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What is Tron Coin? (TRX)

24 February 2018 | 0 comments | Posted by Che Kohler in Money Talks

What is Tron Coin

Cryptocurrencies have been making the headlines of mainstream media a lot more lately and while it still met with overwhelming scepticism the market and industry soldiers on. The value of cryptocurrency while volatile cannot be ignored but where many of its criticisms lie is in the real world application of the technology.

While Bitcoin wants to be seen as a digital commodity and Ethereum wants to open up a platform for the growth of blockchain development other cryptocurrencies are looking to fill various niches.

One of these cryptocurrencies is Tron, lead the by very vocal and passionate Justin Sun, Tronix has a very interesting long-term roadmap with an emphasis on real-world application and an interest in becoming the backbone of decentralised technology in the entertainment industry.

What is TRON (TRX)?

TRON was founded by CEO Justin Sun in 2017 the Tron Foundation seeks to tackle the global entertainment industry – currently valued at $1 trillion. TRX wants to build a content subscription and push-based methodology for content creators. By making use of blockchain technology and distributed storage, TRON will form a decentralized content entertainment ecosystem. Users of the Tron coin known as TRONIX can freely publish, store and own data. In short, TRON aims to be a P2P version of iTunes or Google Play Store but for a variety of content mediums.

What is Tronix?

Tronix (TRX) is the official currency of TRON, which aims to be a decentralized entertainment content sharing platform eventually leveraging blockchain and peer-to-peer (p2p) network technology.

Why should you pay attention to TRON?

Tron has one of the most ambitious and extensive roadmaps of any coin currently available on the open exchange market. Its scope includes the implementation of a range blockchain technologies that are still technically experimental today but could see Tron eventually become a decentralised platform of its own similar to Ethereum. The team is trying to accomplish this over the next 8-10 years with its final planned phase to be completed by 2025 for the ealiest.

Exodus

Presently, we are occupying the first phase Exodus. Exodus aims to provide simple distributed file sharing built on top of something similar to IPFS. Therefore TRON is not technically leveraging any blockchain technology in its current platform. However, this is set to change with the advent of the 2nd phase.

Odyssey

Odyssey, the next stage, attempts to incentivize early adoption and creation of a proprietary community of content creators and consumers with something akin to a proof of stake model.

The scale of reimbursement for creation is linked to a metric with a related tipping scheme as opposed to simple views or clicks. Views and clicks are not ideal as they can be reproduced en masse by click farms or bots. Users will ultimately transact (potentially through unidirectional payment channels like µRaiden) in TRX. This facilitates the exchange of value for services faster but will require some type of pay in/out of a TRX account if users don’t initially hold TRX.

Great Voyage and Apollo

The 3rd phase (Great Voyage) and 4th phase (Apollo) look to enable content creators to offer a stake in a potential personal brand through “individual ICO’s” or branded tokens. For this, TRON will have to develop its own blockchain application platform similar to that of Ethereum with a Turing complete language for smart contracts. However, TRON admits it may face some of the same problems Ethereum, such as network congestion as a result of ICO launches.

Star Trek

Star Trek is the fifth stage of TRON and seeks to emulate something similar to Augur with a decentralized forecasting and gaming platform.

Eternity

Eternity, the final stage, envisions the ability to fundraise and monetize based on community growth. Ultimately TRON’s core technology will be based largely on the adaptation of IPFS and the Ethereum platform. Much of what TRON is attempting to consolidate is being done by different projects and mutually exclusive entities.

What is TRON used for?

Tron’s goal is to create a worldwide free content entertainment ecosystem. They plan to accomplish this by cutting out the giant corporate “middlemen” and putting all the profit earning potential back into the content creator’s hands. This means that when a user of the TRON protocol creates content, let’s say, for example, a video, they can upload it directly to the TRON blockchain and get paid directly for how viral their video gets.

Each upvote, like, clap, view that their video gets, they will receive direct compensation for, without the need of large companies like Youtube taking a percentage cutting into creator profits. The worldwide community on the TRON protocol will decide what it deems worthy of success, without the problem of censorship or corporate control looming over the heads of creators.

Tron will also offer users:

  • Data liberation: free and uncontrolled data
  • Enabling distributed content ecosystem where users can obtain digital assets from content spreading
  • Personal ICO with the ability to distribute digital assets
  • Infrastructure to allow distributed digital assets exchange (such as games) and market forecasting

Can you mine TRON?

Currently, you are not able to mine TRX.

Can you earn TRON?

Using the Tron platform

The Tron 20 Token will hold value and allow individual content owners to make custom tokens on the platform, similar to the cryptocurrency Waves. It should be noted that the TRON 20 Token is not the same as Tronix, which is the medium of exchange on the platform. With the company seeking long-term investment and pushing away those investors looking to make a quick profit, the TRX token themselves will be able to be locked away to gain TP.

Doing so will give users upward mobility in the ecosystem with power moves such as voting rights and higher status. The longer your tokens are locked away, the more TP TRON will reward you.

Trading

Tron users can earn digital currency via exchanges. Users can earn coins through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.

Where can you buy TRON?

Tron is listed on a few international cryptocurrency exchanges and is actively traded on websites like

  • Abucoins
  • Bancor Network
  • Bibox
  • Binance
  • Bit-Z
  • BitFlip
  • Cobinhood
  • Coindirect
  • CoinEgg
  • CoinFalcon
  • Coinnest
  • Coinrail
  • Cryptopia
  • Ethfinex
  • Gate.io
  • Gatecoin
  • HitBTC
  • Huobi
  • IDEX
  • Kucoin
  • Liqui
  • Livecoin
  • Mercatox
  • OKEx
  • Qryptos
  • Rfinex
  • Tidex
  • Token Store
  • YoBit

Should you invest in TRON?

TRON is already well supported by top Chinese developers on its team yet is continually expanding its employee base with members with veteran technical expertise such as Maorong Lin and Xiadong Xie.

TRON is also backed by notable members of the Chinese business community such as 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 many more. Furthermore, TRON is in the process of transferring TRX onto the Peiwo APP. This would give its 10 million users the ability to exchange the token back and forth.

The Tron project may sound like a slam dunk and a solid investment but pulling off a project of this magnitude along with user adoption won't be easy. While Tron has a phased approach to their project this also leaves room for single-minded projects to come in, focus on one solution and produce a superior product. It is also worth noting that the sheer circulation volume of 100 billion coins ensures that Tron will never see crazy valuations and this coin may be more about the technology and earning via its platform than an outright long-term investment.

For more on Tron check out their website

Contact us

If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Cryptocurrency, Blockchain, Fintech

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