TRON was founded in 2017 by the Tron Foundation, a Singapore-based non-profit organization. Founded by Justin Sun, TRON has many technologists on its development team. The main goal of TRON is to create a completely decentralized internet infrastructure.
The TRON (TRX) network strives to advance the decentralization of the internet with Blockchain Technology and decentralized applications (DApps). In July 2018, TRON acquired BitTorrent, a pioneer of decentralized services with close to 100 million monthly active users, and integrated it into the TRON ecosystem.
A compact, Turing-complete virtual machine called the TRON Virtual Machine (TVM) was created for the TRON ecosystem. The purpose was to provide a private blockchain system that is effective, stable, practical, secure, and scalable. TVM-compatible tokens are implemented via smart contracts using the TRC-20 standard and are fully ERC-20-compatible.
TRON is down 6.82% in the last 24 hours. The US Securities and Exchange Commission (SEC) has sued TRON ecosystem founder Justin Sun on allegations of market manipulation, fraud, and offering and selling unregistered crypto asset securities. The SEC has accused Sun of artificially inflating TRX’s trading volume by wash trading*. The SEC has also alleged that Sun and his companies have paid several celebrities to promote TRX and BTT. This development may have been instrumental in the decline of TRX.
*What Is Wash Trading?
Wash trading refers to placing trading orders, usually at the same time, of the same size and price for the same asset, to create artificial activity.