What is TRON (TRX)? Here is the Crypto Currency TRON in All Details

In this article, What is TRON (TRX)? We will try to answer the question and provide detailed information about the project.

In this article, What is TRON (TRX)? We will try to answer the question and provide detailed information about the project.

What is TRON (TRX)?

TRON is a blockchain project that works as an operating system for decentralized applications with smart contract support. The TRON network offers a strong infrastructure for decentralized applications with high processing capacity, scalability and accessibility options.

The cryptocurrency of the TRON platform, which is very similar to the Ethereum platform, is called TRX.

TRON was originally founded in 2014, but the establishment of the TRON Foundation in 2017 under the leadership of Justin Sun really brought the project to life. The Genesis block of the TRON blockchain was produced on June 25, 2018.

How Does TRON (TRX) Work?

The TRON network acts as an operating system for decentralized applications (dApps). Software developers can create smart contracts in TRC10 and TRC20 formats on the TRON blockchain using the Solidity software language.

Block generation on the TRON blockchain is accomplished through the Representative Proof of Stake (DPoS) consensus mechanism, which consists of 27 Super Representatives (SRs).

TRX holders can vote for SRs by locking the tokens in their wallet with the number of votes allocated to individuals, depending on the amount of TRX tokens they locked. An SR vote is held every six hours, in which one of the 27 potential candidates is selected to play the role.

Transaction fees are one of the most critical aspects in a cryptocurrency project. In the TRON network, transaction fees are calculated via Bandwidth and Energy, and each user can make around 15 transfers for free. In subsequent transfers, a transaction fee is paid according to the Bandwidth used in each transaction.

A certain amount of Energy and computing power is also required to make each transfer in the TRON network. Energy is not wasted when processing non-smart contractual transfers and Energy is calculated as zero. Smart contract transactions and decentralized applications require Energy and therefore an Energy fee is charged for transactions with varying amounts depending on transaction size.

When transferring non-smart contract assets (eg TRX) the energy calculation value is zero. TRX token transfers are therefore not very costly. However, when the transfer is a smart contract asset, the energy value is higher than zero, which means the transfer fee is higher.

How to Store TRON (TRX)?

Crypto assets created with TRON’s TRC10 and TRC20 smart contracts can be stored in desktop, mobile and hardware wallets. You can store TRX, TRC10 and TRC20-based digital assets using the TronLink mobile wallet available on the TRON website.

If you prefer, you can store your cryptocurrencies in a desktop wallet like Exodus.

Many cryptocurrency users prefer to store their tokens in hardware wallets, which are considered more secure than mobile and desktop wallets because they are not constantly connected to the internet. One such hardware wallet maker is Ledger and you can use its devices to store TRX tokens.

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