What is TRON?
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It has always been a great challenge for content creators to find a convenient platform for receiving compensation for their work. In order to address this challenge, platforms like TRON were created to facilitate entertainment content sharing and at the same time enable content creators to receive compensation.
TRON coin is an open-source cryptocurrency and its decentralized nature means that there is no middleman that is involved in all the transactions. The TRON cryptocurrency is based on a peer-to-peer technology that makes it possible for users from all parts of the world to access entertainment content without using third-party platforms such as Apple Store and GooglePlay Store.
Examples of entertainment content that is shared on this platform include broadcasts, videos, pictures, and texts. In this case, the content creators directly receive their payments from regardless of the user’s location.
The main features of TRON include;
- Infrastructure for the distribution of digital assets.
- Enabling content ecosystem for obtaining digital assets.
- Data liberation.
- Complete decentralization.
TRON was established in 2017 by Justin Sun, who is the founder and CEO of TRON Foundation. TRX is the platform’s official token that can be purchased on the official company website using cryptocurrencies or fiat currencies. In addition, Tron has reviews and criticism that enable potential users to have an objective view when considering the platform.
How does TRON work?
The TRON Project involves the implementation of a large number technically experimental blockchain technologies hence making it a very ambitious project. The implementation of the TRON project involves six different phases and the company expects to complete the project in the next 10 years. The six phases of the TRON project include;
- Exodus: This platform allows distribution and storage of producer content using a peer-to-peer technology. It is important to point out that the TRON platform does not charge any fees for these services. In addition, this phase involves offering simple distributed file sharing for users.
- Odyssey: This phase involves empowering and encouraging content producers to come up with content by offering economic incentives. There is a tipping scheme that guides the reimbursement for content creation. The platform does not base reimbursement on simple clicks and views used by other platforms.
- Great Voyage: This is the third phase of the TRON project and its main objective is to enable users to build their personal brands through individuals ICO capabilities. Content producers use branded tokens to offer a stake in their personal brands.
- Apollo: This stage is similar to the Great Voyage stage where content creators get an opportunity to issue personal tokens such as the TRON 20 Token. However, if there are too many ICO launches by content producers this can sometimes lead to network
- Star Trek: This is the fifth phase of the TRON project and it involves providing users with a gaming platform and decentralized forecasting.
- Eternity: This is the final stage for the TRON project and it involves the use of community growth to monetize as well as providing users with the ability to fundraise. Moreover, this stage envisions the adaptation of the ethereum platform and IPFS as TRON’s core technology. Different entities that are mutually exclusive are involved in different TRON projects.
TRON 20 Token and TRON Power (TP)
- Content producers can come up with custom tokens on Tron and this can only happen when the Tron 20 Token holds value. However, it is important to point out that this token is different from platform’s medium of exchange, which is commonly referred to as Tronix. The only way for the company to gain Tron Power (TP) and guarantee long-term investment is to lock away the TRX token.
- In this case, investors aim to make quick profits, they are normally pushed away. This kind of strategy improves the status of users within the ecosystem. TP TRON rewards users depending on how long their token has been locked away. Therefore, your reward will be higher if your tokens have been locked away for a long period of time.
Tron had a token sale that took place between August 31, 2017 and September 2, 2017. The company sold an ERC20 token type with an aim of fundraising $70 million. Tron has a total of 100 billion tokens but only 40% of the tokens were available for sale. The Tron ICO token price was 1 TRX = 0.0019 USD (0.00000038 BTC). The acceptable digital currencies for the issue include BTC and ETH.
Differences between TRON and Ethereum
TRON and Ethereum have quite a number similarities and differences.
Some of the features associated with both protocols include;
- Open-source cryptocurrency platforms.
- No need for a third party.
- Non-reversible transactions.
- Tron only supports entrainment apps while ethereum supports all kinds of applications.
- It is not possible to mine Tron tokens while ethereum tokens can be mined.
TRON (TRX) Price growth and Distribution
Tron has been experiencing incredible growth in the recent past due to its versatility. The currency is user-friendly and that is why it has been received well in different parts of the world. It is not possible to mine Tron tokens while the current circulating supply is 65,748,192,475 TRX.
However, the total supply of Tron crypto tokens is estimated to be 100,000,000,000 TRX with a market cap of 3.48% volume. The currency had a price of $0.0020143 in mid-November 2017 but it increased by 2,000% by December 2017 to $0.4138. Although Tron experienced a rapid rise within a short period of time, there were fears that it could be a bubble.
Despite the perceived price volatility, it is possible to make good money from Tron when you know how to read the price charts. Tron has been able to increase its value by forming partnerships with large companies like Gifto. In addition, the company has plans for future partnerships with NASDAQ listed companies like Game.com.
Tron is an ERC20 token and this means that it is compatible with all type of ERC20 wallets. This means that you can buy, sell or store Tron tokens on any of the available ERC20 wallets. Some of the leading ERC20 wallets include;
Myetherwallet >>This is a client-side TRON wallet that is available for free. Users are allowed full control of their funds and keys. In this case, the user is responsible for the security of their funds.
Users have an opportunity to trade TRX on a wide range of exchange sites for BTC or ETH. The following are the major currency exchanges that are normally used to trade TRX;
This is a cryptocurrency exchange platform that only accepts cryptocurrency as a payment method. Fiat currency cannot be used to buy TRX in this exchange platform.
How to Buy TRX on Binance
- Visit myetherwallet.com and create a wallet.
- Buy Tron coins on the Binance exchange.
- You can select the Binance exchange by clicking on its logo.
Pros of Binance
- Easy to use.
- Low Trading Fees.
- Supports multiple languages.
- Offers many crypto coins.
Cons of Binance
- High withdrawal fees.
- Lack of security documentation.
- No credit and debit card options.
This is a fiat and cryptocurrency trading exchange platform. It is an advanced exchange platform with a robot-friendly API. The platform accepts bank transfer as a payment method.
How to Buy Tron on HitBTC?
- Choose a TRON wallet and set it up.
- Select the “Deposit” button and deposit funds on the wallet using your wallet address.
- Select HitBTC on the myethrwallet.com and buy Tron.
Pros of HitBTC
- It supports many altcoins
- A reliable trading platform
- A competitive commission structure
Cons of HitBTC
- Suspicious trading volume
- Many negative user reviews
- Scanty information about the company
- Was hacked in 2016
This is a cryptocurrency exchange platform that was created specifically for the Chinese market. Huobi only accepts yen deposit and bank transfer as a payment method.
How to Buy Tron on Huobi?
- Choose a TRON wallet and set it up.
- Go to Huobi and buy TRON.
- You can only use this exchange when in SouthEastern Asia.
Pros of Huobi
- Over 20 Coins available.
- Fees in line with others.
Cons of Huobi
- Previously hacked.
- Focuses only China.
- No leverage.
This is a single-account cryptocurrency exchange that was introduced recently. Blockchain transfer is the only acceptable payment method.
How to buy Tron on Gate.io?
- Choose a TRON wallet and set it up.
- Go to Gate.io and buy TRON
Pros of Gate.io
- Multiple apps available
- Nice trading platform
- Competitive fees
- New Company
- No leverage trading
- No money transfers
The Tron coin has been receiving a lot of support from the Chinese business community and this some good reason to remain optimistic. However, it is important to do a thorough research on Tron before making your final investment decision. After reviewing the TRON crypto, it is quite clear to me that investing in the currency will be a fruitful venture due to unlimited funding from investors.
We kindly invite you to visit our official website for more information about various cryptocurrencies. Thank you for reading, until next time!