What is Tron?
TRON (TRX) is a blockchain platform launched to become the foundation of a decentralized entertainment ecosystem. TRON seeks to become a network that allows content creators to have a close relationship with consumers and without any intermediaries. The Tron platform and its Tronix cryptocurrency offer an exchange environment for creators of digital content and online training. The Tron ecosystem, whose official token is the Tronix, was launched by Justin Sun, a controversial young man and visionary of blockchain technology, CEO of an app called Peiwo (the so-called “Chinese Snapchat”) and former CEO of Ripple in China. In 2017, Sun founded a Singapore-based non-profit organization under the name TRON Foundation. However, it wasn’t until June 2018 that TRON’s core network came to light. Today it is the eponymous non-profit foundation that watches over its progress and supports its development.
How does Tron work?
The project is based on decentralized and open-source software that uses blockchain technology and P2P networks to promote direct interaction between creators and their users. Tron is a distributed storage infrastructure that allows its users to access entertainment content from anywhere in the world without resorting to third parties and, therefore, without “selling” their personal data. In addition, creators can operate online without paying fees and commissions to third parties (as is the case, for example, in Google’s PlayStore), thanks to the content management system implemented. Since it is a free service, both creators and users are rewarded with TRX and are encouraged to finance and contribute to the platform.
Its innovative technology allows adding multiple blockchains and smart contracts that include Bitcoin, Qtum, Ethereum and EOS, among others. The platform operates around its Tronix token, which until now was based on the standard Ethereum ERC-20 token. Tron enables transactions within the platform and is capable of storing information in the form of Tron-apps. It has also designed other tokens, such as the Tron-power, which does not have its own value and rather grants privileges to its bearer, and the Tron 20-Token to subsidize ICOs.
Advantages and disadvantages
+ With this cryptocurrency, a person can buy live entertainment from part of the planet. Tron overcomes traditional payment obstacles, such as having an account in a bank outside the country of origin. Using Tron, you can share content with other people and receive financial compensation for the created materials as a content creator. This model is the opposite of how traditional social media platforms like Facebook work. You control your content and you earn revenue for your creativity.
+ The Tron project founder, Justin Sun, has been able to push the cryptocurrency to its peak by announcing potential partnerships with companies listed on the NASDAQ. Sun’s current collaborations with market-leading online gaming platforms like game.com point to a promising future for this platform. Other partners include Obike, Bitmain, and Zag-S&W.
+ There’s growing support of Chinese developers and CEOs, as well as members of the financial and technological sector towards the present and the future of the Tron project, suggesting that TRX could play a key role in the markets in the next few years.
– The Tronix cannot be mined, and the company has full control over the tokens. You also can’t pay with Tronix. It exists only within its own ecosystem and has no use apart from it. Tron also has strong competitors such as Qtum and Ethereum which are more advanced technologically and have existed longer in the crypto world.
– In January 2020, this currency was involved in several controversies for suspicious actions. Specifically, its Whitepaper was accused of plagiarism for containing fragments copied from other sources. Some people criticize saying the project is too ambitious and its roadmap doesn’t offer concrete steps for implementation.
How to buy Tron?
Although it is a newly created cryptocurrency, thanks to the huge reception of the token, you can get Tronix on numerous exchanges such as Binance, Huobi, Bittrex or Mercatox among the most popular ones. Although the most common pairs are ETH and BTC, you can also buy Tron coins with fiat money: USD, RUB and KRW.
Where to store TRX?
Tronix and other cryptocurrencies can be safely stored on exchange platforms and operated with them, but there is also a possibility of releasing Tronix from the exchange platform to store them in a virtual wallet. The best wallets for storing Tronix are Tron Android wallet, Tronscan, TRON Wallet, and MyEtherWallet. You may also consider any other wallets operating with ERC20 tokens like Exodus, a desktop wallet, or hardware wallets like Nano Ledger Х and Nano Ledger S.
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