TRON (CRYPTO:TRX) is an open-source blockchain platform that can run smart contracts and be used to build decentralized applications (dApps). What is TRON coin and whether is TRON better than Bitcoin? If you want to find out more, read the article below.
What is TRON coin?
Tron is a blockchain-based decentralized digital platform with its own cryptocurrency called Tronix or TRX. Tron was founded in 2017 by the Tron Foundation, a Singapore-based non-profit organization, to host a global entertainment system for cost-effective digital content sharing.
Originally sold primarily in Asia, Tron has now gone global. As of August 2021, the platform has over 50 million accounts. Founded by current CEO Justin Sun, Tron has offices in Singapore and San Francisco. Born in 1990, Sun is also the CEO of the file-sharing program BitTorrent.
The TRX cryptocurrency gained more mainstream attention in 2018, when the Tron Foundation, the nonprofit development company behind Tron, acquired the peer-to-peer content sharing platform BitTorrent.
What Makes Tron Unique?
Tron is a very special cryptocurrency because it brings a completely different perspective and goals to the market. TRX has no transaction fees, which is an amazing feat. On top of that, the network is capable of supporting 2000 transactions per second.
Holding (and staking) TRX gives users the opportunity to participate in the Super Representative selection process. Most importantly, the platform's ability to reward content creators for their work while retaining full ownership of their projects is a very valuable concept.
Is TRON better than Bitcoin?
The Crypto Carbon Rating Institute (CCRI) said in a Wednesday report that the Tron network’s low power requirements make it one of the greenest blockchains. CCRI is a research group dedicated to reducing carbon emissions from crypto projects.
Compared to other mechanisms such as Bitcoin’s Proof of Work (PoW), Tron’s Delegated Proof of Stake (DPoS) consensus mechanism helps reduce its carbon footprint, the report said. DPoS relies on users staking their native TRX tokens to nodes that validate transactions and maintain the network.
The energy consumption of PoW blockchains such as Bitcoin and Ethereum exceeds 83 million kilowatt-hours (kWh) and 22 million kWh, respectively. However, Ethereum plans to switch to a proof-of-stake consensus mechanism in mid-September after "The Merge." By comparison, Tron consumes 162,868 kilowatt-hours of energy for over 2.31 billion transactions per year, which is about 99.9% lower than the electricity consumed by Bitcoin and Ethereum. According to CCRI, this puts Tron's energy consumption "equivalent to that of 15 average American households."
I hope this article will help you to understand what is TRON coin and whether TRON is better than Bitcoin. Despite the controversy surrounding it, TRON remains one of the top cryptocurrencies by market cap. It certainly has potential, and there are reasons to consider it a cryptocurrency investment.
