Thank you @alphafx for your lecture and congratulations for your appointment as the new professor from our dear country Nigeria.
For the homework this week, I will be writing on the comparison between Tron ecosystem and the Ethereum network. As these two are separate blockchains, I will be looking at what blockchain is all about, before diving into the difference and similarities of the two.
Introduction to Blockchain Technology
The technology behind the blockchain technology is a bit complex, but the idea is simple: to decentralize the storage and relay of information to users. This means data stored on a blockchain can’t be controlled or manipulated by a single person or server.
Blockchain technology is widely used in cryptocurrency. In fact, different assets have their specific blockchain on which it is built, thus every transaction can be traced through their blockchain. For instance, transactions involving Ethereum and other Ethereum network assests like UNI can be traced through the Ethereum network, which serves as the blockchain for all cryptocurrencies in that network.
On this note, we move further to make a comparison between Ethereum network and Tron network.
TRON AND ETHEREUM NETWORK
TRON (TRX) NETWORK
Tron network is decentralized network that builds a secured platform for content creators. As a supporter of content creators, Tron focuses on reducing the transaction cost of publishing or accessing digital works within the network.
This is a decentralized open source blockchain that runs on smart contracts. Unlike Tron, Ethereum network is a platform for digital assets exchange and DAPPS (decentralized applications). Projects built on ethereum network are called ERC-20 tokens.
In order to give a detailed comparison, we look at the following parameters with the aim of getting the difference between the two networks:
Ethereum focuses on providing users with a decentralized network worldwide, mainly for exchange of assets and creation of new projects.
On the other hand, Tron aims at eliminating the position of third party in the content creation ecosystem.
Although the two networks are both decentralized, ethereum records a higher number of projects built on it, thus, in terms of popularity, ethereum network is on the winning side.
Thus, it could be concluded that ethereum is more decentralized than tron.
Ethereum is regarded as the most secured peer-to-peer network, based on its numerous improvements on hack-proof strategies developed on the network. This measure was informed by the DAO hack scandal that affected the network.
Thus, the Ethereum mainnet is highly secured till date, with more improvement till date.
Tron mainnet is highly secured too and there has not been any record of hacking. The difference between the two is not much, although much has not been published about the improvement on tron network securities. Thus, we rely on how well third party DAPPS are being developed on their networks.
Based on documentation, Ethereum could be seen as being more robust on network security than Tron.
Transaction speed varies based on block time, its size, network traffic, and transaction fees. The is a huge difference between the two networks in terms of how long it takes for a transaction to be completed.
When it comes to finances, the speed for the completion of a transaction is vital to the global usage of that particular network.
Tron employs the use of elective nodes to increase the speed of transactions. Thus Tron uses only 15 nodes for transactions, while the rest are used as backups.
At the time, Tron transactions takes about 15 seconds to complete, while Ethereum takes about 6 minutes. This makes Tron network more faster than Ethereum network in terms of transaction speed.
Community support is another factor. Ethereum has recorded about 450, 000 followers on their social platforms handles like twitter and reddit, Tron has recorded about 70,000 followers.
Thus, Ethereum have more community support than Tron.
Blockchain technology makes the crypto world more unique. It is an exciting thing to be ble to use different networks like the Ethereum and Tron for different activities like creating contents and transactions, thus harnessing the benefits of both.
It should be noted that no network is better than another in entirety, as different approach to their protocol development makes them unique in their use cases.
Thank you for reading.