What is TRON Blockchain? Everything you need to know about the Cryptocurrency TRX
TRON Blockchain was designed to meet the needs of the next generation of social media users. People who want to share a lot of content will find it useful.
Traditional social media companies monetize user data without users’ knowledge and end up generating lots of money at the expense of community members. TRX is trying to change that by offering a model that puts users in control of their data.
Also, the TRON network ensures that you are compensated for the content. In addition to the decentralization of the Internet, dApps (Decentralized Applications) are also supported.
What is TRON Blockchain?
TRON is a blockchain-based platform that allows application developers to create and use a set of complex protocols via a smart contract. Since cryptocurrencies have different use cases, you need to understand TRON (TRX) before investing in or participating in the network, currently known for its lively CEO and high throughput.
On the TRON blockchain, the basic unit of account is Tronix (TRX). It can handle 2,000 transactions per second. Suitable for social media users who want to get data back under their control, TRON also uses an advanced language for smart contracts.
The unique useful features of TRON are:
- Content-oriented platform
- peer-to-peer principles and
- Decentralized network
Is TRON a kind of money?
TRON is unique in that it focuses more on infrastructure than the usage of its digital currency. The TRON Blockchain team wants to create Web 4.0. That means the focus is on creating a decentralized entertainment ecosystem that will primarily benefit digital media developers.
TRON has another token, the TRON 20, which allows the content creator to develop their unique cryptocurrency. This token has yet to be rolled out. Although we don’t consider TRON a currency, it does have some monetary value. Some traders find the crypto asset better than many fiat currencies due to its decentralized structure.
TRX works with strategic companies to increase the monetary value of the asset. One of its key partners, oBike, a Southeast Asia-based company based in Singapore, launched oCoin on the TRON network. The token is convenient and allows the purchase of rides on the bike.
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Is it legally recognized?
Justin Sun and the TRON Foundation were accused of fraud by the SEC In March 2023, Eight celebrities were also charged for illegal touting of Sun’s crypto asset securities.
The TRON Foundation securities dispute filed on April 3, 2020 (Are these cases still ongoing? Let us know in the comment) is the most recent court case.
In this case, the plaintiff alleges that the company unlawfully violated federal and state securities laws when selling TRON securities in the United States.
Despite the claim, TRON remains legal in many countries. Many courts around the world, including the US and UK, have ruled that cryptocurrencies are commodities. English common law recognizes digital crypto assets as property. The laws and different court rulings allow TRON to continue the project aimed at decentralizing the entertainment ecosystem.
What are people using TRON Blockchain for?
People can earn and use TRON Blockchain on a wide range of platform services. It is the exchange currency of TRON. The platform envisages enabling decentralized application builders to launch their currencies via the TRON protocol and TRX will be the medium of exchange for the currencies created. Currently, many established companies already accept TRON payments.
Which merchants accept TRON?
- Airbrush Customs
AirbrushCustoms is a top online retailer that creates hand-painted airbrush designs. The art, fashion and apparel company has been making personalized t-shirts, hoodies and hats in a variety of styles for over a decade. They offer numerous design options that meet the different needs of their customers.
- Hosting SSI
HostingSSI is an established provider of all major hosting types. They also offer VPN, Anti-Ddos, Website Builder, Domain, SLL, and Proxy services. In addition, the team specializes in CSM hosting, including Joomla, Magento and WordPress. The merchant uses CoinPayments as a payment gateway.
This dealer is a web hosting service provider from Switzerland. It is privacy-oriented and specializes in high-availability cloud hosting, VPS, DDoS protection, dedicated servers and other related services. It also uses CoinPayments as a payment gateway.
- Spheroid Universe
Spheroid Universe specializes in advertising, games, entertainment and business. The company is known for operating the geolocated private property on the Earth’s digital surface.
How does TRON work?
TRON is first and foremost a blockchain platform for developers and consumers. The focus of the technology is on entertainment, gaming and social media. On TRON, programmers develop their own dApps, i.e. programs that run on a blockchain.
The history of TRON
Justin Sun, a Chinese entrepreneur, founded TRON in 2017 and used the TRON Foundation to raise $70 million through an initial coin offering in the same year. The Chinese government then banned the digital tokens shortly thereafter.
Since then, the network has been forced to defend itself against multiple allegations of plagiarism. Digital Asset Research found that the TRON Foundation had copied their code from other projects. The foundation denied the allegations but switched from the ERC-20 token protocol to the current independent peer-to-peer network.
By July 25, 2018, the TRON Foundation had acquired BitTorrent, one of the largest P2P file-sharing networks. In August 2018, BitTorrent founder Bram Cohen announced that he was leaving the company to co-found a cheaper altcoin, Chia.
TRON’s market capitalization as of January 2018 was around $1.6 billion. But HackerOne’s revelation that a computer alone could bring the TRON blockchain to a halt and the cancellation of a charity dinner with Warren Buffet in July 2019 left TRON’s fate obscure. However, Sun has worked hard to restore the foundation’s image.
TRON’s 29-year-old founder and CEO later met with Warren Buffett and other investors and professionals on January 23, 2020 to develop a new strategy.
TRON is governed by the 27 Super Representatives. The TRON community re-elects this team every six hours. The 27 Super Representatives generate new blocks and validate them within a 3 second block time. In addition, they propose and vote for the TRON Improvement Proposal (TIP).
TRON Mining – How are new coins created?
Since all TRN tokens are already there, you cannot mine new ones. TRON depends on a Delegated Proof of Stake Consensus (DPOS) algorithm, which requires a stake to secure the network. Unlike POS, where anyone can participate in this mechanism (DPOS), only a few trusted servers have the ability to deploy at any given time.
How many coins are available, what if they run out?
At the time of writing, the price of TRON is $0.027035. The reported circulating supply is 71,659,657,369 TRX and the total supply is 100,850,743, 812 TRX.
The numbers put the market cap at $1,937,353,938. Since all TRON tokens have been released, the industry does not expect any more new tokens. This can make the token scarce, which is important to keep its value high.
Currently, growth in the defi sector is driving the TRX price. This implies that TRON is a deflationary currency that you can hold to earn good returns. Many people use currency to buy various goods and services. The price can drop at any time, like in July 2019 after bad press.
Decentralization – what does that mean?
Decentralization is the practice of transferring money between people without the involvement of third parties. TRON Blockchain is somewhat decentralized given the limited involvement of governments. Many nations do not regulate this currency.
The TRON Blockchain community can also manage the network. They vote for the 27 Super Reps to generate and validate blocks and govern TRON by proposing and voting TIP in the TRON Committee. Decentralization also ensures that the user exchanges invests, receives or transfers their coins without unnecessary external interference.
Invest in TRON Blockchain
TRON can be used as an investment prospect due to its rising value. In January 2018, the market capitalization was around 1.6 billion US dollars. Today it’s nearly $10 billion. When the value of a currency increases, so does the selling price.
Why should you invest in TRON?
A person who wants to increase their finances can invest in TRON. As we have seen, if the price goes up, you could make a lot of money.
Individuals looking to save in a secure, decentralized environment can also consider this option. However, your goals will determine the best investment approach or strategy.
For example, if you want to increase your finances, you need to consider whether you can wait for the currency to appreciate in value before selling it.
Price and Volatility – Why is the price so volatile?
The main cause of price fluctuations is speculation. When HackerOne, a cybersecurity testing service, exposed PRON’s security weakness in May 2019 and Warren Buffett cancelled lunch with TRX founder Justin Sun in July 2019, Tron’s price also fell.
Today, the growth of the TRON DeFi sector has positively influenced the price. As with fiat currencies, bad press can diminish the value of the token in a very short period of time.
An investor needs to reduce volatility by choosing appropriate strategies. In addition to making informed investment decisions, you can also protect yourself from losses by only investing what you can afford to lose.
Where to buy TRON? All you need to know
Despite the fact that you can’t go to your local gas station and grab TRX just yet, you can still use it. Many exchanges around the world sell the token to the public. Below are some of our favourite exchanges:
eToro is a multi-brokerage platform headquartered in Cyprus that aims to facilitate trading and investing in TRON in a secure environment. The core values of the broker include transparency, security and innovative strength.
Plus500 offers an online platform for buying and selling TRON. You can sell many other cryptos on the brokerage platform and use the proceeds to buy TXN. The company is one of the safest options as it adheres to the requirements of multiple regulators, including the Financial Conduct Authority.
FXTB (ForexTB) is a cryptocurrency trading platform where you can buy TRON and many other cryptos remotely. The language barrier has been eliminated as the website is available in almost all major languages. Some of FXTB’s core values are security, transparency and fairness.
Also, visit our blog post and learn what to consider when choosing a Tron exchange.
TRON wallets – keep TRX safe
For security reasons, you should find the best wallets to store TRON. Your individual needs such as convenience, affordability and accessibility should guide your choice.
What are wallets?
A wallet is an app or software that allows users to receive, manage, send, or store their tokens or coins.
What types of wallets are there?
There are numerous digital wallets that you can use based on your needs. Below are some of the main options:
Web wallets are online storage spaces integrated with crypto brokerage and exchange platforms. They are easy to use and affordable. However, since they are always available online, users are exposed to hacks and other bad agents 24/7.
Mobile wallets are designed for mobile device users.
They are easy to use and allow instant access to your TRON. However, the wallets are also vulnerable to hacks as they are always available online. However, there are some additional safeguards that are already in place on your device.
Some of the best mobile wallets are:
- Tron blocks
These wallets are designed for desktop use. Some of the most important ones to consider are:
These wallets are physical devices with software that store your cryptocurrencies in an offline environment, making them the most secure option. The wallets are not suitable for people who are new to the market due to their relatively high cost. Since these are physical objects, you also need to protect them from fire, theft, and other real risks.
The best hardware wallets are:
- Ledger Nano X wallets
- Ledger Nano S wallets
Users can also link some wallets together for increased security and convenience. For example, you can combine:
- Ledger Nano and Atomic Wallet
Keeping the wallet on an exchange, the possible advantages and disadvantages
Storing your wallet on an exchange is cheaper. You can either pay an affordable amount or get the service for free. This is also convenient as you can access your TRON tokens from anywhere using a compatible device. However, due to the centralized structure of these platforms, you are exposed to serious security risks.
What are the pros and cons of TRON?
TRON Coin has a number of advantages, but also disadvantages.
Another disadvantage is the long development time – the roadmap goes until the year 2027. There was also a controversy about the white paper in the past: parts of it were written off. However, the resulting new white paper can be classified as completely authentic. Another disadvantage is that Ethereum is still the number one smart contract platform compared to TRON and in turn, there is further competition from EOS, NEO and Cardano.
The future of TRON
Interested investors have to contend with some uncertainties. The development still takes a lot of time, in which some things on the crypto market can change. Meanwhile, other smart contract platforms are emerging that are also competing with Ethereum. Nevertheless, TRON has firmly established itself and can build on a solid basis. TRON has a large, loyal community and an independent vision. The platform offers many advantages to users and programmers of content.
- Why do many content creators and artists like TRON Blockchain?
The token allows artists and content creators to become owners of their content. It also helps ensure they get paid for their work.
- How do TRON Blockchain transactions take place?
Since TRON is based on blockchain technology, the transactions take place in a public ledger. TRON uses the Bitcoin model but has improved the system by adding more security features.
- Are there things that can prevent TRON from reaching its goal?
The negative rumours surrounding the founder and the perception that he is too young to lead the project are not suitable for the mission. Fears that some users may use the token to evade taxes should also be addressed.
- How does the TRON Blockchain community regulate the network?
The community elects 27 Super Representatives to make critical decisions on their behalf. The elected representatives also generate and validate new blocks.
As of November 2023, TRON had a market cap of approximately $9.16 billion. Today it’s over $1.3 billion. This suggests that you could make money investing in the token today, barring any unforeseen market changes.