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All You Need to Know About TRON Blockchain
Today, players and operators in the gambling industry come across innovative decentralized casinos based on blockchain technology. There are different blockchain networks, and one of the most popular ones is TRON. Here is the TRON blockchain review.
What Is TRON Blockchain?
TRON (TRX) is a blockchain-based decentralized protocol project that was created as a content distribution platform to improve the digital entertainment industry and decentralize the whole web. Currently, it is one of the largest blockchain systems in the world.
This blockchain foundation was created by Justin Sun, its open source protocol was launched in December 2017, and the MainNet came to life in May 2018. Currently, the company has two headquarters, in Beijing and San Francisco, and plans to establish more around the world.
The main aim of the protocol is the creation of a free entertainment content ecosystem that allows publishing, storing, and owning content, as well as communicating directly.
How Does TRON Blockchain Work?
TRON’s mission is to make the entertainment content easier to sell and cheaper to get. Both goals can be achieved by eliminating intermediaries and making the network for creators and consumers decentralized.
TRON ecosystem allows creating various decentralized applications for the entertainment industry. Users can develop their own smart contracts of any complexity and issue their own tokens.
TRON protocol has various advantages that make it popular among DApps’ developers.
- High Throughput. TRON blockchain network allows conducting numerous transactions, as it is capable of handling almost 2000 TPS (transactions per second).
- Scalability. TRON smart contracts provide many possibilities for decentralized applications and make them efficient, so this protocol has great scalability and allows for a wide variety of applications to be deployed in TRON.
- Low cost. A design with low calculation cost allows different apps on TRON to expand their user base and be commercially competitive.
In the TRON network, every account has a possibility to issue tokens at the expense of 1024 TRX. In order to do it, the issuer just has to specify a token name, total capitalization, the exchange rate to TRX, and several other details. So, let’s look at TRON tokens.
- Tronix (TRX). It is the native token of the network, basic unit of accounts on the TRON blockchain and a natural medium currency for all TRC-based tokens. It started as an ERC-20 token on the Ethereum MainNet but migrated to the native blockchain after the TRON MainNet was launched. TRXs are used by content consumers to pay for access to the network.
The total supply is 99,281,283,754 TRX. As for the price, TRX coin reached its peak in January 2018 when its price was 0.254791 USD. Then, in February 2018, it was ranked 15th largest cryptocurrency by market cap. In June 2019, TRX equals 0.033324 USD.
- TRC10. It is the first type of TRON tokens. They have a common easy token structure and are accessible by APIs and smart contracts.
- TRC20. It is the second type of TRON tokens with a medium token structure. TRC20 is a technical standard used for smart contracts that implement tokens supported by the TRON Virtual Machine. They allow for interface customization and are only accessible within smart contracts.
Then, it is important to note, that in June 2019, there are around 2150 tokens created on TRON. Among the most popular ones, there are:
- BTT. BitTorrent token that is used for file sharing without middlemen.
- USDT. The official stablecoin issued by Tether on the TRON network.
Wallets and Exchanges
Buying TRX is not a problem as it is listed on most of the popular crypto exchanges, including Binance, Bittrex, Upbit, OKEX, etc.
As for TRON wallets, there are many of them created by community developers. The trusted and secured ones are mentioned on TRON blockchain official website and include:
- TRON Wallet;
Also, there are wallets that support many cryptocurrencies, including TRX:
- Huobi Wallet;
- Ledger Wallet Hardware;
- Exodus Wallet;
- Math Wallet;
- Gate.io Wallet, etc.
Use in Gambling
As the TRON blockchain network allows creating various apps and platforms, the technology is popular in the gambling industry. As decentralization provides a high level of security and safety, many operators are now willing to base their online casinos on the blockchain.
Currently, there are many DApps created on the TRON network which are dedicated to gambling. The most popular one is the TRONbet online casino. It currently has around 1625 active users every day that conduct 98344 transactions daily.
Then, there are other TRON-based online casinos that are gaining popularity:
In the future, TRON blockchain network aims at providing a place for more DApps development that will benefit the digital entertainment industry. Having said that, we can expect more decentralized online casinos and gambling DApps coming in the future.
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