Tron (cryptocurrency)

TRON is a decentralized, blockchain-based operating system with smart contract functionality, proof-of-stake principles as its consensus algorithm and a cryptocurrency native to the system, known as Tronix (TRX). It was established in March 2014 by Justin Sun and since 2017 has been overseen and supervised by the TRON Foundation, a non-profit organization in Singapore, established in the same year. It is open-source software. It was originally an Ethereum-based ERC-20 token, which switched its protocol to its own blockchain in 2018. TRC20 has a fee of 5 trones per 1 USDT coin for the transfer. On some cryptocurrency wallets, users can't withdraw their USDT funds until they have enough money for the network fee. TRON was founded by Justin Sun in 2017. The TRON Foundation was established in July 2017 in Singapore. The TRON Foundation raised $70 million in 2017 through an initial coin offering shortly before China outlawed the digital tokens. The testnet, Blockchain Explorer, and Web Wallet were all launched by March 2018. TRON Mainnet launched shortly afterward in May 2018, marking the Odyssey 2.0 release as a technical milestone for TRON. In June 2018, TRON switched its protocol from an ERC-20 token on top of Ethereum to an independent peer-to-peer network. On 25 July 2018, the TRON Foundation announced it had finished the acquisition of BitTorrent, a peer-to-peer service. With this, TRON declared its independence with the creation of the Genesis block, along with July 2018 acquisition of BitTorrent, a platform with over 100 million monthly active users, was integrated into the TRON ecosystem. Upon this acquisition, in August 2018, BitTorrent Founder Bram Cohen also disclosed that he was leaving the company to found Chia, an alternative to bitcoin created to be a less energy-intensive cryptocurrency. By January 2019, TRON had a total market cap of about$1.6 billion. Despite this market performance, some authors viewed TRON as a typical case of the complex and disordered nature of cryptocurrencies.