What is Tron (TRX)? The complete guide by Razrexe
Tron is a decentralized protocol based on blockchain technology created with the aim of developing a decentralized digital entertainment, that supports smart contracts with high performance and scalability.
Tron tries to eliminate the intermediaries benefiting from the content of creators in the entertainment industry. This is possible by allowing users and creators to create and share free content and in a decentralized way. The platform has a cryptocurrency called Tronix (TRX) which is the payment method of the platform.
History of Tron
The Tron project was created in the year 2017 by Justin Sun, the young Chinese creator of Peiwo. This young man created the Tron foundation. It is a non-profit company based in Singapore from which the entire Tron network has developed. Justin Sun not only created Tron, but is also considered the main Ripple engine.
From the beginning, the platform had great acceptance. In 2017 was launched an Initial Coin Offering (ICO) created 100 billion TRX and collected a total of 70 million dollars. In 2018 the cryptocurrency increased its price by 480% in a week.
How does Tron work?
Unlike other digital content platforms, Tron is an open-source project that, unlike other social networks, does not decide which publications we would like to see and which not. Its goal is to promote decentralized entertainment content. The main feature of this platform is the freedom that offers its users.
Tron works with the Proof of Stake so, his cryptocurrency cannot be mined This can be achieved by this mechanism or in Exchanges.
Going deeper into the blockchain we see that it uses the peer-to-peer(P2P)system. This with the aim of bridging the gap between the content creator and the user without the need for a mediator. Consequently, the costs decrease allowing creators to receive more rewards and the users to pay less for the contents.
The technology used by this project guarantees a high decentralization because Tron is divided into three layers: Application, Storage, and Core. Each has features defined and separated from the rest.
The project is expected to reach full maturity by 2025. Until then, Tron has developed into several phases:
- Exodus Phase: Establish the basis of Tron’s technology.
- Odyssey Phase: Will focus on user rewards based on their ratings.
- Phase Voyage and Apollo: Will allow content creators to develop their personal brands and issue their own tokens.
- Star Trek and Eternity Phase: Extension of TRON functions.
Another element to highlight within this ecosystem of digital entertainment is that of Tron’s DApps. Most of the Dapps available in TRON are games and trading platforms that are attracted by the high levels of performance and scalability of the protocol that uses Tron.
When buying TRX you will need a wallet that supports this cryptocurrency to store it. For this, you have to keep in mind that it must meet certain requirements such as the admission of tokens ERC-20. A simple and intuitive interface is also recommended. Last but not least, security. You must have control of your private keys.
There are many options to choose from, but there will always be some that will better fit your needs.
- One of the options is the Atomic Wallet. This desktop wallet creates and stores our private keys ensuring the safety of our assets.
- Another of the best-known options is Ledger Nano S, a hardware portfolio that guarantees the security of our cryptocurrencies.
- Also, there is Trust wallet, which is a wallet on your smartphone and it is very convenient to use.
- Finally, we have the Exodus wallet. This wallet supports a large number of cryptocurrencies and also has an easy-to-use interface.
Price of TRX
TRX had very low prices, especially at the beginning. It's historic low occurred in September 2017 costing only $0,001091 USD. It also had price increases coming to cost 0.300363 USD in January 2018. Currently, the TRX costs between 0.027 USD and 0.028 USD.
Advantages and disadvantages of Tron
Like everything, Tron has benefits that other cryptocurrencies cannot offer us as well as disadvantages that we might not like so much. So let’s leave it to you to decide if you want to have Tron among your cryptocurrencies.
Some of its advantages
- The Tron Universe has as its goal that all parties can benefit from their participation in this network.
- An app that advertises its services on the Tron platform, pays fewer commissions to advertise than if you use intermediaries (such as Amazon or Google Play Store), and also you can receive funding directly from the user/ final consumer.
- As for its operation, its blockchain is based on the Bitcoin blockchain so it is totally safe and reliable.
- As regards the user, he enjoys a greater control of his personal data, as he does not have to provide them to the intermediary before performing the service, and also navigates more comfortably enjoying content at low cost.
- Creators and users are rewarded with TRX for their contributions to the platform.
Among the disadvantages of Tron, we find
- The volatility of the cryptocurrency. Its big price drop can be a disadvantage when investing.
- Another disadvantage is that the project still is not yet finished. This means that some features attributed to the project have not yet been exploited.
If you want to know how to buy Tron or where to do it, we recommend that you buy Tron at Wazirx. It’s really a fast and secure way to do it.
Hope you liked reading this article. Let me know if you want more articles on cryptocurrencies and I will do my best to write more informative articles for you.