Mining Tron (TRX)

Let's explore how mining and staking of TRX work, what PoW and PoS are. We'll find out what consensus mechanism is used in the Tron network, how to earn more TRX, and which websites are used for tracking transactions.

TRON is a blockchain platform whose main goal is to create and distribute decentralized applications (dApps) and digital content without intermediaries. The main native token is TRX, which is used as the unit of calculation within the platform. This cryptocurrency rewards network participants for block confirmation and staking, as well as charges a transaction fee.

How is TRX mined?

To create and validate new transaction blocks, most cryptocurrencies use two of the most common consensus algorithms:

  1. PoS (Proof-of-Stake) - proof of stake ownership;
  2. PoW (Proof-of-Work) - proof of work.

Developers of TRON have applied a different approach: DPoS (Delegated Proof-of-Stake) — a method of delegated proof of stake.

The TRON network consists of 27 nodes to achieve consensus, known as super representatives. They are not static and are updated every 6 hours based on the results of voting by TRX holders. The elected super representatives have the opportunity to earn tokens for the next 6 hours by creating new blocks in the network. This is an alternative to "traditional" mining, such as Bitcoin, which uses the PoW algorithm.

New blocks on the TRON network appear every 3 seconds. The Super Representative who creates a new block receives a fixed reward of 32 TRX. For comparison: in the Bitcoin network, where a new block is created approximately every 10 minutes, the miner is rewarded for solving complex cryptographic puzzles.

Is TRX mining possible?

As blockchain operates on a DPoS method, token mining in TRON is not actually carried out, as is typical of cryptocurrencies using the PoW algorithm. All TRX coins have already been created in the network. Users can obtain them through investment: buy tokens, become a representative, then a super representative, and receive 32 TRX for each generated block every 6 hours.

Earn TRON tokens using the following methods:

1. Staking

Participation in staking allows TRX owners to freeze their tokens and vote for Super Representatives. The latter receive rewards for confirming blocks and processing transactions. They share these rewards with users who voted for them, making active participation in voting profitable.

2. dApps and smart contracts

Users can earn tokens by actively participating in various decentralized applications and smart contracts running on the TRON blockchain. These can be gaming platforms, financial services, and social networks.

3. Investments in dApps

In the TRON ecosystem, there are many successful dApps that offer various ways to earn. Investing in such applications or creating your own has the potential to be profitable for users in the long run.

4. Trading

One of the most common ways to earn on TRON is trading TRX on cryptocurrency exchanges. Traders can profit from cryptocurrency price fluctuations by using various trading strategies. Considering the high liquidity of TRX and its popularity, trading this token with specialized knowledge and skills can be quite profitable.

Another way to earn TRX is to start earning with Cropty Earn. Every Cropty Wallet user can use their stablecoins as collateral for borrowers and earn passive crypto income. Essentially, they can become a lender with minimal risk to their own digital assets.

TRON Explorer

TRON Blockchain Explorer is a powerful tool that allows users to explore and interact with the TRON blockchain. It provides detailed information on transactions, addresses, smart contracts, and other aspects of the network.

Main functions of TRON explorers:

  • Search by addresses: Find information about a specific wallet, including its balance, transaction history, and associated smart contracts.
  • Transaction Analysis: Study the details of any transaction, including amount, execution time, sender, and recipient.
  • View Smart Contracts: Explore the code of smart contracts, their interaction with other contracts and addresses.
  • Network Node Tracking: Obtain information about node performance, rewards, and status.
  • Network Statistics: Display overall TRON network statistics such as the number of transactions, volume of tokens transferred, and other metrics.

TronScan

Tronscan - is one of the most popular and functional blockchain explorers for the TRON network. Think of it as a search engine for the blockchain: with its help, you can find any information about transactions, wallet addresses, smart contracts, and other events happening on the TRON network.

What you can do with Tronscan:

  • Track your tokens: Check the balance of your wallet, transaction history, and see where your TRX tokens have been sent.
  • Explore smart contracts: See the code of smart contracts, their interactions with other contracts and addresses.
  • Analyze transactions: Examine the details of any transaction, including the amount, time of execution, sender, and recipient.
  • Participate in network governance: Vote for Super Representatives and influence the development of the TRON network.
  • Find new projects: Search for promising projects built on the TRON platform.