TokenGrazer Crypto Review of TRON: Neutral

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Overall Rating: 4.5; Indicator Trend: Neutral

Technology: Neutral 

TRON's development work is progressing smoothly. It is among the most influential projects on Github with a large number of commits and a high commit frequency. [Bullish]

Version 3.5 of TRON's mainnet was launched on March 1st, which, according to the TRON team, supports multi-signature and has made a difference in performance and security. [Bullish]

TRON has few innovative technologies. Its major design and technologies are very similar to those of Ethereum and EOS and other public blockchains. [Bearish]

Community: Outperform

TRON has many followers on social networking sites including Twitter and Telegram. [Bullish]

With the acquisition of BitTorrent, TRON obtains a large number of BitTorrent users. [Bullish]

User: Neutral

The Tron team attaches great importance to ecosystem development and has a plan of high rewards for developers. [Bullish]

There are quite a few active users in TRON's ecosystem. On the Dapp ranking list by the number of users, five of the top ten DApps are in TRON’s ecosystem. [Bullish]

Impacted by the market downturn, the current number of TRX active addresses and TRX transactions is much smaller than the peak. [Bearish]

Market: Neutral

TRX is a mainstream cryptocurrency listed on many exchanges with a large number of transactions and an impressive turnover rate. [Bullish]

BitTorrent crowdfunding leads to an increase in TRX’s price and boosts investors’ confidence. [Bullish]

1 Technology Assessment

1.1 Technology Key Points

TRON is an ambitious project dedicated to the establishment of a truly decentralized Internet and its infrastructure. The TRON Protocol, one of the most widely used blockchain-based operating systems in the world, offers public blockchain support of high reliability, high scalability, and low cost.

TRON adopts a 3-layer architecture divided into Storage Layer, Core Layer, and Application Layer. For Storage Layer, TRON designed a unique distributed storage protocol consisting of Block Storage and State Storage. There are several modules in the core layer, including smart contracts, account management, and consensus. On the application layer there are DApps and wallets created in TRON's ecosystem.

The TRON adopts DPOS consensus algorithm in which 27 Super Representatives (SRs) are elected every 6 hours by the votes of users to produce blocks for the network and receive block reward.

The three types of accounts in the TRON network are regular accounts, token accounts, and contract accounts.  Regular accounts are used for standard transactions. Token accounts are used for storing TRC-10 tokens. Contract accounts are smart contract accounts created by regular accounts and can be triggered by regular accounts as well.

TRON Virtual Machine (TVM) is a lightweight, Turing complete virtual machine developed for TRON’s ecosystem. The TVM connects seamlessly with the existing solidity smart contract development ecosystem to provide a custom-built blockchain system that is efficient, convenient, stable, secure, and scalable. Operations of transactions and smart contracts on TVM are free.

1.2 Influence on Github

You can find TRON's codes at https://github.com/tronprotocol, where there are repositories including Java-tron and protocol, etc. with a large volume of code commits and high committing frequency. As of February 26th 2019, TRON's ranking on Github among the secondary market projects by popularity is shown in the table below, and the rankings of indicators are roughly from 10-20.

1.3 Plagiarism Controversies

TRON has long been criticized for its originality. In April 2018, Vitalik ridiculed TRON’s plagiarism on Twitter. TRON's development team does not deny this matter. TRON whitepaper 2.0 mentions that TRON's codes were originally “forked from EthereumJ”, and the virtual machine TVM was originally “forked from EVM”. Its smart contract language was “forked from Ethereum's Solidity language”.

Apparently TRON directly uses the development results of Ethereum on important modules such as program code, virtual machine and smart contract. And the design of DPoS consensus algorithm and Super Representative is also derived from EOS. Therefore, TRON does have a big problem in terms of originality.

Sun Yuchen, founder of the TRON project once said, “The competition in the commercial world is essentially the competition of execution or idea implementation. I think to implement an idea is what really matters while to argue who generates the idea is meaningless to some extent.” Therefore, TRON uses the existing technology directly to quickly complete its initial technology development.

TokenGazer’s review: Most blockchain projects make their codes open source due to their inherent features of openness, transparency and decentralization. It is convenient for users to supervise and review the project to a certain extent, but it also makes the project's development results vulnerable to plagiarism. In the early days of a project, the development team might use some existing technologies to save costs and speed up development, but it’s a team’s responsibility to do research and make innovation. In the long run, technological innovation is the driving force behind an industry's continuous development.

1.4 Technology Review

TRON is dedicated to becoming a public blockchain of high security, high scalability and low cost. The initial technology development work has been completed. TRON is among the most influential projects on Github with a large number of commits and a high commit frequency. However, TRON has few innovative technologies. Its major design and technologies are very similar to those of Ethereum and EOS and other public blockchains.

Business Model & Ecosystem

TRON provides users with a blockchain infrastructure of high reliability, high scalability and low cost where users can create DApps and run smart contracts. The development of TRON’s business ecosystem depends on the number of its users. TRON has in-depth thinking and detailed plans for business and ecolosystem development while it has not done enough in terms of technological innovation.

According to TRON DAPP HOUSE, currently in TRON’s ecosystem there are 180 DApps with 45,000 24h active users, 947,000 24h transactions and 448 smart contracts.

On spiderdata we can see information about the DApps of Ethereum, EOS and TRON. As is shown in the table below, the number of DApps in the TRON ecosystem is relatively small, but TRON has better performance than Ethereum in terms of 24h active users, 24h transactions and 24h value (TRX). In DApp user rankings, 5 of the top 10 are projects in the TRON ecosystem. However, the authenticity of data in TRON's network has always been questioned, and it is believed that TRON's team might be fabricating data.

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Considering that TRON is a relatively young project, it is quite successful in ecosystem construction, which is closely related to a series of measures implemented by the development team.

Milestones

TokenGazer has listed some of TRON's milestones here, including electing super representatives, rewarding community developers, airdrops on the Ethereum community, acquisition of BitTorrent, and supporting Tronics, etc.

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TokenGazer team's analysis of the impact of these events on TRX’s price and market capitalization share is shown in the following figure.

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Tron Milestones' Impact on TRX Price

In July 2018, TRON acquired BitTorrent, which was not regarded as a successful deal at the time. Firstly because the cost of $126 million is higher than the actual value of BitTorrent, and secondly, BitTorrent does not have a clear profit model and has always been criticized for piracy and infringement problems. However, in January 2019, TRON carried out BTT crowdfunding for BitTorrent, attracting a large number users and BitTorrent’s overall market capitalization had been far above the acquisition cost. With the acquisition of BitTorrent, TRON has drawn a lot of attention over a short period and attracted a large number of BitTorrent users.

TokenGazer believes that TRON's success is by no means accidental. The development team quickly completed the early development work using the existing technology on the market. The acquisition of BitTorrent lays a foundation for TRON's growth in the recent bearish market and frequent listings boosted investors' confidence. Moreover, the founder promotes the project with hot issues in society. TRON has a lot of successful experience worth learning by other blockchain projects. 

4 Market Revie

At present, TRX has a market capitalization of about 1.58 billion US dollars, ranking 9th with a turnover rate of 6.33%. The market capitalization and transaction amount are among the highest. Due to the overall market downturn, the number of TRX's on-chain transactions and active addresses have dropped drastically since early 2018, but TRX performs better recently thanks to the BTT crowfunding.

Community and Token

TRON attracts great attention in the community and has a large number of followers on several social networking sites.

The TRX total supply is 100 billion, of which 40% are for public sale, 15% for private sale, 35% are allocated to TRON Foundation and relevant ecosystems and 10% are allocated to Peiwo. The 34.2 billion TRXs held by TRON Foundation remain locked from December 19, 2017 to 2020.

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TRON's official website shows a total of 1,931,761 accounts at present, those with large portions of TRX balance are shown below. The largest proportion of TRX balance is 15%, and no account has a TRX balance over 35%, maybe because TRON Foundation puts its TRXs into different accounts. It should be noted that the Foundation's tokens were in the same account before the migration from ERC20 tokens to TRX.

Market Capitalization and Strategies

TRON is dedicated to becoming a public blockchain of high security, high scalability and low cost. Its initial technology development work has been completed and its mainnet is operating smoothly, which was launched more than half a year ago. TRON is among the most influential projects on Github with a large number of commits and a high commit frequency. However, TRON has few innovative technologies and its major design philosophy and technologies are very similar to those of Ethereum and EOS and other public blockchains.

TRON has done a very good job in business and ecosystem development. Although the total number of DApps in TRON’s ecosystem is not as large as that of Ethereum and EOS, there are quite a number of users who are very active. TRON makes a further progress through the acquisition of BitTorrent, and the huge number of fans, more than one million, lays an important foundation for TRON's ecosystem development.

TokenGazer believes that TRX will become an ideal investment target in the long run if TRON can make breakthroughs in future technological development, considering that it has successfully acquired BitTorrent and obtained a large number of followers on various social networking sites, and the number of DApps in the its ecosystem has grown rapidly. The recent BTT crowdfunding has boosted the TRX price, which may stabilize subsequently.

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This paper is for informational purposes only. There is not enough information contained in this paper to make an investment decision and any information contained herein should not be used as a basis for this purpose.

This paper does not constitute a recommendation or take into account the particular investment objectives, financial situations, or needs of investors. Investors are not to construe the contents of this research as legal, tax or investment advice, and should consult their own advisors concerning an investment in digital assets.

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    Adapted from: Author: Emily Executive editor: Emily Sun
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