ethereum and inherited the main distinguishing characteristics of Ethereum: the presence of smart contracts and the creation of its own tokens using funds through crowdfunding. The Tronix network works on a few principles, which the first one is decentralization. Content creators will be able to gain the TRX token as a reward for posting their content. Moreover, it is possible for creators to create their own tokens on the Tron network which can be used within users’ own decentralized applications (dApps) on the network. These newly-created tokens are underpinned by the main TRX token. The final stage of the network development plan includes the support of games on the Tron network. These games would be totally decentralized and users could reward the creators directly if they enjoyed the game.

How to Mine Tron and How Many TRX Coins Are in Circulation?

Tron coins are not directly mineable by the general public. Tron works on a delegated proof-of-stake consensus mechanism. In this system, transactions are validated by 27 super representatives that are entrusted to maintain the transaction history. Super representatives are chosen every six hours, and earn TRX coin generated by the mechanism as a reward for their services. The Tron blockchain gets a new block added every 3 seconds, and those that added the block get awarded 32 TRX tokens. As this depends on a network of decentralized computers, the blockchain concept still works. Tron’s native token, TRX, was created with a maximum supply of 100,850,743,812. At the time of writing, Tron (TRX) is holding the 13th spot in the top market cap cryptocurrency list, with its current value sitting at $6.47 billion.

Features of Tron

  • Feeless – Users can make transactions on the TRON network for free, that is, without commission fees due to the presence of special parameters: Bandwidth and Energy. Even when bandwidth is exceeded, network fees remain very low compared to the Ethereum network.
  • Rapid transactions – Transactions are very fast, as the network can support up to 2000 a second. The average confirmation time per transaction is 1 min. In order for the transaction to be confirmed, 19 network blocks will be required (a new block is created approximately every 3 seconds). Such a capacity for transactions bodes well for the scalable future and the potential on the network for revolutionising online media. Compare this to other coins such as Ethereum (25 transactions) or Bitcoin (3-6 transactions) and it is clear to see what a feat this is.
  • Able to create dApps – Developers have the opportunity to create decentralized applications not only in the main protocol language (Java), but also in others, including Scala, C++, Python and Go. By creating a dApp on the network and offering content on it, you can receive digital assets in return. These can either be in normal TRX tokens or in a token you created that is underpinned by TRX. As such, you can be compensated for your efforts in creating the application and content within it. If you are not interested in creating dApps, then the vast array that has already been created is still there for your leisure.  
  • Able to directly support content creators – Tron believes it is important to support content creators more adequately and the network is a great way to do this. If you use the internet today in 2022 chances are you enjoy watching or looking at online media. The happiness that you receive by watching is made possible by content creators, therefore it is only fair that they are sufficiently supported for their efforts.
  • Virtual Machine (TVM), smart contracts and TRON token standards are compatible with Ethereum, which simplifies the migration of projects to this blockchain.
  • Unlike the Ethereum network, when sending tokens to the TRON network, tokens themselves can be used as a commission for paying for the network, rather than the main TRX currency.

How to use Tron and choose a Tron Wallet? 

The Tron network is currently capable of supporting various applications and games. Besides its main use case as a platform for content creators, Tron is often used to transact, as TRX transactions come with no fees whatsoever. Tron is used as a means of payment by many companies. Moreover, Tether has moved its stablecoin to Tron’s network called USDT-Tron. After BitTorrent’s acquisition, Tron has become an even more impressive ecosystem. Since Tron is a well-known cryptocurrency, it is supported by many wallets. There are more than enough options for users to pick and choose from, and each user will have to decide based on their specific needs. Walliro as a smart contract wallet has recently presented its Tron network supporting section in which customers can easily access and utilize its advanced features.

What is a smart contract wallet and how does it Work?

A smart contract is a wallet that can give users more options such as buying or selling tokens, token exchange, dapp interaction, trade, borrow or lend, and so on. There are different types of coin wallets and each is designed with different function. There are “Hot” crypto wallets, such as MetaMask (browser-based) and the Coinbase Wallet mobile app (not to be confused with the Coinbase.com app), which are always connected to the web, that allow users to conduct transactions fast and easily. “Cold” hardware wallets, like Ledger and Trezor, are only useable when they are connected to the Internet. Despite the fact that cold wallets provide improved security since their private keys are off line, they cannot be considered as user friendly as the other wallet. Smart contract wallets, or “smart wallets,” have been introduced for some time and aren’t supported by all exchanges and dapps, yet they are beginning to attract more attention thanks to their unique combination of security, flexibility, and convenience in comparison with more conventional wallet solutions. Smart contract gives users the chance to enjoy advanced features such as multi-sig transactions, daily transfer limits, emergency account freezing, and more secure account recovery. You can have access and control to your digital assets in smart wallets through smart contract code, which allows almost unlimited functionality, gives users more control over their funds, and spurs greater confidence in DeFi.

What can you do with a smart contract wallet?

There are quite a lot of functions that are applicable via smart contracts, since they are feasible through the code:

  • Multisig Security
  • Two factor authentication
  • Social recovery through family or friends
  • Rate-limited withdraws like an ATM
  • Personal whitelists and blacklists
  • Fraud alerts and emergency lockdown

In Walliro, smart contracts are not only applied on Ethereum, but also on other network blockchains. Walliro will enable users to take care of their digital assets securely and the greatest feature that makes it unique rather than other smart contract wallets is the feasibility of working on different blockchains.

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