What is TRON (TRX)?

What is TRON (TRX)?

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Tron is a distributed cryptocurrency technology platform that focuses on the entertainment sector. Although it has its own cryptocurrency, Tronix or TRX, its primary design idea is to make it simpler for cryptocurrency users and developers to share multimedia apps and speciality content.

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Tron adds another exciting dimension to the cryptocurrency market: it is also intended for usage in the gaming and gambling industries to develop and promote genuine blockchain-based casino gambling games.

TRON's mission is to ‘repair the internet' by granting its users data liberty. They regain custody of their data and receive compensation directly for their efforts.

This is not limited to user-generated material in the same style that YouTube uses. Additionally, it encompasses many types of DApps (decentralized apps) constructed on the TRON blockchain.

 

Component TRON (TRX)
Technologies Delegated Proof-of-Stake
Market Capitalization $8.4 Billion+
Open-Source Yes
Consensus Mechanism Delegated Proof-of-Stake
Smart Contracts Yes
Founders/Authors Justin Sun
Launch Date 2017
Circulating Supply of Coins 101,867,231,178 TRX
Maximum Coin Supply None
Mining-based Coin? No
Is TRON a Stablecoin? No
Does TRON have a burn rate? Yes
Does TRON have a Whitepaper? Yes, the whitepaper can be viewed here

 

Evolution and Development of TRON

As previously said, Tron launched in 2017. Initially, it used the Ethereum network's ERC-20 token to finance the project. At the start of 2018, investors who acquired the token exchanged it for one that ran on the Tron network and already had some basic functionality.

Since then, all Tron tokens have been operating on the network, and it has evolved into a currency, denoted by the ticker TRX, as it is the protocol's native token.

In 2019, TRC20-USDT stablecoin was launched on the blockchain in a partnership between TRON and Tether. During the same year, a strategic partnership was formed between TRON and a South Korean electronics giant, Samsung.

With this partnership, Samsung Galaxy S10 smartphones feature built-in blockchain wallets. TRON experienced a record-breaking year in 2020, with TRON appearing on the Samsung Play Store in April.

By May, the largest peer-to-peer (P2P) storage network, BitTorrent Live, was launched, and by august, TRON launched its proprietary decentralized exchange (DEX), allowing users to perform instant exchanges between different TRC-20 tokens.

By the end of 2020, TRON featured over 1,400 DApps in addition to 10,000 active daily users. By the same time, TRON's transaction volumes on DApps had surpassed even Ethereum, which is quite an impressive milestone.

What makes TRON unique?

Tron seeks to build a new decentralized internet that is less reliant on third parties.

The internet is currently dominated by a few huge corporations that control data, site hosting, and advertising. Many people think this is an issue since it implies a few individuals have disproportionate power over the internet.

To “heal the internet,” Tron has several goals:

  • By ensuring that data becomes free and uncontrolled.
  • By developing a content ecosystem in which users are rewarded when they share content.
  • By developing an online infrastructure where digital assets can be exchanged in a decentralized manner.

 

TRON has a unique architecture, and Tron's ecosystem rewards users for creating content rather than selling their data to advertisers (as modern social networking sites do). The Tron blockchain has three major levels. These are:

  • The storage layer is meant to separate the blockchain's historical data from its state data (which refers specifically to the status of its smart contracts)
  • Application layer: utilized by developers to construct TRX-powered apps and wallets
  • The core layer handles instructions written in either Java or a custom Ethereum language called Solidity. The Tron Virtual Machine then executes the applications.

 

What are the main uses for TRON?

TRON can be used in the following ways:

  • To pay for consumer-requested content, with all earnings going straight to content creators. It is used to recompense users for their involvement in the TRON blockchain's hundreds of decentralized apps (DApps). Following that, these tokens can be exchanged for several other crypto coins, or they can be used to pay for blockchain-based services.
  • TRX can be used to pay for everyday services and goods from supporting merchants and providers.
  • TRX can be used as a store of value, and it serves as a good potential investment for beginner and institutional investors.
  • Users on the platform can lock their tokens away (staking) to receive “Tron power”. TRX can also be used as a governance token, providing holders voting rights over decisions that are made on the platform unless the tokens are staked.

 

What is the future potential for TRON?

TRON's network has a lot of promise as the underlying infrastructure for the future generation of web apps and protocols because of the rise of DApps and DeFi platforms in the present web interface and the impending model of decentralized Web3.

Compared to traditional networks, the network is a better option due to its high scalability, transaction throughput, and more decentralization.

 

Price analysis on TRON

TRON was initially launched in 2017, and its price analysis over the past five years are indicated as follows:

 

  2017 2018 2019 2020 2021 to date
TRX Price High $0.051 $0.22 $0.038 $0.041 $0.164
TRX Price Low $0.002 $0.011 $0.012 $0.008 $0.027
Market Cap $3.41B $14.5B $2.57B $2.95B $11.8B

 

Price prediction on TRON

Regarding the COVID disaster, TRX plummeted from $0.017251 to $0.010578 in early March. Tron, unlike other cryptocurrencies, began 2020 with a negative run and was hit by Covid’s market repercussions first.

Some commentators suggest that this is attributable to the fact that the Tron Foundation is situated in South Korea, which saw the economic damage first.

Tron tried to achieve a new record in 2022. Early April saw it rise to $0.13, then to $0.16. But the coin fell again. It is presently trading at $0.06, following rejections at around $0.17.

Most observers feel that Tron will only rise from here on, i.e. from 2022 to 2022. Tron will start 2022 at $0.096 and reach a high of $0.124 in November.

Experts' Tron (TRX) price prediction is more guarded, predicting that TRX will start 2022 at $0.085 and end at $0.088.

Which wallets are the best option for storing TRON?

A TRX wallet is a piece of software where users store the necessary data to access their TRON (TRX) funds. When users have a crypto wallet, they are given a private key, which is like a password and a public key, which acts as an account number that can be shared.

The best TRON/TRX wallets are listed below.

  1. Altcoin.io
  2. TRON Mobile Wallet
  3. Exodus Wallet
  4. Bitpie Wallet
  5. TronScan

1. Altcoin.io: As a decentralized crypto exchange, it is possible to use the Altcoin wallet. In addition, it provides access to its atomic swap wallet service for consumers to use. In addition to Bitcoin, this wallet supports Ethereum, EOS and many more cryptocurrencies.

2. TRON Mobile Wallet: This wallet, also known as TRON Android Wallet, is preferred by many users owing to its versatility. It has a simple user interface and a built-in cold wallet to store and safeguard TRX money. This is one of TRON's top wallets with excellent features.

TRON Android wallet is a password-protected mobile device. The 24-word recovery seed adds an extra degree of protection and allows users to regain access. It is the most recommended wallet for Android users.

3. Exodus Wallet: Exodus is a crypto wallet that was released in 2016 that allows users to store virtual currencies. While the wallet supports numerous digital currencies and is not only focused on Tron, it also lacks some functionality.

4. Bitpie Wallet: This wallet is not well recognized, yet it includes several handy features for Tron aficionados. TRC-10 and TRC-20 coins are supported by the wallet. For cryptocurrencies like the Tron-based Tether (USDT) and the BitTorrent Token (BTT).

5. TronScan: TRX money may be stored securely in TronScan, an online TRX wallet that is also recognized as one of the primary TRON wallets.

The wallet's sign-up procedure is simple and uncomplicated, making it a breeze to get started. The wallet's UI is simple to use. However, it is difficult to see the private key because it is encrypted.

Where can you buy TRON?

TRON can be bought, sold, and exchanged on the following cryptocurrency exchange trading platforms.

  1. OKEx
  2. Gate.io
  3. Bittrex
  4. Bitfinex
  5. CEX.COM

1. OKEx: OKEx is a reputable cryptocurrency exchange trading platform. For those who are new to cryptocurrency, OKEx provides a wide range of complex financial services, as well as great tutorials.

It offers a wide range of services, including flexible borrowing and the ability to earn interest on tokens that have been staked on the platform. Users can use OKEx's easy and advanced trading tools as well as an on-ramp into crypto mining and DeFi liquidity mining.

 

PROS CONS
OKEx allows traders to exchange a range of crypto coins that can be traded The platform does not accept users from the United States
Allows for several fiat currencies when registering an account The fee structure is complex and multi-tiered
Educational resources are offered  
There are high staking APY's offered  
The buy/sell dashboard is user-friendly  
Tech support is prompt and helpful  

 

2. Gate.io: Gate.io is one of China's oldest and largest crypto-to-crypto exchanges. A prominent Initial Exchange Offering (IEO) platform, several coins, margin trading with leverage, and other innovative financial services such as margin lending or borrowing have made Gate.io one of the fastest-growing crypto platforms.

 

PROS CONS
Offers a wide range of digital assets that can be traded Fiat deposits are not supported
Provides access to more than 400 different markets Unregulated
There are several advanced features to help traders add a competitive edge to their trading The development team information is not transparent
Offers margin trading with leverage up to 1:10 The platform is not recommended for beginner traders
There is an innovative and powerful IEO platform offered  
The mobile apps are innovative and powerful  

 

3. Bittrex: The world's third-largest cryptocurrency exchange was founded in 2014. Daily, the exchange handles $300 million in transactions. Bill Shihara, along with Richie Lei, Rami Kawach, and Ryan Hentz, founded Bittrex. While there have been few isolated incidents of hacking, the overall reputation of Bittrex is excellent.

 

PROS CONS
The trading platform is efficient and powerful Bank wire transfer is not supported
There are no fees charged on deposits or withdrawals The fees are higher than the industry standard
The platform accommodates anonymous trading Customer support is poor
The fees are charged at a flat rate of 0.25% on all trades  
High level of trustworthiness  

 

4. Bitfinex: Bitcoin exchange Bitfinex is one of the most renowned in the world because of its cheap costs. The Tether stablecoin has also landed the exchange in hot water with authorities because of its strong ties to the exchange.

Despite its cheap costs, Bitfinex's history of instability may be unnerving to new users of the platform.

 

PROS CONS
The fees charged are low The platform is not available to United States traders
The platform offers margin trading in addition to derivatives and advanced order types There is questionable involvement with Tether
Offers demo trading The platform has some history with missteps and fines
The mobile app is suitable for complete beginner traders  

 

5. CEX.io: CEX.io is a reputable cryptocurrency trading platform with a high trust score and a safe and regulated trading environment. Various deposit methods are supported, as well as a variety of digital assets. Regardless of whether traders are experienced or just starting started, this is an excellent tool.

 

PROS CONS
Regulated trading platform There is a limited selection of coins to choose from
Offers innovative trading options and apps  
There are several crypto trading pairs to choose from  
There is dedicated customer support offered  

You can buy TRON safely from these cryptocurrency platforms.

Does TRON use coin burns?

To prepare for the launch of TRON's Mainnet on June 25th, the TRX based on ERC20 has been moved to TRON's Mainnet and is being phased out by the TRON Foundation. The overall amount of TRX that has been burned to date is 99,188,398,993.45, accounting for 99.19% of the total supply.

Are there criticisms against TRON?

TRON's white paper has been accused of plagiarizing another document. Tron's codebase was found to include many instances of code that had been taken from other projects.

Additionally, the project is accused of breaking the GNU Lesser General Public License v3.0 (LGPL) since it fails to declare that its client was developed from EthereumJ, a Java version of Ethereum.

The TRON Foundation, the group behind the creation of the technology, denies these charges.

In addition to this, another event caused a significant amount of criticism against TRON. TRON's blockchain could easily be brought to a standstill by a single computer, according to security testing firm HackerOne in May.

For the first time, this demonstrated that a single PC could overwhelm the CPU RAM and launch a distributed denial of service (DDoS) assault on the blockchain.

What is TRON’s largest Competitor?

The largest competitor of TRON is Tezos.

Smart contract platform Tezos has its own blockchain and native coin, which is used for transactions (Tezos, XTZ). To rule, the Proof-of-Stake method is used. Those who already own at least 10,000 XTZ are entitled to vote on protocol updates.

For their efforts, “bakers” (validators) are rewarded, and bakers can make money for those who assign their XTZ. To shape the network, Tezos features a built-in “self-amendment” method that does not necessitate forks.

Because it puts everyone on the same page, it also speeds up the development process. With its TRX native coin, TRON is a blockchain-based entertainment medium.

In 2018, the mainnet was released for the first time. The platform is designed to be a low-cost and easy-to-use method of accessing and sharing entertainment material. In addition to entertainment material, TRON may host decentralized applications (DApps).

What is the Staking Process involved with TRON?

Tron relies on a revolving cast of 27 “super representatives” to authenticate transactions and maintain the system's history. Every six hours, super representatives are selected to gather fresh TRX created by the protocol.

Every 3 seconds, a new block is added to the blockchain, earning the creator 32 TRX. Annually, 336,384,000 TRX are granted. Users can run three sorts of nodes on the Tron blockchain: witness nodes, complete nodes, and Solidity nodes.

Transactions, as well as blocks, are broadcasted by the full nodes. In addition, blocks are proposed by these full nodes before they are synchronized. Solidity nodes sync blocks and offer APIs. Tron users require “Tron Power” to vote for super representatives.

Users get 1 Tron Power for every TRX they “lock” in an account that cannot spend it. (Unfreezing the cryptocurrency removes users' Tron power and voting rights.)

Tron Power cannot be exchanged like TRX or other Tron-based coins. It is like staking on Tezos or Cosmos blockchains, where users receive incentives by locking up cash.

What can TRON smart contracts do?

A smart contract can simply be defined as a program that runs on the blockchain platform and ecosystem. The users do not control Smart contracts. They are deployed to the network and subsequently run as they were programmed.

Computerized transaction protocols that automatically implement the provisions of a smart contract are referred to as “smart contracts.” The terms and conditions of a smart contract are the same as those of a traditional contract.

Once the contract has been initiated, it will function according to its specifications. Solidity is supported by TRON's smart contracts (Ethereum). Solidity 0.4.24 – 0.4.25 is the current recommended version of the language.

To use the TRON network, users must first create a smart contract, then construct it and distribute it. When the smart contract is activated, the associated function will be automatically executed.

Is TRON a Good Investment?

TRX crypto is not a mineable cryptocurrency, and this means that its economics are heavily dependent on the staking of tokens. Users and the Tron Foundation, as well as the decentralized financial platform's participants, all have a role in securing a token's value. This is done through staking.

During a press conference on December 18, 2017, Justin Sun stated that the Tron Foundation had locked up $34 billion worth of TRX till the date of January 2020.

Tron's decentralized financial network, JustSwap, froze 5 billion TRX tokens in September of 2020, causing the price of TRX to treble in a short amount of time. Ethereum's Uniswap-like JustSwap decentralized exchange (DEX) can be found in several ways.

Users may trade cryptocurrencies directly on each of these platforms, with no need for a middleman. The price of Tron crypto might rise in the future if demand for TRX remains stable or grows and supply is restricted by tokens being staked. However, there is no way of predicting if or when this will happen.

What is the supply and distribution of TRON?

The circulating supply of TRON is 101,867,231,178 TRX, and there is no max supply.

  • A fixed supply refers to the overall number of coins that can ever be created and distributed into circulation.
  • The total supply of coins means the overall number of coins that have been mined and those that are not in circulation anymore or which have been lost.
  • The circulating supply of coins refers to the overall number of coins that are currently available on the market and in the wallets of users.

Is TRON a viable Alternative Coin?

Yes, TRON is a good alternative coin in terms of these features.

  • Traceability – The identities of users are safe while all transactions are recorded in the public ledger, which can be viewed by anyone with a block explorer.
  • Hacking – The TRON blockchain has not experienced a successful hack.
  • Security – TRON is a secure blockchain that uses innovative and robust protocols.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between TRON And Bitcoin?

While Bitcoin is only digital money, TRON is a complete entertainment system – a decentralized, peer-to-peer variant of content-hosting sites – that allows users to create and share content.

 

  Bitcoin TRON
Price change 20/21 +400% +200%
Market Cap $800 Billion+ $8.4 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #1 – Original Crypto #25

 

What are the differences between TRON and Ethereum?

The blockchain technology used by TRON is more dependable and scalable than the blockchain technology used by Ethereum. It also has a faster processing speed than the previous version.

In addition, processing speed is critical for a decentralized system due to the nature of the network. TRON blockchain platform, which differs from Ethereum blockchain in terms of consensus methods and cryptocurrency, is more sophisticated than Ethereum blockchain.

 

  Ethereum TRON
Price change 20/21 +880% +200%
Market Cap $460 Billion+ $8.4 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #2 #25

 

What are the differences between TRON and Dogecoin?

Dogecoin (DOGE) began as a joke in the United States in 2013, but it swiftly grew in popularity. It grew in popularity as a cryptocurrency (DOGE) for tipping content providers (on Reddit and Telegram).

TRON, with its native cryptocurrency TRX, is a blockchain-based entertainment platform. In 2018, the mainnet was introduced. The decentralized platform is designed to be a low-cost means to consume and readily distribute entertainment material. TRON can host proprietary TRON DApps and entertainment material.

 

  Dogecoin TRON
Price change 20/21 +7,300% +200%
Market Cap $22 Billion+ $8.4 Billion+
Past Hacks None None
Popularity High High
Altcoin Rank #12 #25

 

What are the differences between TRON and Neo?

Overall, TRON seeks to decentralize the web while also making it simple for everyone to distribute digital material effectively and successfully in terms of price.

TRON is a computer software written in the Java programming language. NEO may be thought of as a smart economy that operates on blockchain technology.

 

  NEO TRON
Price change 20/21 +160% +200%
Market Cap $1.70 Billion+ $8.4 Billion+
Past Hacks None None
Popularity Medium High
Altcoin Rank #69 #25

 

What are the differences between TRON and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. TRON, on the other hand, is fungible, which means that one TRX has the same value and characteristics as another TRX.

What are the differences between TRON and Solana?

Solana is a blockchain network that allows users to create currency like Ethereum and other programmable blockchains. Solana is well-known as one of the fastest blockchains and networks.

This new-to-fame blockchain network can process 50,000 transactions per second, which distinguishes it from the competition.

A decentralized entertainment and content sharing network based on blockchain and peer-to-peer (P2P) technology, Tron is a cryptocurrency that was launched in 2013.

TRON can be considered as an upcoming social media platform that allows users to create and share content with anybody, anywhere in the world, using their smartphone.

 

  Solana TRON
Price change 20/21 +9,300% +200%
Market Cap $54 Billion+ $8.4 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #5 #25

 

What are the differences between TRON and Cardano?

TRON employs Lamport, whereas Cardano uses Ouroboros. TRON uses Delegated Proof of Stake (DPoS), while Cardano uses Proof of Stake Consensus (PoS). TRON and Cardano are both great cryptocurrency projects with great teams, but Tron has much cheaper trading costs.

With Tron still in the rear-view mirror, Cardano has soared ahead of it. TRON's blockchain is already live and in usage, particularly for gaming. TRON's governance is decentralized, like EOS's, and looks to be improving. But I am still doubtful.

Cardano looks to have a strong development team. And future enhancements like Shelly look promising.

 

  Cardano TRON
Price change 20/21 +2,100% +200%
Market Cap $42 Billion+ $8.4 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #7 #25

 

What is the connection between TRON and BitTorrent?

BitTorrent is a vital part of the Tron ecology. The teams paid $120 million for BitTorrent Inc. in June 2018 to develop a network economy powered by Tron and the BTT token. BitTorrent is a file-sharing protocol.

All you need to do is run a program to exchange files with individuals all around the world. This technique can be used to share lawful yet big files.

But the financial incentive to join the BitTorrent network is negligible. Once the material is downloaded, the only reason to stay connected and risk criminal prosecution is goodwill.

The Tron Foundation intends to develop an economy around torrent file sharing. With the BitTorrent Speed addon, those seeking a file may now pay those who distribute it.

A massive database of popular and accessible files will inevitably arise, paid for by BitTorrent Speed and BT Token.

What is Proof-of-Stake?

It is a consensus algorithm for handling transactions and adding new blocks to a blockchain. Proof-of-stake decreases the amount of computing labour required to secure a blockchain and consequently a cryptocurrency.

POW alters how blocks are confirmed using coin holders' devices. Owners stake their currencies to validate blocks. Staked coin owners become “validators.” The block is then “mined” by random validators. Unlike proof-of-work, this approach assigns “mines” based on randomness.

To participate in this consensus mechanism, a coin holder must “stake” a certain amount to become a validator. Multiple validators validate blocks, and when a predetermined number of validators affirm that the block is valid, it is completed and closed.