Tron is a blockchain-based decentralized program that aims to build a free, global digital content entertainment system including distributed storage technology and allows simple and cost-effective distribution of digital content.
Tron was established in September 2017 by a Singapore-based non-profit organization known as the Tron Foundation. It is controlled by CEO Justin Sun and has a dedicated in-house development team incorporating famous technology stalwarts.
By applying the features of the blockchain and peer-to-peer (P2P) network technology, Tron strives to bridge the gap between content producers and content users by eliminating the middleman. The result is an overall cost decrease for the consumer and improved collection through direct acquisitions for the content producer, which offers a win-win situation.
To draw a relationship with a real-world application, a digital entertainment service allowing on-demand content. A private organization controls the settings in a centralized manner. For example, one may need to subscribe and pay Netflix to watch an appropriate on-demand movie that may have been created by a group of budding enthusiasts who are hosting it on the Netflix platform. From the fee required to the subscriber, Netflix takes a cut for hosting the movie on its platform and pays the balance to generators.
Tron replicates this business model on a standard blockchain system and acts as a distributed, decentralized storage equipment that makes it more efficient and cost-effective. Like Netflix in the above example, it aims to eradicate the middleman by enabling anyone and everyone to host digital entertainment data on its blockchain-based network. As a result, the global public can immediately pay the content creators to reach the content.
Tron’s open, decentralized platform and assigned storage technology also attempt to address a significant issue – the challenge of a very few and powerful corporations controlling the Internet and its content – making it a level playing field.
Tron is an enthusiastic initiative that has lined up lots of potential milestones in the years to come. Its modern offering is called Exodus, the free platform suitable for peer-to-peer distribution and content warehouse. Exodus is not accepting blockchain technology but uses a particular web-based file system protocol that sustains a shared file system. This condition is expected to stay through December 2018.
The next phase, called Odyssey, is registered to go live around January 2019. Odyssey, which will leverage the power of blockchain, will involve monetary considerations to promote the creation and host of content on Tron.
Instead of following the traditional ways of following clicks and views of the content being accessed, Odyssey plans to base the incentives producers on a method that will depend on user communication and engagement with the content. For instance, it may be linked to a “tipping” plan – something like a reward based on how well the user perceived the content.
Assume listening to a licensed guitar player who is performing on a street corner. You like the original melody and move in closer to listen to the entire performance. Then, once his act is finished, you tip the street performer based on how much you enjoyed his appearance – or pay him more to continue discovering his next gig. Tron’s incentive scheme may be similar, where you get to access the primary smaller trailers for free or for a small fee, and then opt for the total paid accounts if you liked the previews.
The following two phases, called Great Voyage and Apollo, are expected to empower content creators to build their brands, get the ability to issue individual initial coin offerings (ICO), and even issue personal tokens. These later stages of Tron will be similar to Ethereum-style blockchain-based application platforms.
Tron also expects two more stages further down the line, called Star Trek and Eternity, where associates will create their decentralized gaming and predictive markets platforms and will also be able to accumulate funds.
The Tron network manages its cryptocurrency called Tronix (TRX). One can buy Tronix on exchanges like Binance by exchanging them for other cryptocurrencies like ETH or BTC. Acquire with fiat currencies is not possible at present. It can be collected on wallets that support the Ethereum blockchain like MyEtherWallet.
Content consumers can use Tronix to compensate for the content they want to reach. These coins would then go to the content producers’ accounts, where they can be transferred to other cryptocurrencies or can be used to pay for blockchain services. In March 2021, TRX was ranked 22nd on the list of most populous cryptocurrencies by market capitalization.
With many developers from the Jack Ma-led Alibaba group joining Tron’s development team in late 2017, there are indications that a partnership between Tron and Alibaba may be in the activities.
