Tron (cryptocurrency)

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

TRON
TRON
Original author(s)Justin Sun
Developer(s)TRON-Foundation Ltd.
Initial release25 July 2018; 4 years ago (2018-07-25)
Development statusActive
Written inJava
Available inMultilingual, but primarily English
TypeDistributed computing
LicenseOpen-source licenses
Websitetron.network

TRON is a decentralized, open-source 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 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.

History[edit]

TRON was founded by Justin Sun in 2017.[1] 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.[2] 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.[3] On 25 July 2018, the TRON Foundation announced it had finished the acquisition of BitTorrent, a peer-to-peer file sharing service.[4] With this, TRON declared its independence with the creation of the Genesis block, along with July 2018 acquisition of BitTorrent. 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.[5]

By January 2019, TRON had a total market cap of about $1.6 billion.[6] Despite this market performance, some authors viewed TRON as a typical case of the complex and disordered nature of cryptocurrencies.[7][8] In February 2019, after being acquired by Tron Foundation, BitTorrent started its own token sale based on the TRON network.[9][10]

Architecture[edit]

TRON adopts a 3-layer architecture divided into storage layer, core layer, and application layer. The TRON protocol adheres to Google protocol buffers, which intrinsically supports multi-language extension.[citation needed]

The TRON protocol, maintained primarily by the TRON Foundation, distributes computing resources equally among TRX holders with internal pricing mechanisms such as bandwidth and energy.[11] TRON provides a decentralized virtual machine, which can execute a program using an international network of public nodes. The network has zero transaction fees and conducts approximately 2,000 transactions per second.[12][non-primary source needed]

The implementations of TRON require minimal transaction fees in order to prevent malicious users from performing DDoS attacks for free. In this respect, EOS.IO and TRON are quite similar, due to the negligible fees, high transactions per second, and high reliability, and as such are regarded as a new generation of blockchain systems.[13] Michael Borkowski, Marten Sigwart, Philipp Frauenthaler, Taneli Hukkinen and Stefan Schulte defined TRON as an Ethereum clone, with no fundamental differences.[14] The transactions per second rate on Tron's blockchain was questioned because it was far below its theoretical claim.[15]

Criticisms[edit]

In January 2018, via a Tweet, Juan Benet, the CEO at Protocol Labs, revealed that the white paper of TRON copied portions of the white papers from IPFSbot and MineFilecoin, without a single reference.[16] Researchers from Digital Asset Research (DAR) discovered multiple instances of code copied from other projects in the Tron code base. It is also accused of violating the GNU Lesser General Public License v3.0 (LGPL) because the project does not mention that its client was derived from EthereumJ, a Java implementation of Ethereum. These accusations were denied by the TRON Foundation, the organization behind the design of the system.[17]

In May 2019, the cyber-security testing service HackerOne revealed[18] that just one computer could have brought TRON's entire blockchain to a halt.[19] The revelation showed that a barrage of requests sent by a single PC could be used to squeeze the power of the blockchain's CPU, overload the memory, and perform a distributed denial-of-service (DDoS) attack.[20]

On 13 June 2022, Tron's algorithmic stablecoin, USDD, lost its peg to the US Dollar, trading at 0.96 per dollar for about a month.[21]

References[edit]

  1. ^ Mohamed, Theron. "Justin Sun postponed a $4.6 million lunch with Warren Buffett, plowed $10 million into GameStop stock, and lost out on a $69 million NFT. Here's a look at the crypto whiz kid". Business Insider. Insider. Retrieved 23 June 2021.
  2. ^ Lee, Amanda (31 July 2018). "This coin issuer is all cashed up amid China's ban, but is it all hype?". South China Morning Post. Archived from the original on 1 August 2018. Retrieved 26 August 2019.
  3. ^ "What is Tron ? | All about in Tron in Short | Crypto Currency Tron". Tutorials Link. Retrieved 8 November 2021.
  4. ^ Heater, Brian (24 July 2017). "Blockchain startup Tron closes BitTorrent acquisition". TechCrunch. Archived from the original on 20 August 2019. Retrieved 20 August 2019.
  5. ^ Beedham, Matthew (20 August 2018). "BitTorrent inventor walks away after TRON acquisition". The Next Web. Hard Fork. Archived from the original on 20 August 2018. Retrieved 20 August 2019.
  6. ^ "The Hottest Cryptocurrency, Tron, Rekindles Memories of the Bitcoin Bubble". www.bloomberg.com. Archived from the original on 8 February 2019. Retrieved 1 September 2019.
  7. ^ Stosic, Darko; Stosic, Dusan; Ludermir, Teresa B.; Stosic, Tatijana (1 July 2019). "Exploring disorder and complexity in the cryptocurrency space". Physica A: Statistical Mechanics and Its Applications. 525: 548–556. Bibcode:2019PhyA..525..548S. doi:10.1016/j.physa.2019.03.091. ISSN 0378-4371.
  8. ^ Poyser, Obryan (29 June 2018). "Herding behavior in cryptocurrency markets". arXiv:1806.11348v2 [q-fin.ST].
  9. ^ Clark, Bryan (3 January 2019). "BitTorrent just launched a TRON-based cryptocurrency token". The Next Web. Hard Fork. Archived from the original on 3 January 2019. Retrieved 26 August 2019.
  10. ^ "BitTorrent unveils cryptocurrency so users can pay for faster download times". VentureBeat. 3 January 2019. Archived from the original on 3 January 2019. Retrieved 1 September 2019.
  11. ^ Dimaz Ankaa Wijaya, Joseph Liu, Ron Steinfeld, Dongxi Liu, and Limerlina, 'Senarai: A Sustainable Public Blockchain-Based Permanent Storage Protocol', in Cryptology and Network Security 18th International Conference, CANS 2019, Fuzhou, China, 25–27 October 2019, Proceedings, ed. by Yi Mu, Robert Deng, Xinyi Huang (Springer, 2019), pp. 235-46.
  12. ^ "Virtual Machine Introduction". TRON Developer Hub. September 2020. Archived from the original on 24 November 2020. Retrieved 11 June 2021.
  13. ^ Valdeolmillos, Diego; Mezquita, Yeray; González-Briones, Alfonso; Prieto, Javier; Corchado, Juan Manuel (2020). Prieto, Javier; Das, Ashok Kumar; Ferretti, Stefano; Pinto, António; Corchado, Juan Manuel (eds.). "Blockchain Technology: A Review of the Current Challenges of Cryptocurrency". Blockchain and Applications. Advances in Intelligent Systems and Computing. Springer International Publishing. 1010: 153–160. doi:10.1007/978-3-030-23813-1_19. ISBN 978-3-030-23813-1.
  14. ^ Borkowski, Michael; Sigwart, Marten; Frauenthaler, Philipp; Hukkinen, Taneli; Schulte, Stefan (2019). "Dextt: Deterministic Cross-Blockchain Token Transfers". IEEE Access. 7: 111030–111042. arXiv:1905.06204. doi:10.1109/access.2019.2934707. ISSN 2169-3536.
  15. ^ Li, Huawei; Li, Zhihuai; Tian, Na (2020). Liu, Yong; Wang, Lipo; Zhao, Liang; Yu, Zhengtao (eds.). "Resource Bottleneck Analysis of the Blockchain Based on Tron's TPS". Advances in Natural Computation, Fuzzy Systems and Knowledge Discovery. Advances in Intelligent Systems and Computing. Springer International Publishing. 1075: 944–950. doi:10.1007/978-3-030-32591-6_103. ISBN 978-3-030-32591-6.
  16. ^ Brown, Mike. "Is Tron Plagiarized? White Paper Controversy Hits Cryptocurrency". Inverse. Archived from the original on 16 February 2018. Retrieved 24 August 2019.
  17. ^ Bailey, Jonathan (1 February 2018). "The Multi-Billion Dollar Plagiarism Scandal". Plagiarism Today. Archived from the original on 1 September 2019. Retrieved 1 September 2019.
  18. ^ "Tron Foundation disclosed on HackerOne: DOS attack by consuming all..." HackerOne. Archived from the original on 6 May 2019. Retrieved 31 August 2019.
  19. ^ Canellis, David (6 May 2019). "TRON suffered from a critical bug that could've crashed its entire blockchain". The Next Web. Hard Fork. Archived from the original on 6 May 2019. Retrieved 31 August 2019.
  20. ^ Osborne, Charlie. "TRON critical security flaw could break the entire blockchain". ZDNet. Archived from the original on 8 May 2019. Retrieved 31 August 2019.
  21. ^ "Another algorithmic stablecoin loses its peg as Tron's USDD falls, with founder Justin Sun vowing to deploy $2 billion". Fortune. Retrieved 14 June 2022.

External links[edit]