Glossary > Tron

Tron

What is Tron?

As of March 29, 2022, the Tron network accounted for:

  • 83+ million active accounts;
  • 3+ billion transactions;
  • 7+ billion in market capitalization.

Tron is a decentralized blockchain-based network with a native cryptocurrency, Tronix or TRX. Justin Sun created Tron in 2017, first as an ERC20 token on the Ethereum network. Then it migrated to its own network in 2018. Tron’s motto is “Decentralize the web”. Indeed, its goal is to offer decentralized ways to consume media and distribute content. Equally, it suppresses the need for an intermediate from the media industry.

Tron has a native cryptocurrency called Tronix or TRX. Users can use TRX to power applications hosted on the network but also for staking and as a store-of-value. Besides, the Tron network supports tokens and stablecoins for instance USDT and USDC.

This is one of the similarities with the Ethereum network. The other similarities with Ethereum are that Tron also supports decentralized applications and smart contracts.

The Tron network relies on a delegated proof-of-stake consensus. More specifically, “super representatives” are validating transactions. TRX holders are voting for super representatives and only the 27 most voted are chosen. They will earn fees for every transaction they successfully validate.

The network has a 3-second block time. More simply put, it means that blocks keep adding up to the chain every 3 seconds. The blockchain can equally process 2,000 transactions per second (TPS) which makes it one of the fastest blockchains in terms of transaction processing.

Scorechain is providing blockchain analytics for Tron with support of TRC10 and TRC20 tokens to help companies onboard Tron in a compliant way.