Pi Network Users Warned Over Scams: Mainnet Frustration Persists

Summary

• TRON (TRX) is a blockchain network founded in 2017 by Justin Sun, with a focus on decentralizing the internet.
• TRON acquired BitTorrent in 2018, integrating it into the ecosystem and expanding its user base.
• TRON operates using a three-layered infrastructure, including the TRON Virtual Machine (TVM) and a Delegated Proof-of-Stake (DPoS) consensus model.
• Earlier in January, TRON surpassed BNB Chain in terms of TVL, becoming the third-largest blockchain outside of Ethereum and Bitcoin.
• TRON’s Total Value Locked (TVL) has reached $6.8 billion, with projects like JustLend, TRX Staking Governance, and Just Cryptos contributing significantly to its DeFi ecosystem.

TRON origin and overview

In the rapidly evolving landscape of blockchain technology and decentralized applications (DApps), the TRON network stands as a beacon of innovation and progress. Founded in September 2017 by H.E. Justin Sun, TRON has consistently demonstrated its commitment to decentralizing the internet since the launch of its Mainnet in May 2018.

But TRON’s journey goes far beyond its inception. In July 2018, the network made a significant leap forward by acquiring BitTorrent, a pioneer in decentralized services boasting nearly 100 million monthly active users. This strategic move seamlessly integrated BitTorrent into the TRON ecosystem, expanding its user base and solidifying its position in the decentralized space.

Furthermore. In April 2021, it surpassed Tether (USDT) on Ethereum to become the home of the largest global circulating supply of stablecoins. Then, in December 2021, the TRON network achieved a remarkable milestone by transitioning into a fully community-governed decentralized autonomous organization (DAO).

At the heart of TRON’s ecosystem lies TRX, the network’s native token that serves as the foundational unit of account. All other coins on the TRON blockchain derive their value from TRX, fostering a seamless exchange of value within the ecosystem.

As TRON continues to evolve into a community-governed DAO, this article will delve into the intricacies of how TRON operates, some key metrics, thriving projects in the ecosystem, alongside the network’s biggest updates in 2023. 

How does TRON operate?

TRON operates through a purpose-built infrastructure comprising three layers: storage, core, and application. At the heart of the network lies the TRON Virtual Machine (TVM), a compact and Turing-complete virtual machine that allows for the creation of TRC-20 tokens, implemented via smart contracts that are fully compliant with the ERC-20 token standard. 

The core layer houses consensus mechanisms, account management, and smart contracts. TRON utilizes a consensus model known as Delegated Proof-of-Stake (DPoS). DPoS enables token holders to vote for delegates who wield decision-making power on network matters, creating a decentralized governance structure.

Twenty-seven super representatives (SRs) validate transactions and maintain transaction history, earning TRX coins for their services. New TRX blocks are added to the blockchain every three seconds, incentivizing block producers with 32 TRX coins.

TRON’s stack-based virtual machine, written in Solidity and other advanced languages, enables developers to build a diverse range of decentralized applications (DApps) and unique wallets. This versatility extends to utility applications through the deployment and execution of smart contracts.

Notably, TRON’s network features three node types: Witness, Full, and Solidity Nodes. Witness Nodes, engineered by SRs, steer proposal creation, voting, and block production. Full Nodes broadcast APIs, transactions, and blocks, while Solidity Nodes sync blocks and offer indexable APIs.

TRON key metrics and updates 

Earlier in January, the Tron network surpassed BNB Chain in terms of TVL, to become the third-largest blockchain outside of Ethereum and Bitcoin at the time. The achievement was notable, given that BNB Chain closely followed behind Ethereum for the major part of 2022.

According to data from DefiLlama, the TRON blockchain currently boasts a Total Value Locked (TVL) of $6.79 billion, marking its growing influence in the decentralized finance (DeFi) space. Alongside a trading volume of $2.04 million, the network has also generated over $1 million in fees, with approximately 4.96 million transactions processed in the past 24 hours.

Additionally, there were 1.31 million active addresses during this period, demonstrating a thriving user base participating in the TRON ecosystem.

Furthermore, the circulating supply of USDT (TRC20) issued by Tether on TRON network recently exceeded $44 billion. 

JustLend makes up a substantial part of TRON’s TVL, with an impressive $4.689 billion currently locked in the protocol. 

JustLend is the premier lending platform on TRON where users can borrow, lend, deposit assets, and earn interest. The TRON-powered money market protocol creates fund pools whose interest rates are determined by an algorithm based on the supply and demand of TRON assets. 

Among the myriad of projects contributing to TRON’s substantial TVL figure, JustLend is closely followed by TRX Staking Governance with $4.08 billion, with Just Cryptos on the third position with $3.15 billion in TVL. These numbers demonstrate the robust and ever-evolving DeFi landscape on TRON, setting the stage for continued growth and innovation in the blockchain industry.

Latest Updates

Below are some of the most recent updates bringing a wave of excitement to the TRON ecosystem.

Boosting Data Accessibility: TRON added to Google Cloud’s BigQuery 

TRON was recently included in Google Cloud’s recent expansion of its BigQuery public datasets program. The expansion, which increases accessibility to the TRON network, allows users to effortlessly analyze onchain transaction histories.

Expanding presence: TRON joins JCBA

Earlier in August, the TRON Network officially joined the Japan Cryptoasset Business Association (JCBA) as an associate member- a move that highlights the network’s commitment to fostering cooperation within the crypto industry in Japan and throughout Asia. JCBA is a Japanese organization dedicated to advancing the Web3 ecosystem. Its mission is to create a conducive environment for the development of digital assets, including cryptocurrencies, NFTs, and stablecoins. 

Final Thoughts…

The TRON (TRX) ecosystem has continued to evolve in innovation and decentralization since its inception in 2017. With strategic acquisitions, a strong commitment to community governance, and a thriving DeFi landscape, TRON has established itself as a major player in the blockchain and DeFi space. As the network continues its evolution as a community-governed decentralized autonomous organization (DAO), its versatility, governance model, and diverse range of applications solidify its place among the top blockchain networks in the world.