Geneva, Switzerland / July 27 / – TRON was established in 2017 with a vision to decentralize the web and has aligned its mission to follow that purpose for the past five years.
For most blockchains, decentralization is a central theme. It is a form of administration that delegates power to individuals; as a result, users can contribute to and own a part of the network.
The four elements of TRON’s decentralized architecture are the protocol, nodes, assets, and dApps. Decentralization encourages putting 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 the Protocol
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 chosen nodes can approve blocks of transactions, unlike a PoS system, which allows anyone with enough assets at stake to do so. This structure allows users to safeguard the network by delegating their assets at stake through an incentive mechanism.
Every blockchain network uses a consensus mechanism, and DPoS is one of the most efficient consensus algorithms available. DPoS consumes less power 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 TRX staked or how many votes the SRs receive, each SR has identical voting power on the TRON network, ensuring that the governance percentage per SR is equally balanced.
Decentralization of Nodes
Nodes are the foundation of any blockchain network. Consequently, any review of decentralization must assess them. The geographical diversity of TRON in the nodes makes it more secure and durable.
Asset Decentralization
The distribution of native assets, as well as their availability, also contributes to the decentralization of the blockchain. The number of TRX wallets has increased at a tremendous rate with an increase of 134% in a year, from around 26 million in July 2021 to more than 61 million in July 2022. The popularity of the network and the user base they grow with more TRON wallet users and will continue to contribute to the decentralization of the network. Today there are more than 100 million user accounts on the network, and the number of users is growing every day.
Decentralization of dApps
The number of dApps, smart contracts, and users is also notable for decentralization.
The great TRON hackathon it is an excellent opportunity for budding entrepreneurs and their ideas to grow the TRON network. The various projects presented during the Hackathon contribute to the diversification of the ecosystem by providing numerous dApps that continue to develop it.
To learn more about TRON decentralization and review what historical data shows, read the report “A Deep Dive into Decentralization” at https://trondao.org/blog/ .
About TRON DAO
TRON is dedicated to accelerating the decentralization of the Internet through blockchain technology and decentralized applications (dApps). Founded in September 2017 by HE Justin Sun, the TRON network has continued to deliver impressive achievements since the launch of MainNet in May 2018. July 2018 also marked the integration of the TRON ecosystem. BitTorrent, pioneer in decentralized Web3 services with more than 100 million monthly active users. the TRON network has gained incredible traction in recent years. As of July 2022, it has more than 104 million total user accounts on the blockchain, more than 3.6 billion total transactions, and more than $11 billion in total value locked (TVL), as reported in TRONSCAN. Additionally, TRON hosts the largest circulating supply of Tether USD (USDT) worldwide, outperforming USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. More recently, the overcollateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first crypto reserve for the blockchain industry: Reserve TRON DAOmarking the official entry of TRON into decentralized stablecoins.
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