TRON is an ambitious project from the nonprofit TRON Foundation dedicated to building the blockchain-based infrastructure for a decentralized web. Started in 2017 by its CEO Justin Sun, the TRON Protocol, which is technically a blockchain-based operating system, serves as a basis for a free global decentralized content-distribution system and development of decentralized applications (dApps) in its robust ecosystem.
The platform offers distinctive features, such as free digital content hosting and storing, cost-effective digital content distribution, and removal of any intermediary through a peer-to-peer network. TRON lets content creators secure their digital content on the blockchain network with cryptographic keys.
TRON created its cryptocurrency Tronix (TRX) to facilitate transactions over its network. Consumers can unlock any digital content or purchase dApps by paying the requisite fees in TRX upfront, which go to the account of the creator or the developer, allowing them to retain the ownership and revenue generated by the content. TRON uses the delegated-proof-of-stake (DPoS) consensus mechanism to confirm TRX transactions.
As part of TRON Foundation’s business plan, on July 7, 2020, Sun released TRON 4.0, aimed at increasing privacy, interoperability, and scalability. This article focuses on this latest upgrade along with business developments in TRON.
Understanding TRON 4.0
The main objective behind the roll-out of TRON 4.0 was the integration of the advanced privacy feature zk-SNARKs in its smart contract-powered blockchain network. zk-SNARK is an acronym for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (or simply zero-knowledge proof) that ensures secure transaction without revealing any information whatsoever.
The zk-SNARK is believed to be the privacy technology behind the ZCash blockchain, and various crypto experts claim that TRON 4.0 is built using the same cryptography codes. To put an end to rumors, TRON Foundation stated that developers could conceal the transaction information by incorporating the TRC20 shielded transaction feature built on the smart contract. In addition to improved privacy, TRON 4.0 upgrade comes included with many other features. Let us have a quick look at them.
- Multiple Transactions: The TRON 4.0 created on zk-SNARKs will support three types of TRC20 shielded transactions, including Mint, Burn, and Transfer.
- TRC20 Standard Tokens: The TRC20 shielded transactions that developers are supposed to rely on will support all TRC20 standard tokens that run on smart contracts.
- Fast Block Confirmation and Transaction: The DPOS dual-layer consensus mechanism and transport control protocol of TRON 4.0 will help deliver high throughput and speed up the block confirmation and cross-chain communication before transactions.
- Enterprise-Grade Blockchain Solutions: Businesses can deploy customized solutions. Thus, reducing the time and cost while migrating to the blockchain platform.
- Low-Cost Transactions: The TRC20 shielded transactions will keep the transaction costs over the TRON network as little as 1.5 TRX.
- Unlimited Token Transfer: TRON 4.0 will allow transferring infinite numbers of tokens, reducing repetitive transactions and fees.
- Shielded Account Mechanism: Querying transactions between different blockchain addresses will require a private key to protect the privacy and avoid pending transactions.
Some Recent Collaborations
TRON attracted businesses from the blockchain and digital entertainment domain because of its unique concept of providing a decentralized distributed platform to content creators and dApps developers. In this segment, we will see the collaborations of TRON that have made news recently.
- TRON and 1inch Partner for JustSwap and Mooniswap Integration: In September 2020, TRON announced a strategic partnership with the decentralized exchange (DEX) aggregator 1inch for efficient swapping between tokens across DEXs. The agreement will allow the integration of TRON-based decentralized trading protocol JustSwap into 1inch. Similarly, TRON’s blockchain will integrate 1inch’s next-generation automated market maker Mooniswap as part of the partnership.
- TRON and Band Protocol Form Strategic Partnership; Scalable Oracle Technology and Ecosystem Integrations Underway: In August 2020, TRON entered a strategic partnership with the cross-chain oracle platform Band Protocol to integrate and secure TRON’s DeFi and dApps with customizable and verified decentralized oracles.
- TRON Blockchain Partners with Huawei to Roll Out BitTorrent File-Sharing App: In December 2020, TRON announced a partnership with the telecommunication company Huawei enabling the latter to list its file-sharing app BitTorrent on their app store. With this deal, TRON aims to expand the reach of its crypto-powered applications.
- Waves & TRON Partner on Inter-Chain DeFi with Gravity: In August 2020, TRON collaborated with the open blockchain protocol Waves to provide seamless inter-chain connectivity with DeFi using the blockchain and token-agnostic oracle Gravity. The partnership will allow the mass adoption of cryptocurrency across each network.
The first month of 2021 has been quite happening for TRON.
- Sun announced on January 29 his plans to buy stocks from GameStop (GME) worth $10 million from Asia, which was later pronounced dead by his stockbroker Interactive Brokers.
- TRON emerged as a much more popular network than Ethereum for buying TRX and small Tether transactions (nearly two million per week in mid-January) due to low fees.
As a result of its vision to decentralize the Internet for digital entertainment coupled with strategic collaborations, TRON has witnessed a massive surge in its user base along with its price. Find more details about TRX forecast to know about how technological advancements affect its price. And the launch of TRON 4.0 reflects its commitment to utilizing blockchain technology to up the standards for user privacy and transaction efficiency.