What Is Tron (TRX) Cryptocurrency?
Cryptocurrency was developed with an aim of moving the control of money from the financial institutions to people. Since Bitcoin was established in 2009, by Satoshi Nakamoto, it has, gained a lot of popularity over the last 9 years and this has brought about development of other coins with each coin trying to offer a problem that was overlooked by the previous coin. While Bitcoin is still leading the way by market cap and exposure, there are other cheaper coins emerging on daily basis in an attempt to address the issues that are overlooked by Bitcoin. Some issues that are solved by other coins are the speed of transactions and the transaction fees.
At the time of writing, there are about 1400 coins and one coin that has taken the world by storm is Tron (TRX). What is Tron (TRX)? It is a decentralized currency with its niche in the sharing of entertainment content and operates on blockchain technology. Tron was founded by a non-profit organization based in Singapore, it was launched in August 2017, and its founders seek to challenge the biggest content creators such as Facebook and YouTube. It seeks to decentralize the internet and the world of content sharing. This ensures that the people in the content industry such as the filmmakers, music artists as well as book authors, are able to release their work without having to go through a middle party like Amazon, Snapchat, etc.
As noted in their white paper, the founders are convinced that the protocol of Tron invention is an asset designed to help people rather than making profit for a small group of people.
What Are Its Key Features?
The main aim for development of Tron was to heal the internet and help the content producers to get as much funds as possible for their work. Some of its main features are;
- There is liberation of data. This means that there is no control of data and it is free to access.
- Tron enables individuals to access digital assets through the spreading of content.
- It has a personal ICO, which has the ability to distribute digital assets.
- It has solid infrastructure that allow easy distribution of data exchange such as games.
Tron’s Economic Gain? Tron 20Token And Tron Power
The Tron 20 token intends to hold value and allow the owners of various content to custom-make their tokens on the platform, as it is the case for the cryptocurrency waves. Tron 20 token is a medium of exchange and it is different from Tron. If you are looking to make quick cash, then this may not be the best investment for you. It is specially designed for the long-term investors. In order to gain Tron Power, the TRX tokens will be locked away. This gives the users to move higher in ranking with access to some rights such as the voting rights and definitely have a higher status in the platform. You are awarded Tron Power according to the duration your tokens have been locked away.
How Tron Works
As mentioned earlier, it is a long-term investment project, it comes with several phases, which began with Exodus in 2017, and this will then lead to Eternity in 2023. Tron is generally very ambitious and in the next 8-10 years, the team behind Tron seeks to implement several blockchain technologies, which are now just experimental like in the Ethereum platform. Below are the major features for each of the stage.
1. The Exodus Stage
This is the first stage where Tron aims to provide a platform where the users can distribute and share files that are built on something as similar to IPFS. Technically speaking, Tron is currently not using any blockchain technology but this is bound to change with the introduction of the subsequent stages. This stage is a free platform for the distribution and storage of digital assets.
In this second stage, there are incentives given to the content produces in an attempt to empower and encourage them to produce more content. The rate of an incentive for content creation has a link to a tipping scheme, which better because it cannot be reproduced unlike the views and clicks. The users are able to transact in Tron through indirect channels. This is advantageous as it allows easier transfer of services but it as well requires some type of pay in and pay out of a Tron token if the user does not hold TRX.
2. Great Voyage & Apollo
These are the third and fourth phase respectively and the main aim for these two stages is to allow the content producers to create and offer a share in a personal brand through individual ICOs. In order for this to take place; Tron is required to develop its own blockchain application similar to Ethereum with complete languages for smart contracts. Tron may face the same problem that Ethereum has, that of congestion in the network, during the ICO launch.
The effect of the network congestion is felt when the network is unable to validate the trustworthiness of the tokens. Unfortunately, Tron does not give details on how they will prevent the hacking attackers on the account exchanges. All that is mentioned is the need to implement a decentralized exchange platform for these tokens in an effort to curb some of the threats that may come up.
3. Star Trek
This is Tron’s fifth stage and the intention is to emulate something that resembles Augur but with a decentralized forecasting and a platform for games.
This is the last stage and it is intended to occur in 2023. In this stage, it enables the users to raise funds based on the growth of the community. In general, the Tron’s technology is based on adapting IPFS abd the Ethereum platform.
All You Need To Know About Tron (TRX)
What is Tron all about? TRX’s ICO was held between 3rd and 24th August 2017. According to the founder, Justin Sun’s portfolio, at the age of27, he is said he will be the next Alibaba’s founder Jack Ma. Here are some of his credentials that ensures the users are in safe hands and there is a great future in Tron.
- Justin is a graduate from the University of Pennsylvania.
- He was featured in 2015 and 2017 Forbes China and Asia respectively 30 under 30.
- He is the founder of Peiwo app, which is China’s version of Snapchat.
- He is a former chief representative of Ripple China, and
- He is an attendee of Hupan University, was founded by Jack Ma.
In addition to Justin Sun’s qualifications, he has a qualified team such as, the CTO, Lucien Chen is a former employee of Alibaba and he has vast experience of working with first-tier internet companies.
Tron is supported by top developers in China and its team is steadily expanding. Justin has brought in Maorong Lin and Xiadong Xie, who have years of experience in the entertainment industry and ecommerce.
TRX also has prominent people from the business community suc as,
- Hitters Xu – Founder of Nebulas.
- Tang Binsen – Clash of Kings game founder.
- Xue Manzi – A reputable Chinese angel investor.
- Chaoyong Wang – The founder of China Equity group with the current estimated value of over $2 billion.
- Dai Wei – CEO of OFO bike, Huobi.com
AS I write, Tron has plans underway of transferring TRX onto the Peiwo app thus giving its over 10 million users ability to easily exchange the token. As much as all virtual currencies will be supported by Tron, TRX will be their official currency and this will need users with other currencies to convert the tokens to TRX before using them.
The TRX Trading History
When it started trading in the late September, its price was $0.002 and in its four months, it has recorded a sharp rise in price as well as market cap currently standing at a price of $0.063 and a market cap of over $4 million translating to a growth of 3050%.
The year 2017 really shaped the future of altcoins and investors, whether with cryptocurrency knowledge or not, are looking for thee coins with the lowest prices. And this could explain the big margin of Tron growth and according to experts, there is no turning back, the future of Tron looks really bright.
Where To Store TRX
TRX is an ERC-20 token and it can be stored in a hardware wallet that support the Ethereum blockchain. For instance, you cab store it in Ledger Nano S, MyEtherWallet (MEW) or other reputable and secure wallets.
With so much in store for Tron, it can only be an interesting thing to watch and buy some tokens to grow with it. With its clear long-term vision for TRX as well as the Tron platform, the whole project really looks promising. However, just like all the other coins, it is important to carry enough research before investing.
How To Buy TRX
Not that you know how what is Tron, you can buy it on various exchange platforms such as Binance and Liqui for either the ethereum or Bitcoin.