All You Need To Know About Tron (TRX) Before Investing
The TRX is the official digital currency of Tron, a body that is committed to becoming a decentralized entertainment content sharing platform.
TRON (TRX) aims to use both blockchain and peer-to-peer (p2p) network technology ensure the platform is a success. TRON was established by a non-profit Singapore-based foundation, the Tron Foundation which plans to tackle some issues in the global entertainment industry.
According to the whitepaper released by TRON, it stated that “TRON’s team members are followers of Sir Tim Berners-Lee, who are convinced that protocol, from the moment of its invention, is an asset for human beings, rather than a profit-making tool for small groups.”
TRON’s platform will make it possible for the creators of digital content to provide content to their customers without the use of middlemen such as the Apple store and Google play store.
At the moment, giant tech companies like Google, Facebook, Amazon, & Snapchat control a huge amount of user data. TRON aims to reduce this control and hand back the data to the creators of digital content.
The Key features of Tron (TRX)
TRON has the following features;
- Make data free and uncontrolled.
- Create a content platform where users can obtain digital assets.
- Have a personal ICO that has the potential to distribute digital assets.
- Provide the infrastructure to enable distributed digital assets exchange
The TRON 20 Token and TRON Power (TP)
The TRON 20 token will have a value and would make it possible for individual digital content owners to create custom tokens on the TRON platform. Note that the TRON 20 token isn’t the same as the Tronix, which is used as a medium of exchange on their platform.
The company is currently looking for long-term investors and is discarding investors that are looking for quick profit. TRX token is designed to enable it to be locked away to gain TP, a move that will give users increased mobility in the platform.
TRX working mechanism
The TRX is a long-term project that began with Exodus this year and will lead to Eternity in 2023. Here are some of the features of each stage.
- Exodus: a stage with a free platform for peer to peer distribution, storage, and content.
- Odyssey: a stage that contains the economic incentives designed to encourage content creation and empowerment
- Great Voyage: Users have access to individual ICO capabilities
- Apollo: a stage that permits content producers to issue personal tokens (TRON 20 Token)
The last two steps are designed to increase the platforms ability to decentralize the gaming industry. They give developers the opportunity to create gaming platforms freely and then achieve monetary incentives after such games have been established.
An In-depth review of each stage.
The Tron (TRX) platform is an ambitious one. It aims to maximize the use of several blockchain technologies that some are still experimenting today.
The first stage is the exodus which has already been launched. This stage is solely designed to provide simple distributed file sharing built on top of something similar to IPFS. This implies that TRON isn’t using any blockchain technology at the moment.
This is the stage that blockchain technology comes into play. Odyssey aims to provide incentives for early adoption and creation of a proprietary community of content creators and consumers with a reward similar to a proof of stake model.
The scale of reimbursement for creation is connected to a metric that has tipping schemes. Views and clicks aren’t useful in this case as bots can alter them. Users on TRON platform will transact using TRX. This creates a scenario where the exchange of value for services is faster and will require payment of in or out of TRX account.
Great Voyage & Apollo stage
This contains the 3rd phase (Great Voyage) and 4th phase (Apollo), and they have the combined ability to enable digital content creators to offer a share in their brand via “individual ICO’s” or branded tokens
To make this happen, TRON plans to develop its personal blockchain application platform just like that of Ethereum. However, TRON admits that it may face similar blockchain problems like that of Ethereum which includes network congestion as a result of ICO launches.
One of the negative effects of that will be the network not being able to properly vet/validate the trustworthiness of each of the vast number of unique tokens. The TRON whitepaper didn’t specify how they intend to prevent Sybil attacks or exchange account hacks on their platform.
Star Trek stage
This is the fifth stage in TRON development and will look to provide something similar to Augur by designing a decentralized forecasting and gaming platform.
This is the sixth and final stage of the development. It aims to give users the ability to fundraise and monetize based on community growth. The core technology behind TRON will be adapted from both IPFS and the Ethereum platforms.
More information on TRX.
The ICO of TRX took place between August 3, 2017, and August 24, 2017.
The founder and CEO of the TRON platform, Justin Sun is being considered as the next Jack Ma. At the age of 27, Sun already has an excellent resume.
- He graduated from the University of Pennsylvania
- Listed in Forbes China 30 under 30 in 2015 and 2017
- Founder of China’s Snapchat Peiwo
- Attended the Hupan University founded by Jack Ma
- Served as a representative of Ripple in China
TRON has other key players aside Sun. The Chief technical officer Lucien Chen has extensive experience having worked with Alibaba and other first-tier internet companies such as Netease, Qihoo 360, and Tencent.
The platform has garnered support from top developers in China and is currently expanding its team with highly skilled technical experts like Maorong Lin and Xiadong Xie.
TRON also has the backing of several Chinese business communities including Hitters Xu (founder of Nebulas), Tang Binsen (founder of mobile game Clash of Kings), Xue Manzi (famous Chinese angel investor), Chaoyong Wang (founder of China Equity Group with $2 billion market value), Dai Wei (CEO of OFO bike), Huobi.com, and several others.
TRON is currently transferring its coins TRX into its Peiwo APP, in the process giving its 10 million users access to exchange the token of that platform.
Even though TRON will support several digital currencies, their official one will be TRX, thus all other currencies will be converted via TRX.
TRX token supply and its sustainability
TRX wouldn’t be mined like other cryptos. There are roughly 65,748,192,475 TRX currently circulating, with TRON creating a total of 100,000,000,000 TRX.
On the 18th of this month, CEO Sun announced that the foundation has locked up tokens worth $34.2 billion until January 2020. There is a belief that the locked tokens will increase over time.
Trading history of TRX
Since the digital currency is still new, its price action has increased rapidly. The currency started trading three months ago at around .002 cents and has so far witnessed 2150% price growth.
Where can you purchase TRX?
You can be able to trade TRX on exchange platforms like Liqui & Binance for either ETH or BTC.
Where can you store TRX?
TRX can be stored in a hardware wallet since it is an ERC-20 token. The hardware token will have to support the ethereum blockchain, with Ledger Nano S and Trezor the popular ones. The coins can also be stored on MyEtherWallet (MEW).
Supporters and investors are excited to see the evolution of the TRON project, as it has the potential to cater to a more focused use-case within the entertainment industry. Several influential Chinese business communities have taken a keen interest in the growth of TRON.
With the developers having a long-term vision for Tron (TRX) and the TRON platform, and with the high level of funds available from investors, optimism about this project is justified.