Tron intends to change the way the world interacts with the internet, which is evident in their tagline “Decentralize the Web.”
Tron was developed on Ethereum and has since grown to challenge the Ethereum Virtual Machine (EVM) with its own Tron Virtual Machine (TVM) and smart contracts.
|Price (March 10, 2019)||$0.0225||$136||$3,942|
|Market Cap (March 10, 2019)||$1.5 billion||$14.3 billion||$69.3 billion|
|Circulating Supply||66.6 billion||105 million||17.5 million|
|Consensus Algorithm||Proof of Stake (PoS)||Proof of Work (Will transition to PoS)||Proof of Work (PoW)|
|Transactions Per Second (TPS)||2000 TPS||25 TPS||3-6 TPS|
|Block production time||3 seconds||15 seconds||10 minutes|
|Smart Contracts||Variety of programming languages||Solidity Language||Scripting language|
Here is what Sun had to say about the two blockchains:
“Ethereum is like IBM back in the day, making those big supercomputers. And I’m not saying that ethereum does not have the robust technology, but I’m saying that ethereum is just like IBM. They only focus on tech; they don’t focus on user experience.”
Tron aims to be the “Microsoft of the blockchain.”
It doesn’t just want to make the ‘computers’ like IBM; it wants to create the ‘PC’ which becomes a crazy successful consumer good in time and paves the way for the real revolution.
Tron states on its website that its key advantages are:
- High Throughput
- High Availability
- Low Cost
Is Tron an Ethereum Fork?
No, Tron is not a fork of the Ethereum blockchain. It started out as a project developed on the Ethereum platform with TRX launching as an ERC20 token during the ICO. However, post the launch of the mainnet, Tron migrated to its own unique blockchain and mainnet TRX.
If Tron was an Ethereum fork, it would continue using the ERC20 tokens (which are now being collected and burned by the Tron Foundation to avoid confusion) and use the Ethereum Virtual Machine. Instead, Tron has its own governance, consensus models, goals and a Super Representative program that makes it a distinct blockchain.
It is interesting to note that the Tron Virtual Machine (TVM) is often called a copy of the Ethereum Virtual Machine (EVM). TVM is compatible with the EVM, but there are two striking dissimilarities between the two.
Ethereum uses gas to fuel its transactions which means that users have to incur a fee (or spend coins) to make transactions.
Tron works on a new idea called bandwidth, which makes smart contract operations on the blockchain free. However, users have to stake TRX after a select number of free transactions, fixed at 25.
Secondly, TVM doesn’t have scalability issues like EVM. It is a high-thought put blockchain system which can handle thousands of transactions per second.
As far as compatibility is concerned, TVM will be made compatible with other prominent blockchains like EOS in the future.