What is Tron TRX coin?
TRON (TRX) is a blockchain platform launched to become the foundation of a decentralized entertainment ecosystem. TRON crypto 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 crypto ecosystem, whose official token is the Tronix, was launched by Justin Sun, a controversial young man and a 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 TRX 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 coin 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 cryptocurrency 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 like the value TRX has and rather grants privileges to its bearer, and the Tron 20-Token to subsidize ICOs.
Advantages and disadvantages of Tron crypto
+ With Tron cryptocurrency, a person can buy live entertainment from part of the planet. Tron coin overcomes traditional payment obstacles, such as having an account in a bank outside the country of origin. Using Tron crypto, 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 TRX 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 сrypto project, suggesting that TRX coin could play a key role in the markets in the next few years.
- Tron mining. 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 Tron company was involved in several controversies for suspicious actions. Specifically, they were accused of plagiarism in the Tron’s whitepaper 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 TRX coin?
Although it is a newly created cryptocurrency, thanks to the huge reception of the TRX token, you can get Tronix on numerous exchanges such as Binance, Bittrex, or Mercatox among the most popular ones. Although the most common pairs are TRX to ETH and TRX to BTC, you can also buy Tron coins with fiat money: TRX to USD, EUR, and KRW. You can also get Tron on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of TRX.
How to exchange TRX on SwapSpace?
- On SwapSpace homepage, select TRX in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of TRX you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your TRX coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store TRX coin?
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 Tron wallets 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 Ledger's Nano Х and Nano S.