Everything about TRONDAO‘s evolution and how it benefits users
TRON was established with the vision to create an upgraded Internet powered by decentralization. Since its inception in 2017, Tron has aligned its mission to follow that purpose over the last five years.
- The TRON network completed full decentralization in December 2021 and has achieved numerous milestones in its evolution into a DAO.
- TRON’s network has over 104 million user accounts, more than 3.6 billion total transactions, and over $11 billion in total value locked (TVL).
- TRON DAO Reserve launched the over-collateralized decentralized stablecoin USDD on the TRON blockchain to fulfill users’ need for stablecoins.
- TRON’s decentralization is achieved through a four-pillar-driven architecture.
- These four pillars include the protocol, nodes, assets, and dapps.
A brief history of TRON’s evolution into a DAO
For most blockchains, decentralization is a central theme. It’s a form of administration that delegates power to individuals; as a result, users can contribute to and own a piece of the network.
TRON strives to accelerate the decentralization of the internet by leveraging blockchain technology and decentralized applications (dapps). Founded in September 2017 by H.E. Justin Sun, the TRON network has delivered impressive achievements since the MainNet launch in May 2018.
TRON’s milestones in recent years
July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years.
As of July 2022, it has over 104 million user accounts on the blockchain, more than 3.6 billion total transactions, and over $11 billion in total value locked (TVL), as reported on TRONSCAN.
In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin globally, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO.
Most recently, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain. It is backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
How does TRON’s decentralized architecture work?
Decentralization encourages putting power in the hands of the people. Resonating with such a concept, TRON dissolved its foundation in December 2021. Instead, it established itself as a community-governed Decentralized Autonomous Organization (DAO), taking its decentralization commitment to the next level.
Four pillars support TRON’s decentralized architecture, the protocol, nodes, assets, and dapps.
Decentralization of the Protocol
TRON wants to provide developers and users with an efficient, high-throughput, scalable blockchain. To do so, it uses the Delegated Proof-of-Stake (DPoS) consensus mechanism to manage its blockchain.
In the DPoS consensus mechanism, 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. In addition, DPoS consumes less energy and completes transactions faster than PoW (Proof-of-Work) or traditional PoS systems. Due to these advantages, many blockchains have transitioned to a DPoS mechanism to power their networks.
When it comes to TRON, the community elects 27 block validators to serve as “Super Representatives” (SRs) in the ecosystem every six hours. Regardless of the amount of TRX staked or how many votes SRs receive, each SR has identical voting power on the TRON network. This guarantees 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. Notably, 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 number of TRX wallets has risen at a tremendous pace. In July 2022, TRX wallets exceeded 61 million, a whopping increase of 134% in one year.
The increase in TRON wallet users is a strong testament to the network’s popularity and TRON’s contribution to making decentralization a reality. Today there are over 100 million user accounts on the network, and the number of users is growing daily.
Decentralization of dapps
The number of dapps, smart contracts, and users is also noteworthy for decentralization.
The TRON Grand Hackathon is an outstanding opportunity for budding entrepreneurs and their ideas to grow the TRON network. During the Hackathon, various teams submitted their projects and contributed to the diversification of the ecosystem. Additionally, these teams continue to develop their dapps and further optimize the user experience of the TRON blockchain.
Despite those fruitful achievements, TRON’s DAO journey is just getting started. To learn more about TRON’s decentralization, users can read the “A Deep Dive Into Decentralization” report on TRONDAO’s blog.
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