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TRON - My Favourite Blockchain Network

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Introduction

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Since my entry into the crypto world through the Steemit Crypto Academy, I have come across a few blockchain networks. And out of all those I have encountered, I can say that my favourite of them all is the TRON Network.

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History of TRON Network

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In 2017, the TRON network was founded by Justin Sun, now a household name for anyone in Steemit. TRON was initially built on the Ethereum blockchain as an ERC-20 token before it built it's own blockchain network and switched to it officially on the 25th of July.

The native token of this network is the Tronix token with the symbol (TRX). It's consensus mechanism employed is the Delegated Proof of Stake mechanism (DPOS), where they have 27 super representatives who are voted to verify and validate transactions and create blocks.

The TRON network has it's official block explorer known as “Tronscan”. It is used to view all transactions and other information performed on the network since the day of creation. It also has it's own official wallet known as “TronLink”.

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The token has done very well in the market since it was first launched. It now has a current price of $0.06841 according to CoinmarketCap at the time of writing. And to think it's value upon launching was $0.00109.

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Why TRON is my favourite blochchain network

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I love this particular network for several reasons some of which are given below.

• First on my list is its low transaction rates. When sending TRX tokens using the TRC-20 network, the transaction fees are very low. This is my favourite thing about them actually. Which is why I always transfer my coins and tokens using the TRC-20 network.
• Secondly, transactions are performed within a shorter period of time. They are capable of processing as large a number as 2000 transactions within a second. Can you imagine? This makes it more scalable that other networks like Ethereum and even Bitcoin.
• It follows the DPoS consensus mechanism. This allows users to determine who they want as super representatives because they are the ones who vote for them. It makes the network more decentralized.
• The network allows and makes it easy to build dApps on it. This is why there are many dApps built on the TRON network as seen in the TronLink app.

One of the earlierst shortcomings faced by the TRON network was when they were still based on the Ethereum network. They felt that they were not scalable enough or as decentralised as they wanted it to be.

In a bid to solve this problem, Justin Sun acquired a peer-to-peer company known as BitTorrent and then officially launched TRON's own blockchain on the 25th of July 2018.

Having it's own blockchain permitted the TRON network to increase the number of transactions that could be performed within a second. It also allowed them to be more decentralized.

As good as the network is, it is not perfect. One problem that I have with them is in the use of their official wallet, TronLink.

In the wallet app, in order to perform transactions such as send money or swap tokens, energy and bandwidth is being consumed. But the problem is that in case you perform a transaction and your energy and/or bandwidth is not sufficient, some of your TRX in your wallet will be burned in the process.

_{Screenshot from TronLink App}

I remember the first time I was performing a transaction in TronLink. I was so excited about it. I gathered a few of my TRX gotten from rewards from my steemit posts. At that time, in order to see 10 TRX, I had posted for long. So imagine how I felt after I performed my transaction and saw less that what I was expecting in my balance?

At first I was afraid that I might have made a mistake so I crosschecked. I went to Google and asked questions about it. Just to realise that I did not have enough energy and bandwidth so they burned some of my TRX in the process.

I later found out that you can increase your energy and bandwidth by freezing TRX tokens. But you need to freeze a lot of TRX to have enough energy and bandwidth to support your transactions comfortably. I hope that this changes to make it easier on us the users.

One project built on the TRON network that I want to talk about is SunSwap. It is an exchange DApp based on the TRON blockchain. It has its own token which is a TRC-20 token.

The SunSwap app can be easily accessed from the TronLink App explorer.

_{Screenshot from TronLink App}

This decentralized app has seven options: Swap, Scan, Burn SUN, LP Pools, SUN Swap, WTRX and WBTT

• Swap
  In this option, a user can swap the following tokens ; TRX, USDC, SUN, BTT, SUNOLD, NFT, BTC, WBTC, ETH, WETH, WBTT, JST, WIN, DICE, LIVE, USDT, USDJ, TUSD, LTC and HT.

• Scan
  Here, you have a record of all the transactions done using the dApp.

• Burn SUN
  This is where you can buy SUN tokens and give to be burned. You also have the total number of tokens to be burned and the amount that has been burned so far. It also has records of the burning.

• LP Pool
  This is the liquidity pool where you can give your tokens to be added into the pool and get returns on them.

_{Screenshot from TronLink App}

• SunSwap
  Here, you can exchange your SUNOLD tokens for the newer token SUN where 1 SUNOLD = 1000 SUN.

• WTRX
  With this feature, you can wrap and unwrap TRX tokens to WTRX.

• WBTT
  Here, you can wrap your BTTOLD tokens to WBTT and then unwrap them again.

_{Screenshot from TronLink App}

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So that is all about my favourite block chain network. What about you?

Thanks for reading.
Written by
@rosita-nkefor