TRON is a blockchain project that works as an operating system for smart contract-powered decentralized applications. The TRON network offers a strong infrastructure for decentralized applications with its high transaction capacity, scalability and accessibility options.
The cryptocurrency of the TRON platform, which is very similar to the Ethereum platform, is called TRX.
TRON was actually founded in 2014 but the creation of the TRON Foundation in 2017 under the leadership of Justin Sun really brought the project to life. The Genesis block of the TRON blockchain was produced on June 25, 2018.
How TRON (TRX) Works?
The TRON network acts as an operating system for decentralized applications (dApps). Software developers can create smart contracts in TRC10 and TRC20 formats on the TRON blockchain using the Solidity software language.
Block generation on the TRON blockchain is achieved through the Delegated Proof Of Stake (DPoS) consensus mechanism, which consists of 27 Super Representatives (SR).
TRX holders can vote for SRs by locking tokens in their wallets, with the number of votes allotted to individuals depending on the amount of TRX tokens they lock up. An SR vote takes place every six hours, where one of the 27 potential candidates is selected to fulfil the role.
Transaction fees are one of the most critical considerations within a cryptocurrency project. On the TRON network, transaction fees are calculated via Bandwidth and Energy, with each user allowed to make about 15 transfers free of charge. In subsequent transfers, the transaction fee is paid according to the Bandwidth used on each transaction.
A certain amount of Energy and computing power is also needed to make each transfer on the TRON network. Energy is not wasted while the transfers that are not dependent on smart contract are processed and the Energy is calculated as zero. Smart contract transactions and decentralized applications require Energy, and so an Energy charge is levied on transactions, with the amount varying according to the transaction size.
When transferring non-smart contract assets (e.g. TRX) the energy calculation value is zero. TRX coin transfers therefore don’t cost much. However, when the transfer is a smart contract asset, the energy value is higher than zero, meaning the transfer fee is higher.
How to Store TRON (TRX)?
Crypto assets created with TRON’s TRC10 and TRC20 smart contracts can be stored in desktop, mobile and hardware wallets. You can store TRX, TRC10 and TRC20-based digital assets using the TronLink mobile wallet featured on the TRON website.
If you prefer, you can store your cryptocurrencies in a desktop wallet like Exodus.
Many cryptocurrency users prefer to store their tokens on hardware wallets which are considered more secure than mobile and desktop wallets as they are not constantly connected to the internet. One such hardware wallet maker is Ledger and you can use their devices to store your TRX tokens.
You can find a list of TRX-compatible wallets on the TRON website.