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TRON (TRX)

A public blockchain as the infrastructure for a decentralized internet

KEY METRICS [as at 24 Apr 2019]
TickerTRX
Price$0.0232 (420 sats)
24H Mkt. Cap ($Bn)$1.55 Bn
30 Day Avg. Mkt. Cap ($Bn)$1.74Bn
24H Volume ($MM)$455.79MM
30 Day Avg. Volume ($MM)$387.00MM
Circ. Supply66,682,072,191 TRX (67.16%)
Total Supply99,281,283,754 TRX
All-time High USD$0.22 (5 Jan 18)
All-time High BTC1,355 sats (4 Jan 18)
Project Websitehttps://tron.network/

KEY HIGHLIGHTS

  • Delegated Proof of Stake (“DPoS”) mechanism in which 27 Super Representatives rotate every 6 hours
  • Relatively low amount of stake (9,999 TRX) required to become a Super Representative candidate
  • Developers can access full nodes running in the cloud provided by TronGrid
  • Supports TRC-20 based USDT since March 2019
  • Mainnet launched May 31, 2018

RECENT NEWS

  • Apr 2019: Announced partnership with Swarm, a platform offering digital securities services to empower zero-fee tokenization of asset
  • Apr 2019: Announced the release of Sun network, TRON’s upcoming Layer 2 solution
  • Apr 2019: TRON mainnet crosses 2.5 million user registered accounts
  • Mar 2019: TRX became available to trade on eToro
  • Mar 2019: Announced release of mainnet upgrade, Odyssey-v3.5
  • Mar 2019: Introduced TRC-20 based USDT, the first TRC native stablecoin
  • Mar 2019: Acquired the blockchain app store CoinPlay
  • Jan 2019: BitTorrent, which was acquired by TRON in July 2018, conducted its public token sale on Binance Launchpad

WHAT IS TRON?

TRON (or “the Project”) is a public chain dedicated to providing the underlying infrastructure which enables developers to create smart contracts and decentralized applications, freely publish, own, and store data and other content. TRON deploys a DPoS consensus mechanism to avoid the issue of low transaction throughput times and high transaction fee amongst Proof of Work (PoW) public chains.

Key Features of the TRON Network

  • TRON aims to utilize DPoS to offer high TPS and scalability
  • Smart contracts written in Solidity, making it easy for Ethereum developers to move over
  • 394 dApps already running on TRON mainnet
  • Introduced a range of tools to help developers move over to the TRON network
  • TronGrid provides full nodes running in the cloud; developers can have direct aceess to the TRON network without having to run nodes themselves
  • Tronlink provides wallet service on Chrome extension, iOS and Android

The Project’s mission is to be the underlying architecture for dApps, and therefore building a truly decentralized internet.

TOKEN SALE & ECONOMICS

KEY METRICS
Token Name TRX
Token Type ERC-20 at TGE
Private Sale Allocation 25.7% of Total Supply
Private Token Sale Date (completed) Jan 8, 2017
Private Sale Token Price $0.0003
Initial Amount Raised in Private Sale $30.0MM
Public Sale Allocation 40.0% of total supply
Public Token Sale Date Aug 30, 2017
Initial Amount Raised in Public Sale $150.0MM
Circulating Supply 66,682,072,191 (67.16%)

Token Supply Distribution:

  • Private sale tokens made up 25.7% of initial total token supply.
  • Public sale tokens made up 40.0% of initial total token supply.
  • TRON Foundation and team holds the remaining 34.3% of token supply

Private Token Sale:

  • Conducted on January 8, 2017 for 25,700,000,000 TRX at a rate of 1,025,000 TRX = 1 ETH at ~$0.0003 per token, selling 25.7% of total token supply.

Public Token Sale:

  • Conducted on August 30, 2017 for 40,000,000,000 TRX at a rate of 205,000 TRX = 1 ETH at ~$0.0015 per token, selling 40.0% of total token supply.

Note:

  • The TRON team claims to have returned parts of initially received funds.

Token Governance & Use of Funds

TRON holds its funds in cold storage with multi-sig wallets. The foundation's wallet can be found here.

The TRON team decided not to publicly share about its use of funds at this point.

TRX Token Overview & Use Cases

TRX is the core utility token of the TRON network. A few examples of the use cases for the TRX token include:

  • Payments for services and goods provided by service providers and merchants on the TRON network
  • Payments for fees and commissions for running native smart contracts
  • Exchanging for 3rd party issued Tron Classic (“TRC”) network tokens
  • Freezing TRX to delegate energy towards running smart contracts or voting for Super Representatives

ROADMAP & UPDATES

TRON does not have a detailed public roadmap. The table below lists what has been accomplished by the TRON team.

Achievements
DATE Achievement COMMENTS
2017: Q3 TRON Foundation is established in Singapore N/A
2018: Q1 TRON launches Testnet Medium
2018: Q2 TRON launches Mainnet Odyssey 2.0, a technical milestone for TRON Medium
2018: Q2 Letter to the TRON Community: On Super Representative Elections Medium
2018: Q3 TRON announces acquisition of BitTorrent Medium
2018: Q4 TRON Launches Tron Virtual Machine (“TVM”), Dev toolset & 360 degree support Medium
2018: Q4 TRON transactions exceeds 100 million Medium
2019: Q1 As part of Project Atlas, TRON issued BitTorrent Token (“BTT”) Twitter
2019: Q1 Odyssey 3.5 released, enabling Multiple signatures support and different permissions support for TRX accounts Github

Updated Roadmap

Q2 2019:
  • USDT-TRON launch
  • Announce the plan for Sun Network - side chain development
  • Launch of ChainBase, the decentralized blockchain data platform, BitTorrent Speed, and BitTorrent File System (BTFS)
  • Achieve cross chain communication
Q3 2019
  • Anonymous transactions
  • Improve virtual machine - new storage solution, better performance
  • Complete the Sun Network
  • Make BTFS open source


Q4 2019:
  • BTFS completed
  • Number of dApps built on the TRON network to reach 2,000




Commercial Partnership and Business Development Progress

  • TRON establishes blockchain game fund, TRON Arcade: With up to $100MM to be invested in the project for the next 3 years, TRON aims to empower developers to create new gaming experiences and build the foundation for a robust blockchain game ecosystem.
  • Medium
  • MixMarvel to build suite of games on TRON: MixMarvel, the studio behind top blockchain game HyperDragons, aims to work with TRON to bring high production value and deep gameplay to gamers and blockchain enthusiasts alike.
  • Medium
  • Tether introduces its stablecoin to the TRON blockchain: USDT was added to TRON to improve overall value storage, and increase decentralized exchange liquidity. This is also aimed at making the blockchain more accessible to the enterprise-level partners and institutional investors.
  • Press Release
  • Swarm partnership and STO platform integration: Swarm, a blockchain technology company providing fee-free tokenization of dividend-paying assets, will allow asset providers with proper licensing and KYC measures to issue security tokens on the TRON blockchain.
  • Medium
  • ABCC Exchange partnership: TRX became a base trading pair on the Singapore-based exchange.
  • Medium
  • TRON acquires the very first global blockchain app store, CoinPlay: CoinPlay positions itself as a blockchain application store that aims to offer the most comprehensive, suitable and updated blockchain apps.
  • Medium
  • Loom Network announces TRON integration: Loom integrated its platform for building large-scale games and social apps with the TRON blockchain.
  • Medium
  • ALS Association #VoiceYourLove Campaign: As part of the campaign to find treatments and a cure for people afflicted with ALS, TRON raised awareness for the cause, pledging $250,000, and partnered with the ALS Association to provide a platform for more transparency into recipient charitable organizations.
  • Medium

TEAM OVERVIEW

  • Justin Sun
    Founder & CEO

    Founder of TRON, Callme (PEIWO) APP, and CEO of BitTorrent Inc. Justin was named 2017 Forbes 30 under 30 Asia.

  • Cong Li
    Head of Developer Community Division

    Previously worked at Google for ten years, serving in technical leadership roles for projects in the backend, data pipeline, frontend, and others.

  • Marcus Zhao
    Head of Public Chain

    Previously a technical manager at DangDang, as well as a data scientist at Alibaba.

  • Chengchang Ren
    Team Lead - Public Chain

  • Sicong Zhang
    Team Lead - Public Chain


  • Sheng Liu
    Team Lead - Backend Engineering


  • Honghai Yu
    Team Lead - Backend Engineering

  • Mingyong Zhang
    Team Lead - Front-end Engineering


  • Francesco Sullof
    Team Lead - API and Dev Tools

  • Eric Chen
    Team Lead - Data & Integration

  • Jin Liu
    Team Lead

  • Zhimin He
    Team Lead - Atlas Exchange & BTFS

  • Weiyu Xue
    Core Developer, Team Lead

  • Jackie Shen
    Sr. Developer Team Lead

  • Jialiang Zhou
    Software Engineer

  • Lukasz Juraszek
    Software Engineer

  • Joseph Ghantous
    Software Engineer

  • Ujwal Battar
    Software Engineer

  • Shelly Wei
    Software Engineer

  • Shengwen Yu
    Software Engineer

  • Jiaxun Liu
    Software Engineer

  • Siying Peng
    Software Engineer

  • Kun Xu
    Site Reliability Engineer

  • Tom Mao
    Project Manager & Technical Writer

  • Yue Fang
    Product Manager

TRADING DATA

Liquidity

As of Apr 24 2019, there are more than 200 exchanges listing TRX trade pairs per Coinmarketcap. The most common crypto-to-crypto trade pairs include TRX/BTC, TRX/ETH, and TRX/USDT.
Key crypto-to-fiat trade pairs include TRX/USD and TRX/KRW.
Below is the breakdown of TRON's volume by trading pairs.

TECHNICAL OVERVIEW

TRON adopts a 3-layer architecture divided into Core Layer, Storage Layer, and Application Layer. The TRON protocol adheres to Google Protobuf, which intrinsically supports multi-language extension.

1. Core Layer

There are several modules in the core layer, including smart contracts, account management, and consensus. A stack-based virtual machine is implemented on TRON and an optimized instruction set is used. In order to better support dApp developers, Solidity was chosen as the smart contract language, followed by future support of other advanced languages.

2. Storage Layer

TRON designed a distributed storage protocol consisting of Block Storage and State Storage. The notion of a graph database was introduced into the design of the storage layer to better meet the need for diversified data storage in the real world.

  • Blockchain Storage: TRON blockchain storage chooses to use LevelDB, which is developed by Google and proven successful with many companies and projects. It supports arbitrary byte arrays as both keys and values, singular get, put and delete, batched put and delete, bi-directional iterators, and simple compression using the Snappy algorithm.
  • State Storage: TRON has a KhaosDB in the full-node memory that can store all the newly forked chains generated within a certain period of time and supports witnesses to switch from their own active chain swiftly into a new main chain. It can also protect blockchain storage by making it more stable from being abnormally terminated in an intermediate state.

3. Application Layer

Since TRON enables smart contracts to be deployed and executed, developers can create a diverse range of dApps and customized wallets on TRON.

Github Overview

TRON has 41 public repositories and 20 private repositories; the team has decided not to share the private repositories at this time due to some of the infrastructure being in the research and development stages.

Top Public Github Repositories

Java-Tron

Java implementation of the TRON whitepaper

78 People   9,593 Commits  
Protocol

Protocol of TRON, including API and message

27 People   847 Commits  
Wallet-CLI

A command line tool for the TRX wallet

39 People   2,300 Commits  
TronWeb

Javascript API library for interacting with the TRON network

25 People   705 Commits  
TRON-CLI

A command line tool which allows developers to quickly set up and manage TRON nodes and service

5 People   234 Commits  

BLOCKCHAIN & NETWORK

As of April 24, 2019, the TRON network over 1,200 nodes, with a block height of over 8 million. Transactions per day have averaged at close to 2 million. There are also over 2.6 million total TRX accounts. There are roughly 60 transactions per block, with a block generated every 3 seconds. The block reward is 32 TRX. Real time data can be accessed here.

The TRON consensus mechanism uses a Delegated Proof of Stake system in which 27 Super Representatives (“SRs”) produce blocks for the network. Every 6 hours, TRX account holders who freeze their accounts can vote for a selection of SR candidates, with the top 27 candidates deemed the SRs. Voters may choose SRs based on criteria such as projects sponsored by SRs to increase TRX adoption, and rewards distributed to voters. SRs’ accounts are normal accounts, but their accumulation of votes allows them to produce blocks.

The TRON protocol network generates one block every three seconds, with each block awarding 32 TRX to Super Representatives. A total of 336,384,000 TRX will be awarded annually to the 27 SRs. The specific calculation will be demonstrated in the following section.

Each time an SR finishes block production, rewards are sent to a sub-account in the super-ledger. SRs can check, but not directly make use of these TRX tokens.

A withdrawal can be made by each SR once every 24 hours, transferring the rewards from the sub-account to the specified SR account.

The three types of nodes on the TRON network are Witness Node, Full Node, and Solidity Node. Witness Nodes are set up by SRs and are mainly responsible for block production and proposal creation/voting. Full Nodes provide APIs and broadcast transactions and blocks. Solidity Nodes sync blocks from other Full Nodes and also provide indexable APIs.

Super Representative

General

Every account in the TRON network can apply and have the opportunity to become a Super Representative. Everyone can vote for SR candidates. The top 27 candidates with the most votes will become SRs with the right and obligation to generate blocks. The votes are counted every 6 hours and the SRs will change accordingly. To prevent malicious attacks, there is a cost to becoming an SR candidate. When applying to become a SR, 9,999 TRX will be burned from the applicant’s account. Once the tokens are burned, such account can join the SR election process.

Election

TRON Power, or TP, is required for all votings on TRON network. One can acquire TRON Power by freeze their TRON tokens

TP is calculated in the following way: 1 TP = 1 TRX frozen to get bandwidth

Every account in the TRON network has the right to vote for their own SRs. After the release (unfreeze, available after 3 days), users will not have any frozen assets and lose all TP accordingly. As a result, all votes become invalid for the ongoing and future voting rounds unless TRX is frozen again to vote.

The TRON network only records the most recent vote, which means that every new vote will negate all previous votes.

Proposal Creation, Voting, and Withdrawal

Only SR accounts have the right to propose a change in dynamic network parameters. Once a proposal is created, SRs will vote for it and any member who does not vote in time will be considered as a veto. The proposal is active for 3 days after it is created. The vote can be changed or retrieved during the 3-day voting window. Once the period ends, the proposal will either pass (19+ votes) or fail (and end).

The proposer can withdraw the proposal before it becomes effective.

YesNo/No voteProposal Status
19 or more SRs8 or fewer SRsPass
Fewer than 19 SRsMore than 8 SRsFail

Rewards

The following tables demonstrate the calculation for Vote and Block rewards:

Vote Reward
Vote Reward (Candidate Reward)The top 127 candidates update once every round (6 hours) and will share 115,200 TRX as mined. The reward will be split in accordance with the vote weight each candidate receives. Each year, the total reward for candidates will be 168,192,000 TRX.
Total vote reward per round 115,200 TRX = 16 TRX/block × 20 blocks/min × 60 mins/hr × 6 hrs/round
Total vote reward per year168,192,000 TRX = 115,200 TRX/round × 4 rounds/day × 365 days/year

Block Reward
Block Reward (SR Reward)The top 27 candidates (SRs) who are elected every round (6 hours) will share roughly 230,400 TRX as mined. The reward will be split evenly between the 27 SRs (minus the total reward blocks missed due to network error). A total of 336,384,000 TRX will be awarded annually to the 27 SRs.
Total block reward per round 230,400 TRX = 32 TRX/block × 20 blocks/min × 60 mins/hr × 6 hrs/round
Total block reward per year336,384,000 TRX = 230,400 TRX/round × 4 rounds/day × 365 days/year

Due to the issuing of new TRX tokens for Vote and Block Rewards, there will be a annual inflation of 1,681,92,000 TRX + 336,384,000 TRX = 504,576,000 TRX.

PRODUCTS & METRICS

TronGrid

TronGrid provides full nodes running in the cloud so that a developer does not have to setup a node him or herself in order to work with Tron. TronGrid APIs allow developers to query events, transactions, assets and other blockchain data. Since the launch of TronGrid v.2 at the beginning of 2019, there has been a steady increase of traffic with occasional peaks due to dApp launches, averaging over 12,000 requests per second, over 1 billion requests per day. The average response time for querying events on TronGrid v.2 - the biggest demand from the community, has constantly been below 100ms. TronGrid v.3, with new features and another major performance improvement, is in the alpha testing phase as of April 17, 2019 and will be soon released to the entire community.

TronLink

TronLink is a Tron wallet that runs as a Chrome extension, as well as on iOS and Android. It can be integrated into other dApps and can be used to send and receive TRX, TRC10 and TRC20 tokens.

COMMUNITY DATA

Social Community Overview & Strategy

The TRON team lists 4 focuses when it comes to community growth and development: online engagement, regional outreach, developer community, and education campaign.

  • The team states that they prioritize community engagement, and considers interacting with community members and addressing their problems as an important strategy in gaining community support. The team also has been, and will continue to share development progress with the community.
  • TRON states that the Project has developed strong relationships with Super Representatives and strategic partners, who host meetups and events and greatly extends TRON’s outreach. The team also mentioned that they have been identifying and working with TRON advocates and power users, particularly in areas which they have less of a physical presence of.
  • The TRON team provides one-on-one support to projects working with TRON. The team has engineers on-call to provide technical support on Discord. The team claims to make consistent efforts in creating clear technical documentation. In 2018, the team launched TRON Accelerator, in which a total of $1 million of grants were given out. The team has also launched a 100 million USD fund named TRON Arcade for gaming related dApp development.
  • TRON also launched its education campaign in the beginning of 2019. This campaign includes videos and articles on topics such as what blockchain is, token economics, and many more. The Project has also hosted a series of events where they invited established figures in the field to speak. In January 2019, TRON hosted NiTROn, a summit that illustrated what was happening in the blockchain space and explored what was to come. Kobe Bryant and Jazz Kang were two of the keynote speakers.

Community and Social Channels

COMPETITOR OVERVIEW

Data as of Apr 24, 2019TRXETHEOS
Consensus typeDPoSPoWDPoS
Mainnet launch dateMay 31, 2018July 30, 2015June 2, 2018
Number of dApps3942,455260
Number of accounts2,644,61262,361,4561,014,224
Number of nodes1,2129,205484
30-day onchain transaction volume (USD)755,252,62813,453,695,5533,186,898,058

Source: Binance Research, Coin Metrics, Etherscan, ethnodes.org, eossnapshots.io, DAppReview, State of the DApps.

The TRON team considers Ethereum and EOS as its main competitors, and lists the following points of differentiation:

  • The team claims that the TRON network is able to handle more transactions per second (2,000+) compared to its competitors
  • The TRON team claims to provide extensive technical, financial and marketing support to community projects
  • Relatively low transaction fee
  • TRON is exposed to the large user base of BitTorrent

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