Established in March 2014 by Justin Sun, 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). Tron foundation in Singapore, a non-profit organisation since 2017 has been overseen and supervised by justin. It was originally an Ethereum-based ERC-20 token, which switched its protocol to its blockchain in 2018.
Decentralization has become more like a central theme for most blockchains. Decentralization is a form of administration that delegates power to individuals; as a result, users can contribute to and own a piece of the network.
Elements Of TRON’s Decentralized Architecture
The four elements of TRON’s decentralized architecture are the protocol, nodes, assets, and dApps. Decentralization encourages putting the power in the hands of the people, which is why TRON took its commitment to decentralization to the next stage in December 2021, by dissolving its foundation and establishing itself as a community-governed Decentralized Autonomous Organization (DAO)
Decentralization Of DAPPS
The TRON Grand Hackathon is one of such opportunities by which entrepreneurs engage their ideas to grow the TRON network. The various projects submitted during the Hackathon contribute to the diversification of the ecosystem by providing numerous dApps that continue to develop it.
Decentralization Of Protocols
TRON aims to empower developers and users to create and share content without limitations. It uses the Delegated Proof-of-Stake (DPoS) consensus mechanism to manage its blockchain. Only elected nodes can approve transaction blocks, unlike a PoS system, which allows anybody with enough assets staked to do so. This structure enables users to safeguard the network by delegating their staked assets through a mechanism of incentives.
Every blockchain network uses a consensus mechanism, and DPoS is one of the most efficient consensus algorithms available. DPoS consumes less energy and completes transactions faster than PoW (Proof-of-Work) or traditional PoS systems. Every six hours, the TRON community elects 27 block validators to serve as “Super Representatives” (SRs) in the ecosystem.
Due to the numerous advantages, many blockchains have transitioned to a DPoS mechanism to power their networks. Regardless of the amount of staked TRX or how many votes SRs receive, each SR has identical voting power on the TRON network, ensuring that the governing percentage per SR is equally balanced.
Decentralization Of Nodes
Nodes are the foundation of every blockchain network. As a result, any examination of decentralization must evaluate them. TRON’s geographical diversity in nodes makes it more secure and durable.
Decentralization Of Assets
The distribution of native assets, as well as their availability, also contributes to the blockchain’s decentralization. The amount of TRX wallets has risen at a tremendous pace with a 134% increase in one year, from about 26 million in July 2021 to over 61 million by July 2022. The network’s popularity and user base grow with more TRON wallet users and will continue to contribute to the network’s decentralization. Today there are over 100 million user accounts on the network, and the number of users is growing daily.
All that TRON has in store for the next phase of decentralisation will inadvertently culminate in creating an internet not just for businesses, but for individual to thrive. Decentralisation is people empowerment, and I believe that is necessary for the next phase technological advancement.