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The Introduction of TRON(TRX)

BitForex Editor
Nov 09, 2020

Since the advent of Blockchain technology along with Bitcoin in 2009, the popularity and usage of cryptocurrency have skyrocketed to asTRONomical heights, with the number of crypto coins available for trade in the crypto market crossing the 2000 mark as of January 2020.

So many coins have come and gone during this time with few managing to make any sort of difference in the market. Among these select few cryptocurrencies that are turning heads in the crypto world is TRON. TRON is arguably one of the most exciting crypto prospects out there right now, with its stock rising faster than major coins like Bitcoin and Litecoin its potential is massive!

What is TRON?

TRON is a decentralized platform based on blockchain technology that aims to build a global, free digital entertainment system with easily distributed storage technology and also allows stress-free and cost-effective sharing of digital content.

TRON aims to bridge the gap between content creators and consumers aided by the use of peer to peer technology(P2P) network technology. TRON acts as a distributed, decentralized storage facility on a public blockchain network which increases its efficiency and cost-effectiveness.

It mirrors the same business model as 'Netflix', which functions as an agent rather than a middleman, taking only a small percentage cut from the content creator's earnings for hosting their movies on its platform.

Brief History Of TRON

TRON was founded in 2017 by Justin Sun, a Chinese Entrepreneur. Before the total ban and outlaw of digital tokens in September 2017, TRON foundation a nonprofit organization was able to $70 million through an Initial Coin Offering(ICO). It Created ERC-20 based tokens under the Etherium network as a medium to receive finances for the project.

At the beginning of 2018, investors who had the token traded it for those running on the TRON network which at the time, already possessed basic functionalities. In that same year, Bit torrent, the largest file-sharing site on the internet was acquired by TRON to create a level playing field.

TRON Coin(TRX)

The TRON network uses a TRON coin named TRONix(TRX) as its cryptocurrency. It can be used by consumers to pay for content accessed. This coin will then be transferred to the producer's account, where it can be exchanged for other cryptocurrencies or used to purchase blockchain services or products.

Fiat currencies cannot be used to purchase TRONix at the moment, TRX can be purchased by using exchanges like Binance and Liqui by making switching them for their value in Bitcoin or Etherium. It can be stored in wallets that support Etherium blockchain e.g MyEtherWallet.

Benefits Of TRON

Rapid transactions: The TRON network has a capacity of over 2000 transactions per second, this means that receiving and sending money is very fast and almost instantaneous. Compared to other platforms like BTC and ETH that process 6 and 25 transactions respectively, the speed achieved by TRX is quite a feat.

Zero cost transactions: All transactions run through the TRON network are 100% free. This is a huge selling point to those who make transactions very frequently using crypto coins as this could be the platform for them.

Direct support towards content creators: One of the major intentions behind the invention of TRON was to help aid and support content creators. Several steps have been taken to make the lives of content creators that much easier, with no fees for transactions being one of them.

Able to create dApps: It is possible to create dApps on the platform and offer content on it. All content creators a compensated with digital assets like TRX or a token created by you which is underpinned by TRX.

TRON Coin Price Valuation

Now in its third year of inception, the price of TRX has stopped going down and has been on an upward trend since 2019. The news of TRON acquiring BitTorrent had a huge boosting effect on its prices raising it to its second-highest ever value at $0.09.

Its highest value recorded was $0.17, but as of November 6, the TRON coin, TRX goes for $0.02508936 with a 24-hour trading volume of $784,290,978.

TRON Future Roadmap

The TRON developers have a detailed 6 stage plan for the currency which lats from 2017 to 2027. These steps are:

Exodus: In the first phase, TRON zeros in on the entertainment industry by providing a peer-to-peer platform for sharing and distribution of all related produced content.

Odyssey: This is the phase TRON currently is in, it involves the addition of financial incentive to empower and encourage content creation. TRON users will be able to use TRX for transactions during this stage.

Great Voyage: This phase focuses on issues like dividend management, income payment, and the management of dedicated supporters.

Appolo: TRON will be able to issue its token in this phase by allowing content creators to form their token.

Star Trek: The content platform goes through a transformation into a gaming platform. According to the profitability of the gaming market, this will provide good market capitalization for TRON.

Eternity: This phase makes allowances for developers to crowdfund their game development by accepting investments from interested parties.

Conclusion

The TRON cryptocurrency was to handle and manage credit sharing, payment, storage, and development for a worldwide platform. This means that TRON users retain total ownership and control of data that they create, and this includes how it is distributed to the outside world.

It removes the need for a middleman by providing a medium for creators to share their content directly with the intended consumers. Thus, a larger percentage of profits are kept by both parties. TRON is a multifaceted company with partnerships with organizations like oBike, Boateng, and game.com, helping them to create their currencies. So, although the crypto market could be very volatile, the future for TRON looks relatively bright.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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