In this article we will analyse and explain what is TRON (TRX), why it was created, and how it differentiates with other cryptocurrencies. At the moment, TRON is one of the most important networks in the market and calls the attention of several investors.
Table of Contents
What is TRON?
According to its website, TRON is a project dedicated to the establishment of a truly decentralized Internet and its infrastructure. The blockchain platform has been founded, back in 2017, by one of the most recognized entrepreneurs in Asia, Justin Sun.
The main intention behind this network is to reduce the gap between content creators and consumers. The blockchain would work by eliminating the middleman among entertainment and social media platforms.
With a decentralized network, consumers from all over the world will be able to directly pay to creators for the content they produce. And developers (content creators) will have the chance to upload their content to the TRON network.
This is part of the blockchain revolution that is expanding all over the world and among different industries and enterprises. With virtual currencies and blockchain technology intermediaries between individuals, and enterprises are eliminated.
TRON is worth just a small part of what Ethereum is, but some individuals believe that TRON could eventually reach a similar value as Ethereum, something that no other blockchain network was able to achieve. There have been several ‘Ethereum killers’ in the market, but none of them was able to change Ethereum’s dominance.
With Tron, contents creators are the real owners of their content. This is very important in days when ownership rights are not being respected. Moreover, due to the fact that big enterprises are controlling the market, smaller artists and developers do not have the chance to release a product to the market.
Tronix (TRX) Cryptocurrency
The TRON network has its own virtual currency known as Tronix – also known as TRX – that allows consumers to pay enterprises for the content they consume. Enterprises are also able to pay their suppliers and developers using this virtual currency as well.
Tronix is based in a similar system to the one of Bitcoin. Transactions are registered in the public ledger, but they have an additional security layer known as UTXO. While using Tronix for daily transactions, the network would work just as fast and simple as in any other virtual currency.
Tronix is an ERC20 virtual currency, that is based in the Ethereum network. Tronix has a total supply of 100,000,000,000 TRX and at the moment of writing this article, its supply is 66 billion TRX. At the same time, each TRX coin can be purchased for $0.07 dollars.
At the beginning of 2018, each token could be bought for $0.04 dollars and reached an all-time high of $0.3.
At the moment there are several virtual currency exchanges that are listing Tronix. We can mention Binance, Coinnest, HitBTC; Bit-Z, and many others in different locations. In the future, there will be more exchanges offering the possibility to buy, sell and hold this digital currency.
Decentralized Finance
In recent years, the Decentralized Finance (DeFi) market was able to expand and reach a large number of users. This allowed networks such as Ethereum (ETH) and Tron to start offering a large number of solutions to developers. The Binance Chain is also growing and helping teams deploy their DeFi solutions in the market.
Tron has a great potential to continue attracting new users with the expansion of DeFi. If that happens, the digital asset could definitely experience an increase in demand. Moreover, as we have what happened with ETH, TRX could be deposited in smart contracts to be redeemed for other digital assets.
Tron has the possibility to offer efficient and secure DeFi solutions. This should be taken as an opportunity for the company to expand and reach a larger audience.
Team
As mentioned before, the founder and CEO of TRON is Justin Sun. He holds a Master’s degree from the University of Pennsylvania, Forbes has listed him on Forbes Asia 30 under 30 entrepreneurs, and from 2015 to 2017 he has been listed on Forbes China 30 Under 30-s.
TRON’s team is conformed by more than 100 members from different countries all over the world including China, Japan and the United States.
Mainnet Launch
On May the 31st, 2018, TRON’s mainnet was launched. The community was very excited about the new features that the mainnet included.
On May the 31st, developers tested the whole network, the wallet product and the blockchain explorer.
Reported on May 26th:
Between June the 1st and June the 24th, there will be stable operations after the mainnet launch. Users will get tokens from designated links and test on mainnet’s TRON wallet. Additionally, Super Representative candidates will have the possibility to easily migrate their tokens to ensure a swift application process as a preparation for the Super Representatives elections on June the 26th.
All these tests will try the stability of the network, its functionalities, and it would help the team to edit some details and repair some bugs. It is important to mark that TRX deposits and withdrawals will be suspended on exchanges between June the 25th and June the 26th.
Conclusion
TRON is one of the largest blockchain platforms in the world. It aims to bridge the gap between consumers and content creators. The network has its own token known as Tronix, or TRX, which allows participants to send and receive payments.
The project has a great team of developers behind and it has already launched its own network in 2018.
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