Tron is one of the largest blockchain-based operating systems around, with the creators of the network having utilized proven technology — in the form of a proof of stake consensus platform — to create a truly unique project.
In today’s guide, we will dive deep into the features that make Tron unique and explore the ecosystem of Tron projects, as well as examining some of the exciting staking opportunities that exist, so you can make a profit.
What Is The Tron Network?
Decentralization
Cost-effectiveness
Scalability and speed
Create Dapps and custom tokens
Compatibility with Ethereum
Bridges
A three-layer architecture
The Tron Network Ecosystem
Wallets to use with Tron
Staking on Tron
Tron NFTs
Should I use Tron?
The Tron network is a blockchain-based platform, powered by a native cryptocurrency called Tronix (TRX).
It was established as far back as 2014 by Justin Sun, a man who has become very well-known in crypto circles ever since. Since 2017 though, it has been overseen by Singapore-based non-profit organization, the Tron Foundation.
The big idea of the project and what Tron advocates will say makes the network unique is the ability of content creators to share their content, profit from it and never lose their content ownership rights.
More specifically, the Tron network offers a number of features that are aimed at fulfilling this goal.
This is one of the main principles of the Tron network, with all data free to access and not controlled by any authority.
Content creators get paid in TRX for posting and are not charged for TRX transactions.
The Tron network is highly scalable and can support up to 2,000 transactions per second. This, in combination with low fees, makes it one of the most efficient blockchains.
The Tron network is being developed to handle high-level languages for its smart contracts. Even now, Tron’s architecture allows you to create Dapps powered by your own custom tokens.
Tron provides great compatibility for Ethereum smart contracts through an innovative, pluggable smart contract platform.
To bridge tokens to the Tron Network. You can use Tronpad to bridge Binance Smart Chain to Tron and vice versa.
One of the most important features, which allows Tron to be so efficient, is its three-layered structure. This means that Tron’s architecture is divided into a core layer, a storage layer and an application layer.
Tron boasts a lively ecosystem, with new Dapps appearing all the time. Finance systems, DEXes, games, collectibles, gambling and much more are available, so you’ll likely find an app that does what you’re looking for.
The popularity of Tron amongst developers can be easily explained by the fact that they can use Solidity to create and deploy Dapps (just as they would with Ethereum), combined with the lower fees available on Tron.
Tron’s latest noteworthy partnership is with DAO Maker, a funding framework that helps startups and investors, and this collaboration reflects how Tron is focused on developing its ecosystem. It is trying to do so in lots of different directions, with the Tron cooperation with Shopping.io suggesting an expansion into commerce. As a result of this, $TRX holders can spend their tokens on Shopping.io’s e-commerce platform to make Amazon, eBay, Walmart and Etsy purchases.
Not forgetting its digital media niche, Tron is also partnering with MixMarvel to bring more NFTs and digital content to its ecosystem. You can dig deeper into the ecosystem by checking out all the top Tron Dapps.
Since Tron is a well-known cryptocurrency, it is supported by many software and hardware wallets.
A hardware wallet like Ledger is considered to be one of the most secure ways to store cryptocurrency. It was launched in 2014 by experts with backgrounds in embedded security, cryptocurrencies and entrepreneurship.
A desktop and mobile wallet founded by Konstantin Gladych that lets you stake your Tron directly. It also supports more than 500 coins.
A mobile wallet that was founded by Viktor Radchenko. It is available for iOS and Android, and allows you to buy crypto with a card directly within the app.
A desktop, mobile and hardware wallet that supports over 100 cryptocurrencies. It was founded in 2015 by JP Richardson and Daniel Castagnoli.
Math Wallet supports a lot of chains, including Tron. It’s available for the Chrome, Brave and Edge browsers, and can be set up as a browser extension.
Staking on Tron can be performed using a variety of wallets, including Ledger, eToro, TronLink and more. In the example below, we will show you how to stake Tron using Atomic Wallet.
Before you start staking, the first thing you need to do is buy $TRX, which can either be exchanged for another digital asset or bought directly with your local currency. You will also need to transfer your $TRX to your Atomic Wallet, if it’s not there already. For this, you will need to create your Tron account in the wallet too.
To start staking your $TRX, follow these steps:
Please note: Your staked TRX will be frozen for 3 days and you can only unstake it after 3 days.
As mentioned, Tron was originally conceived to help content creators, which is why the network has made NFTs available as they have grown in popularity.
When you create your wallet in TronLink, you will see the NFT section, as shown below.
There are different NFTs on Tron but Tpunks was the first project. Owned by Justin Sun, Tpunks have huge support amongst Tron OGs. The project claims to guarantee faster and cheaper transactions than its competitors on the Ethereum blockchain.
Justin Sun has said there were two reasons for starting the Tpunks project. The first was so he could practice Generative Adversarial Networks (GANs) with his own dataset. The second was to challenge himself to make Cryptopunks interesting. There are 11 Justin, 88 zombies, 24 apes and 9 aliens in the project.
You can buy Tpunks and many other NFTs on NFTONE, the world’s first Tron NFT marketplace.
There are a few things to consider when assessing whether to use the Tron network for staking and other purposes.
Firstly, it must be taken into account that this is not a new project and, having not disappeared yet, it might be reasonable to assume it is less likely to in future. Secondly, there’s the fact that its advocates would claim it is an intelligent, fast and secure system with minimal transaction fees.
Also, staking opportunities do exist, with the Atomic Wallet we used in our example earlier showing an Annual Percentage Yield (APY) that is currently 5%. This can be seen in the image below, alongside the market cap, which is relatively low and therefore makes it possible to stake a large amount without spending too much.
For all of these positives though, it can’t be denied that there are some glitches and technical flaws that become clear when using the Tron network.
This is not the best situation, considering how long the Tron network has been around for, especially as the interfaces of some popular wallets are also not very user-friendly. You certainly shouldn’t ignore these risks but they can be mitigated by using a trusted validator for staking, such as Atomic wallet, Trust Wallet and some others.
As always, make sure to always do your own research before investing your money and, if your research suggests the Tron network is an opportunity that can’t be missed, get involved!
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Good luck in farming!
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