TRON (TRX)

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TRON
TRON logo.png
Founded 2017
Headquarters Singapore
Key People Justin Sun
Employees 24-50
Products The TRON protocol, TRX
Twitter @tronfoundation
LinkedIn Foundation Profile
Website TRON Network Home

TRON is a cryptocurrency business conglomerate. It is also the name of the technical platform on which runs its native coin, TRX.

TRX was developed by the Tron Foundation, which was established in Singapore in 2017. TRON was founded by Justin Sun, former chief representative and advisor for Ripple in greater China.[1][2]

Background

TRON was created in 2017 and its ICO launched that September.[3] As of May 2018, the development team of TRON consisted of around 50 men and women. Most of those developers were Chinese, though the team included individuals with international backgrounds, including some from South Korea, Palestine, and Russia.[4] Following its ICO, TRON became the first open-sourced smart contract blockchain-based platform to surpass 10 million worldwide active wallet users. The TRON token, Tronix (TRX) is the native token of the platform.[5] The company intends to use TRON and Tronix to make dApp development and crowdfunding "easier than ever."[6]

Overview

Justin Sun, the creator and founder of TRON, has said he intends for TRON to be a decentralized platform for storing digital entertainment and social media, such as social networks and mobile games. It has begun business partnerships with Baofeng, a Chinese video hardware and software provider that has been compared to Netflix, as well as other Chinese companies. Its most notable investors include Dai Wei (not to be confused with Wei Dai), the founder of the Chinese bike-sharing service Ofo, and developers from Microsoft and Alibaba.[7]

Currently, TRON's website lists 10 dApps that have been developed specifically for use with the TRON decentralized operating system, which uses the TRON protocol.[8]

In January 2019, TRON partnered with the ABCC exchange to list TRON's TRC10 tokens, making it the first exchange to offer these tokens. This was confirmed by Justin Sun via Twitter.[9][10]

In May 2019 Opera, the company that created the Internet browser of the same name, announced that it had begun developing TRX support for its in-browser cryptocurrency

wallet, as well as many other blockchain-related services, which would be released within a few months after the announcement.[11]

Allegations of plagiarism

On January 9, 2018, the creators of TRON were accused of plagiarism when Protocol Labs founder Juan Benet tweeted a series of pictures comparing TRON's published whitepaper to that of Filecoin and IPFS documents. Although they are not an exact match, the language of TRON's whitepaper indeed appeared to be similar to that of the Filecoin and IPFS papers.[12]

Justin Sun denied allegations of plagiarism, citing mistakes made in translating the whitepaper from Chinese to English. TRON later removed the whitepaper from its website.[13]

Ethereum Airdrop

In May 2018, TRON began an airdrop consisting of 30 million TRX to the Ethereum community. The TRON Foundation increased mining fees to streamline the process.[14]

Products and Services

TRON is a dApp platform that is developing multiple services that can be paid for using TRX.

BitTorrent

In July 2018, Sun purchased BitTorrent for $140 million. BitTorrent is the company that owns uTorrent, a decentralized, peer-to-peer file sharing application that has been responsible for 3 percent of the Internet's daily traffic since at least 2015. The announcement said that BitTorrent's team would be working out of the TRON San Francisco location.[15][16]

In January 2019, TRON announced a new digital token, BitTorrent Token (BTT), the new native digital token of BitTorrent, in order to improve the service's content delivery, file storage, and privacy-protecting proxy services. This differs somewhat from BitTorrent's traditional method of providing its content hosting and download services; originally, BitTorrent relied on people using its service to contribute some of their processing power to the service, letting the network use their processing power during and after the user downloads the music, video, or other content that they are downloading - in other words, users paid in bandwidth, not money. The BTT whitepaper acknowledges this, arguing that adding a tokenized store of value could broaden the range of possibilities a service like BitTorrent can achieve. Binance founder Changpeng Zhao praised the token over Twitter.[17][18]

Binance hosted a successful sale of BTT on January 28, 2019. In two separate markets - one for payers using TRX and one for payers using BNB, Binance's native cryptocurrency - 59.8 billion BTT, worth about $7.2, sold out within minutes.[19]

niTROn 2019

TRON hosted an international cryptocurrency conference in 2019. The summit was held in San Francisco, California, and featured Justin Sun and NBA veteran Kobe Bryant as guest speakers, in addition to others.[20][21]

TRON Arcade

In November 2018, the TRON Foundation announced TRON Arcade, a blockchain-based gaming product. The announcement said that up to $100 million would be invested into the project over the course of the following three years. According to the press release, TRON Arcade will be designed to enable game developers to make games using blockchain technology.[22]

In February 2019, Tron signed a memorandum of understanding (MoU) with the Korean Mobile Game Association (KMGA) and the Korea Blockchain Contents Association (KBCCA).[23]

References

  1. About Us. Tron Foundation.
  2. Justin Sun. Linkedin.
  3. Could This Millennial 'Crypto' Tech Visionary Be The Next Jack Ma?. Forbes.
  4. About Us. Tron Foundation.
  5. Could This Millennial 'Crypto' Tech Visionary Be The Next Jack Ma?. Forbes.
  6. TRX. Tron.
  7. WHAT IS TRON? CRYPTOCURRENCY'S BUDDING FOUNDER JUSTIN SUN WANTS TO CHANGE THE INTERNET. Newsweek.
  8. TRON DAPPS. StateOfTronApps.com.
  9. ABCC Exchange Partners With Tron to Become First Platform to List TRC10 Tokens. Cointelegraph.
  10. ABCC Exchange is truly an awesome platform that has witnessed great development. Twitter.
  11. Opera Will Soon Add Tron Support to Its In-Browser Crypto Wallet. Coindesk.
  12. TRON’s Whitepaper Appears to Plagiarize from Filecoin and IFPS. CCN.
  13. TRON Plagiarized its Whitepaper, Community Claims. CCN.
  14. Tron (TRX) Airdrop To Ethereum Community Ongoing As Bitfinex Supports Token Migration. Ethereum World News.
  15. Justin Sun now owns BitTorrent, the first of his Infinity stones. The Next Web.
  16. BitTorrent Confirms It’s Been Acquired by Blockchain Startup Tron. Variety.
  17. BitTorrent’s Master Plan to Bring a Tron-Powered Crypto Token to the Masses. Coindesk.
  18. The grandfather of Dapp finally finds its decentralized currency and business model. Should be a very interesting case study.. Twitter.
  19. Binance’s BitTorrent Token Sale Sells Out in Minutes Amid Technical Issues. CoinDesk.
  20. Kobe Bryant Scheduled To Speak At TRON's Upcoming Summit. Forbes.
  21. NITRON SUMMIT 2019. Nitron.
  22. TRON unveils TRON Arcade: 100 Million USD Game Fund. TRON Foundation.
  23. TRX/USD gears up for growth as Tron leverages South Korean gaming market. FX Street.