[ad_1]
Since TRON (TRX) entered the cryptocurrency market in 2017, it has had one of the most vocal followers in the industry. This coin has leveraged community support and its unique technicalities to become one of the top 10 cryptocurrencies in the world in terms of market capitalization. Most impressive is the fact that it took TRON only two years to complete this task.
What is TRON (TRX)?
TRON is a decentralized virtual machine created to help introduce decentralized internet. Similar to Ethereum, TRON allows Dapp developers to create and use complex protocols via smart contracts that live on its native blockchain. Today, the platform is best known for its transaction speeds and lively CEO.
Specifically, the platform is capable of making 2000 transactions per second. This performance puts TRX on par with major payment processors like PayPal. Above all, TRON has zero transaction fees. You can send a million dollars in TRX anywhere in the world in seconds and you never have to pay a commission.
To grasp the monumental task that the developers of TRON seek to undertake, it is crucial to understand a little about the decentralized internet. The decentralized internet is different from the internet you are used to in a few key ways. First, there are no hosting companies. Instead, the entire internet is run by personal users.
Until recently, the concept of a decentralized web seemed impossible. The computing power of the world was not yet up to par. However, the transparent nature of blockchain networks makes them ideal for just such a task. This is exactly the role TRON seeks to achieve.
TRON History (TRX)
The history of TRON begins in early 2017. At that time, CEO of the company Justin Sun officially launched the Singapore-based non-profit organization known today as the TRON Foundation. The mission of this organization was to build the infrastructure for a decentralized Internet and provide a democratic system to manage the new network.
In particular, Sun is no stranger to the FinTech industry. First, he is a protege of Alibaba founder Jack Ma. Surprisingly, he graduated from Ma’s Hupan University and in just a few months made the Forbes ‘China 30 under 30’ and ‘Asia 30 under 30’ lists. With enthusiasm, Sun had already made a name for itself in the blockchain industry prior to the introduction of TRON.
For example, Sun was Ripple’s main representative in the greater China area. This position put him in touch with the network of people he would one day need to make the concept of TRON a reality. He also founded a hugely popular live streaming app called Peiwo. The app currently has over 10 million users across China.
Even more impressive is the fact that Sun integrated TRON into Peiwo just a few months after the acquisition. This integration helped strengthen TRON’s position in the region. In addition, the strategy has significantly expanded TRON’s active user base.
TRON (TRX) ICO Raise
The launch of TRON was a big deal. The 2017 TRON Foundation ICO raised $ 70 million for the further development of the TRON ecosystem. During the event, investors received TRX tokens in exchange for their BTC or ETH. At the time of the sale, the TRX tokens had a market value of just $ 0.0019.
TRX Tokens are the utility tokens issued by the TRON Foundation as the average currency for all TRC-based tokens. These tokens reside on the MainNet and facilitate easy transactions through the blockchain.
By 2018, Sun had placed TRON among the top ten cryptocurrencies in terms of market capitalization. This success provided the platform’s developers with the resources, experience and motivation to launch their own blockchain. This decision allowed TRON to migrate the platform from ERC-20 tokens residing on the Ethereum network, to TRX tokens that use TRON’s native protocol.
Proof of Stake delegate (DPoS)
The TRON network relies on a Delegated-Proof-of-Stake (DPoS) consensus mechanism to secure the blockchain. A DPoS is similar to a proof-of-stake consensus mechanism in that it allows users to earn passive income whenever they stake their holdings in a network wallet.
TRON homepage
Stakeout TRON (TRX)
Stakeout serves a couple of crucial purposes. For one, it allows users to earn passive income. Mostly, it keeps the network safe. In the TRX ecosystem, users stake their TRX at a 1: 1 ratio. The more they bet, the more TRON Power they earn. TRON Power is vital within the TRON network. For one thing, it’s what the community uses to vote for super representatives. Specifically, after three days, a user can choose to convert their TRON Power to TRX.
DPoS vs PoS
Unlike a PoS system, in a DPoS system, only elected nodes can approve blocks of transactions. In the TRON ecosystem, the community elects 27 super representatives every six hours for this vital task. These representatives are chosen from the community of users who are staking their TRX. In particular, the whole process is managed by a DAO.
Decentralized Autonomous Organization (DAO)
DAOs continue to be a popular form of decentralized management in the industry. Think of a DAO as a series of smart contracts that nodes can vote on to determine the next course of action for the organization. DAOs provide the community with a decentralized and democratic way to develop platforms based on community guidelines.
Bittorrent
In July 2018, the TRON Foundation made headlines again. This time around the news was that TRON bought the largest peer-to-peer file sharing network in the world: Bittorrent. File sharing platforms such as Bittorrent were the first forms of decentralized networks in existence. In essence, these platforms laid the foundation for blockchain technology years in advance.
TRON Foundation
The TRON Foundation is a non-profit organization that focuses on expanding use case scenarios for TRX and the TRON protocol. Today, TRX operates on one of the largest decentralized networks in the world. Furthermore, the entire TRON protocol is open source. Open source platforms are safer because they allow the community to test the codes you wear with everyone.
Where to buy TRON (TRX)
While you can’t just go to your local gas station and grab some more TRX, it’s still easy to get this futuristic token. Thankfully, TRON is available on some of the largest exchanges in the world. One of the easiest ways to get TRX tokens is through the Binance exchange.
Binance is the largest cryptocurrency exchange in the world in terms of market capitalization. The platform currently offers a variety of TRX trading pairs including BTC / TRX. As with most altcoins, you will first need to convert your fiat currency into BTC or ETH. Once this task is completed, a click of the mouse is enough to convert BTC to TRX.
You can also purchase it with your credit card from one of these exchanges
How to store Tron
There are two main ways to store TRX tokens. Each has their own benefits and risks to consider. If you are new to the crypto space and plan to purchase only a small amount of TRX, a mobile wallet will suit you. The TRON Dapp wallet is available for free on iOS and Android devices.
Mobile wallets
The advantage of a mobile wallet is that it is easy to use and gives you instant access to your cryptocurrency. The downside is that it is more prone to hackers and scammers. Remember, your mobile wallet is always online, so it’s always at risk.
Hardware wallet
If you are planning to hold bags larger than TRX, or are just more concerned about the security of your crypto, a hardware wallet is a smart choice. Companies like Ledger provide reliable and portable hardware wallets at reasonable prices.
Hardware wallets are more secure than mobile wallets because they keep your encryption offline. This strategy is also known as cold storage. The disadvantage of these devices is that they are physical. They must be protected from real-world risks such as theft and fire. Plus, these units can cost over $ 100, which makes them not a great option for those new to the market.
TRON controversy
Like any major cryptocurrency project, TRON has had its fair share of controversy. One of the main areas of concern that has plagued the project is that many of its protocols appear to come from other platforms.
For example, TRON uses multiple protocols from IPFS and Filecoin (Bitswap, PoRep, PoSt) but doesn’t list them as references in its white paper. This lack of reference has led some in the community to speak out against the project.
In response to the forgery allegations, Sun declared that the confusion arose from bad translations. He explained that the translators of the white paper omitted important details that were found in the original Chinese version of the document. Despite his claim, others in the community have also pointed to problems in the Chinese version.
Summary
TRON continues to make its way into cryptocurrency stocks on a regular basis. From its CEO dining with Warren Buffet to launching a new DeFi platform, this project continues to capture the imagination and hearts of cryptocurrency users around the world. For now, it’s exciting to see what this creative team of developers has in store.
[ad_2]Source link
