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What is Tron (TRX)?

Tron is a blockchain platform for building decentralized applications and running smart contracts. The network was originally launched with the primary goal of revolutionizing the entertainment industry. However, it has since scaled beyond this use case to attract developers from different sectors, including decentralized finance. 

The Tron network has its native currency. This digital currency, TRX, serves as a means for users to pay the content creators to access their applications directly. It can also be staked for network rewards and governance voting in its ecosystem.

Tron, initially marketed in Asia, has now gone global with over 224 million accounts and 7.4 billion transactions in its lifetime.

A Brief History of Tron (TRX)

Justin Sun established the Tron Foundation, a non-profit organization based in Singapore, in 2017. The foundation was responsible for the development and management of Tron.

Tron was initially launched as an ERC-20 token based on Ethereum. However, by mid-2018, it had moved to its independent blockchain and peer-to-peer network.

In December 2021, Sun resigned as CEO of the Tron Foundation. The foundation has since transformed into a decentralized autonomous organization (DAO) called Tron DAO. This means that the community governs it, and proposals are voted on by TRX holders.

To ensure secure transactions, Tron uses a delegated proof-of-stake (DPoS) consensus mechanism, which is a variant of proof-of-stake (PoS). This consensus mechanism involves token holders electing a smaller group of delegates called “super representatives” to validate transactions and produce blocks. Once a block is produced, it is verified by other delegates before being added to the blockchain.

Since its launch, Tron has emerged as one of the most widely used blockchain networks. It is especially popular for transferring Tether (USDT), and even though Justin Sun has resigned, he remains a key figure for the Tron community.