When Did Tron Cryptocurrency First Appear and Its Evolution
Tron, a prominent cryptocurrency platform, was founded in 2017 by Justin Sun, the CEO of the Tron Foundation. Tron aims to create a global entertainment system where digital content can be shared cost-effectively. This article delves into when Tron cryptocurrency made its debut, its early development, and the evolution of the platform.
About Tron and Its Foundation
The Tron Foundation, a Singapore-based non-profit organization, was established to provide the infrastructure for Tron. established in 2017, the foundation's primary mission is to host a global entertainment system. Tron has its headquarters in Singapore, with a presence in San Francisco as well.
Initial Coin Offering and Early Funding
Tron conducted an initial coin offering (ICO) in 2017, raising a substantial amount of funding. However, it faced accusations of plagiarism. Digital Asset Research (DAR) discovered multiple instances of code copied from other projects. This raised concerns about the foundation's practices and transparency. The Tron Foundation was accused of also violating the GNU Lesser General Public License v3.0 (LGPL), as the project did not mention that its client was derived from EthereumJ, a Java implementation of Ethereum. Despite these accusations, the Tron Foundation denied any wrongdoing.
Protocol Switch and Acquisition of Bittorrent
In 2018, Tron made a significant move, switching its protocol from an ERC-20 token on the Ethereum network to an independent peer-to-peer network. On July 25, 2018, the Tron Foundation announced the acquisition of Bittorrent, a peer-to-peer file-sharing service. This acquisition was a strategic move that enhanced Tron's capabilities and expanded its user base. Upon this acquisition, BitTorrent's founder, Bram Cohen, left the company to found Chia, an alternative cryptocurrency designed to be more energy-efficient.
Evolving Market Performance
By January 2019, Tron had a total market capitalization of about $1.6 billion. This achievement, however, was not without controversy. Some critics viewed Tron as a typical case of the disordered and complex nature of cryptocurrencies. In February 2019, the BitTorrent project underwent significant changes after being acquired by the Tron Foundation, launching its own token sale based on the TRON network.
Cyber Security and Challenges
Tron faced a security challenge in May 2019, when a cybersecurity testing service, HackerOne, revealed that just one computer could potentially bring the entire TRON blockchain to a halt. This finding highlighted the vulnerability of the network to a DDoS attack, where a barrage of requests from a single PC could overload the blockchains CPU, memory, and cause a distributed denial-of-service (DDoS) attack. These challenges underscore the ongoing development and improvement required in the blockchain industry to ensure robust security measures.
Conclusion: Tron's journey from its founding in 2017 to its current status is marked by significant achievements and notable challenges. As the industry continues to evolve, Tron will need to address its security concerns while maintaining innovation in digital content sharing and blockchain technology.