What is TRON and TRX?

What is TRON?

TRON is a highly ambitious project aiming to establish a truly decentralized Internet. If you’re wondering what that involves or simply “What is Tron?” then you have come to the right place as this guide is packed full of useful info.

The TRON protocol is among the biggest blockchain-based operating systems worldwide, is highly scalable, has high throughput, and is able to support a wide range of decentralized applications in its ecosystem.

TRON also acquired BitTorrent in July 2018 to further its mission of creating a decentralized ecosystem.

TRON’s native token TRX is currently the world’s 10th largest cryptocurrency with a market cap of more than $1.5 billion (as of March 10, 2019).

What is TRX?

HODL TRX – Source: Shutterstock.com

Tronix or TRX is the native digital currency of the Tron blockchain. It first came into existence when Tron launched a successful ICO which raised over $70 million in September 2017.

At the time, TRX was a token designed on the ERC20 protocol. As the Tron blockchain matured, so did the TRX token. Less than a year after its ICO, Tron launched its mainnet which led to a token migration from the ERC20 TRX token to the new mainnet TRX coin.Note: TRON activated its mainnet on June 25th, 2018 and celebrates this date as TRON’s Independence Day.

Tron is still collecting the ERC20 tokens and burning them so that eventually the only TRX tokens in existence will be the mainnet version.

What are TRC-10 and TRC-20 Tokens?

Tron states on its website that:

“TRC-10 is a technical token standard supported by TRON blockchain natively, without the TRON Virtual Machine (TVM). TRC‌-20 is a technical standard used for smart contracts on the TRON blockchain for implementing tokens with the TRON Virtual Machine (TVM). It is fully compatible to ERC‌-20.”

Custom TRC-10 tokens can be made and issued on the TRON Network for the cost of 1024 TRX tokens. The creators do not need any programming knowledge, and the whole process is very easy to complete.

A well-known example of a TRC-10 token would be the BitTorrent token (BTT).

TRC-20 tokens can support smart contract implementation using the Tron Virtual Machine (TVM). It is fully compatible with ERC-20 tokens and therefore enables developers to port their Ethereum contracts over to Tron.

Smart contracts offer unlimited possibilities, and TRC-20 tokens are able to implement extra logic that is not possible with TRC-10 tokens. However, TRC-20 tokens are more complicated to set up than TRC-10 tokens.

A well-known example of a TRC-20 token would be ANTE which is used on the popular TRONbet platform.

TRC-10 and TRC-20 token features – Source: developers.tron.network