Blockchain giant Tron is leading the way

Blockchain giant Tron is leading the way
When one giant blockchain technology company is taking over another giant blockchain technology, you have to start paying attention to it. Blockchain-based decentralized platform, Tron recently acquired Steemit. There is no doubt that blockchain giant Tron is leading the way. Today we take a look at Tron and the waves it is making throughout the crypto industry.

What is Tron?

The Tron network allows for the convenient and cost-effective sharing of digital content online. It makes use of distributed storage technology to give users a free and global digital content entertainment system.

In a nutshell, it eliminates the middleman. It is a known fact that the so-called middleman contributes directly to the increasing cost of viewing online content for both the content producer and consumer.

A good example is Netflix. It may be a lot cheaper than previous popular television subscription services, but it is still a middleman that takes its cut. Netflix controls its services and offers customers on-demand content. Therefore, Netflix can be called a centralized service. One pays a monthly subscription to watch on-demand movies or series. Netflix takes a cut for hosting the shows on its platform. Netflix is also responsible for paying the producers for content featured on their platform.

Tron, on the other hand, is a distributed and decentralized storage facility that allows anyone to host digital entertainment content on its network. The audience will pay the content creator or producer directly. In so doing, Tron is levelling the playing field for content creators and viewers.

Introducing Justin Sun

Tron was founded in September 2017 by Justin Sun. The Singapore based company is based on the non-profit Tron Foundation. Its cryptocurrency is called Tronix (TRX). Sun is also CEO of BitTorrent.

Sun has a very impressive resume. He was the first millennial to graduate from the Hupan University after being chosen by Jack Ma. He was born in 1990. In 2011, he was the cover figure of Yazhou Zhoukan and amongst the Davos Global Youth leaders in 2014. Sun was named Forbes China 30 Under 30 from 2015 through to 2017.

It is said that he practically lives in his office in order to manage the network as effectively as he has been doing.

Blockchain giant Tron is leading the way

In February 2020, the Tron Foundation made headlines with their announcement that they acquired Steemit. Steemit is quite similar to Tron in the sense that it also eliminates the middleman and allows for direct payment between content creators and viewers. Steemit has more than 10 000 active daily users on its platform. Users make payments with Steem tokens.

It is said that the merger is saving Steemit from reaching a breaking point. Even though the Steemit platform has more than 1 million site visits, the number of contributors has dropped significantly. Also, during the bear market of 2018, Steemit laid off more than 70% of its staff. It is expected that Tron will provide much needed resources to grow the Steemit ecosystem and increase user experience. New features are already being implemented on network.

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