One of the hottest trends in the blockchain universe is the application of decentralized finance (DeFi) solutions. Today we will impartially review for our readers the Silicon Finance project, a new DeFi initiative aiming to solve a series of industry issues. The project’s team aims to achieve an increase in the safety of DeFi, with obvious benefits for the whole blockchain community. Furthermore, the initiative will look into a way to introduce more democracy and equality on Initial Dex Offerings…
As you probably know, Dapps, or decentralized applications, are a part of the Smart Contracts ecosystem. Dapps aren’t much deviant from general applications that run on the Internet today, differing only in their ability to act autonomously.
In late 2017, the Tron Project was built as a protocol for building and executing real-world smart contracts, rivaling the spearhead of the time – Ethereum. It is commendable to note that to compete with the biggest platform for smart Contracts – Ethereum, Tron initially made its debut on the Ethereum Blockchain. It used Ethereum to initially help with the token sale of the native TRX tokens while they got themselves busy with setting up the Tron Main Net.
In 2019, Tron shifted from the Ethereum’s network to launch its own network. Around the same time, the platform released its native virtual machine to make it easier for developers to implement their solutions on Tron’s network. The network does not necessitate programmers to learn a new programming language, as it supports one of the most popular programming languages from all over the world, Java.
What Are the Main Advantages and Trade-offs of Tron?
As economists will always tell you, every advantage has a trade-off that has to be carefully evaluated and implemented. This applies in the world of Blockchain, too, as protocol economics is evaluated at its core. Advantages and trade-offs vary from the applicability of a project to its intended audience. For instance, if a blockchain is promised to be highly scalable, then Vitalik Buterin’s “Scalability Trilemma” would lead to decreased security and increased centralization. The cogs and screws of the protocol have to be adjusted such that it performs the functions intended and minimizes the threats of failure.
Tron, too, is not invincible to the effects of protocol economics. With the list of promises that Tron’s management has made, it is obvious that there will be repercussions and trade-offs that offset the advantages.
Advantage: Low Transaction Fee
Drawback: Risk of network clogging
Advantage: Highly Scalable
Drawback: Risk of Centralization
Advantage: Buzzing Developer Community
Drawback: Single point of Failure
Best Dapps on Tron
Tron network aims to use blockchain technology and decentralize the web, enabling content creators not to be compulsorily related to centralized companies to offer their creations. It has made sure that all its acquisitions and start-up products aligned with this idea over the years.
The news broke in mid-2018 that Justin Sun of Tron had finalized a deal of acquiring BitTorrent Inc., the biggest file sharing platform on the internet. Since then, BitTorrent has seen some immense changes in its model, going from “free for all” to “for-profit,” getting a native token – BTT, merger with DLive, and many others. According to Justin Sun, CEO of Tron, the BitTorrent File Sharing (BTFS) is one of the world’s largest decentralized protocols and will make censorship a thing of the past. Meaning, it will be almost impossible to delete information from the internet once it reached the BTFS.
BitTorrent is easily the most used Dapp on not just Tron, but any blockchain. With BTT’s advent, BitTorrent has become a center for communal conversation, content sharing, and creativity.
As of early 2020, DLive is the largest streaming platform on a blockchain. In essence, DLive is a YouTube-style content sharing platform built with the help of the Tron Blockchain. Its main idea is to leverage blockchain technology to eliminate centralized control and censorship by letting users control their content.
With its native currency, DLive also remunerates its users based on audience perception. Initially, DLive was built on the Steep blockchain, but since Tron acquired BitTorrent and Steem, DLive has been coupled with BitTorrent to open the gates to 100 million-plus users. DLive will also use BitTorrent’s new service for file storage, known as the BitTorrent Filesharing System (BTFS).
Easily the most prominent application built specifically on the Tron Blockchain, is a gambling and betting platform that leverages blockchain to connect interested parties from all over the world and provide a seamless and secure experience.
Initially established as Tronbet, WINk has become the dapp with the highest transaction volume on the Tron Blockchain by a huge margin. This speaks for the interest users have shown towards the platform. WINk features traditional gambling games such as Poker, Slots, along with a place to bet on sporting and e-sporting events.
An all-in-one portal for smart contract-based games, RocketGame is the most successful dapp on the Tron blockchain as of May 2020. It is a one-stop-shop for all types of games, from gambling to adventure to card-based. As per the dapp data aggregator DappRadar, RocketGame averages about 16,000 truncations each day, behind only the Gambling games leader WINk. Some of the most played games featured on RocketGame include Baccarat, Lottery, Virtual Slot Machines, and Olympian Gods.
To separate themselves from other gambling dapps, RocketGame also allows users to participate in the application’s internal development and governance. Users can use the Tron they have to stake, earn dividends, complete tasks, and many other amazing features.