Tron was first created as a token built on Ethereum. It was launched in 2017 when there were already so many emerging cryptocurrencies. When it was launched at the start, it didn’t attract a lot of popularity because the basic building blocks of Tron like decentralized apps, tokens, proof-of-stake consensus, and smart contracts were already made by other projects. It went on to gain popularity and attention when it joined hands with BitTorrent and acquired peer-to-peer networking.
Where did TRON Originate?
It was made by Justin Sun, a Chinese tech entrepreneur. He also created the TRON Foundation, which manages the network. Justin Sun was the chief representative of Ripple in China.
In June 2018 Tron launched its own blockchain and migrated all of its TRX tokens which were earlier circulating on the Ethereum network. The main aim and purpose of the Tron Foundation were to give independence to content creators and eliminate the need for middlemen. Its main aim is to provide power to content creators so they can create, publish and share their content directly with customers.
What Makes It Special?
Tron has set some goals which set it apart from other related cryptocurrencies. The main one is to eliminate the need for middlemen and give control and independence to content creators through its blockchain. It got really popular in the media industry and that’s what makes it special.
With some effort, the Tron Foundation acquired the peer-to-peer data sharing system
BitTorrent. It also started the BitTorrent Token (CRYPTO:
BTT), which is designed to extend its protocol and use it for incentives. The creators can directly deal with their customers without the intervention of any third party.
Its main goal is to de-centralized the internet and has the following main features:
- Liberation of Data: makes data move freely, uncontrolled and uncensored
- Provision of Data: creates an ecosystem where users can track the usage of their data and also own the rights
- Personal ICOs: it means that anyone can freely distribute digital assets and others can enjoy the benefits by buying them
- Infrastructure: Tron creates an infrastructure to harbor more complex assets like exchanges or gaming and predictions.
Was Tron Needed?
It was created as a challenge to help content creators get more rewards for the work and efforts that they were putting in. The slogan of TRX is ‘Decentralize the Web’. A few giants can control the whole of the media industry at the moment. The algorithms of most popular social media apps like
YouTube,
Facebook,
Instagram, and
Netflix make it difficult for content creators to put what they want. Because they have control over what is viewed and put on their sites.
Tron was created to remove the middle man which took a major amount of money earned by the content creators. These big apps not only regulate what can be seen on their sites but also generate money through content created by other people. The creators only receive a small amount of money from their own earned money. So Tron was made to fix this problem, and eliminate the middleman. If they use Tron or TRX token they can benefit from it. It will also make it possible that the media will be owned by the creator completely rather than the platform on which it was posted.
How does TRON work?
First, it was created on a token based on Ethereum. Later on, it shifted to its own network somewhere in 2018. Like Ethereum, Tron also works on an account-based model. Then TRON uses a three-layer architecture with a core layer, an application layer, and a storage layer to exchange the data. The three layers work as follows:
Core Layer:
The core layers do the job of performing very basic tasks. It computes the script written in Solidity (language for Ethereum) or Java and then sends them to make logic. Core layers function also includes verifying transactions, managing accounts, and reading smart contracts.
Application Layer:
This layer is usually used by developers so they can make wallets and applications which can be powered by Tron cryptocurrency. They have created a diverse range of applications that are supported by it.
Storage Layer:
The storage layer is designed specially to handle the difficult process of data storage. It divides the blockchain data and state data.
Delegated Proof-of-Stake
To verify transactions, TRON runs on a delegated
proof-of-stake consensus mechanism, which is a type of proof-of-stake model. Proof of stake is a popular, energy-efficient alternative to the original
proof-of-work model introduced by
Bitcoin.
To secure the blockchain Tron depends upon the delegated proof-of-stake mechanism. This means that it allows users to earn passive money whenever they stake their holdings on a network.
Can Tron be Considered as Real Money?
Tron cannot be termed as real money but it can be used as an investment, store value, or you can exchange with other cryptocurrencies. But, its main function is to create and interact with dApps on the network.
A user can get higher status and the power to vote on the network’s decision. But to gain these features holders have to get Tron Power. To get the TP holder has to lock away all of his tokens. The longer the tokens are locked, the more TP they get.
Nowadays Tron’s total circulating supply is 101.7 billion with a $6 billion market cap in total.
Is TRON Worth Investing?
Investing in Tron is not as simple as investing in well-established cryptocurrencies like Bitcoin or Ethereum. Speculations are surrounding Tron yet it is listed in cryptocurrencies with a lot of capital. It means it has something to offer and is worth investing in.
Tron entered the crypto world a little late but it has picked up momentum and never looked back. Its price is still low but according to experts, it will be a great investment in the long run.
The technological advantages which it has to offer put it in a place higher than other cryptocurrencies. This is the reason early investors will enjoy its maximum benefits as the forum expands. The launch of DeFi platforms expanded Tron’s base work and made it the most sought cryptocurrency to invest in.
Like every other cryptocurrency, Tron is also subjected to volatility. When investing in TRX try to start with a small portion and see where it goes. The reputation of Tron is also under question and people are somewhat speculative because of the allegations it had to face.
Where to Buy TRON?
Only some exchanges are offering Tron and it is not commonly available in the US. Following are some of the places where you can buy it:
You can also choose
eToro because it is regulated in the US. Talking about regulation in the crypto world means that you are doing business with a reputable organization. And in this unpredictable ecosystem of cryptocurrencies, it counts a lot.
Tron was created on the basis that it will be within legal limits. The Tron Foundation team has placed great importance on regulation and conformation.
How to Store Tron?
Basically, there are two main ways to store Tron. One is a Mobile wallet and the other is a Hardware wallet.
Mobile Wallet- It is suitable for you if you just want to store a small amount of TRX tokens. The main advantage is that it is quick and grants immediate access. It is available for both Android and iOS.
Hardware Wallet- If you are looking for a long-term investment and want to hold the TRX token for a long period of time then you should use a hardware wallet. It will store your tokens offline in cold storage which is safer than Mobile Wallet.
Tron’s Collaborations:
TRX has partnered shipped with some giants of the tech industry. We are listing some of the names working in collaboration with Tron:
The most notable is
Samsung (OTC: SNLF) for blockchain projects. It also integrates with the
Samsung Blockchain Keystore, so built-in blockchain wallets in Samsung phones can accept TRX tokens.
TRX bought
BitTorrent in 2018 for $140 million, according to TechCrunch. It then created the BTT token and the BitTorrent ecosystem on the TRON blockchain.
Opera added Tron as an extension to its built-in crypto wallet in 2019.
Advantages of TRX:
It has a very low transaction fee and is even considered non-existent because you just have to pay 0.000005$ when you make a transaction. This feature makes it very popular among cryptocurrency users. Its long-run popularity will be determined by the fact that they keep the fee low or will change it in the future.
Faster Transactions –Tron network can handle up to 2000 transactions per second, which makes it really fast. This transaction capacity is its main feature and is directly proportional to its future place in the crypto world. Other cryptocurrencies such as Bitcoin allow for 2-3 transactions per second and Ethereum allows up to 25. There is no doubt that Tron is here to stay and has an edge over other cryptocurrencies.
Backups Content Creators- It was created with a purpose in mind that it has to decentralize the web and provide the rewards to content creators that they deserve. They are creating content that 90% of the population consumes on daily basis. In this time when the use of the internet is widespread and content on internet-based platforms is the main source of entertainment, it is only fair to give them what they deserve.
Create dApps – With the Tron network, you can create dApps easily. You can digital assets by creating dApps and making content. You can use normal TRX tokens or a token you create that is supported by TRX to do this. So this is also an advantage of TRX to get rewards for creating dApps and its content.
Conclusion
Tron is getting popularity, especially in Asian countries like Singapore and China. It is getting more strong by building partnerships. Tron can also dominate DeFi world if its blockchain improves. Also, the zero transaction fee has gained a lot of fans for TRX.
It is a unique cryptocurrency project which solves the problems of censorship and centralized media platforms. Other platforms are also trying to introduce a similar ecosystem or network which will ultimately lead to different platforms co-existing with each other and bringing good to customers.
