The cryptocurrency TRON is among the top 100 projects leading in terms of capitalization, and its platform is one of the world’s largest blockchain-based operating systems. TRON covers one of the most promising areas of activity – the entertainment industry – and has a highly controversial reputation. Many see in the cryptocurrency prospects capable of changing the world, while others are sure that the project is nothing more than a method of collecting money from gullible investors. Whether this is true or not, only a detailed review will show. Let’s find out together with ProstoCoin.
What is TRON (TRX)
TRON (TRX) is the internal cryptocurrency of the blockchain project of the same name, which is a decentralized open-source environment for creating and hosting digital content of an entertainment nature.
Tron’s founder is Chinese businessman Justin Sun, who is ranked in the top 30 by Forbes. In 2017, he and his team created the nonprofit TRON Foundation, which currently owns and operates the network.
The company began its journey with an ICO. The initial sale of tokens ended on September 2, 2017. As a result of the tokensale, the project managed to attract about 15,000 VTC. The maximum issue of cryptocurrency is limited to 100 billion and all coins were immediately issued by the creators. The remainder after the sale is held by the original investors and the fund manager.
The network was officially launched in June 2018. The Tron blockchain network has three key features:
- High bandwidth. The network has a bandwidth that exceeds that of Etherium and Bitcoin. The result was achieved by improving TPS.
- Scalability. The network can support a huge number of users thanks to a highly efficient smart contract.
- Availability. The consensus of the network is achieved through a sophisticated mechanism, which guarantees the fairness of reward distribution and security of use.
- The project has been repeatedly criticized. Attentive investors have noticed that parts of White Paper have been copied from other similar projects. Distrust is also caused by the fact that most of the coins are at the disposal of the fund. Many believe that in the future the developers will be able to use them to change the rate in their own interests.
In this case, the popularity of the coin and the platform itself is constantly growing. TRX Coin trades at more than $58 million daily, and this is one of the best figures on the market. The fact that the project team includes developers from Chinese e-commerce giant Alibaba.com also adds credibility.
What problem the platform solves
The goal of the Tron project is to create a decentralized ecosystem for hosting digital content of an entertainment nature. The project represents a kind of worldwide free entertainment network, operating on the basis of a distribution registry and without a central management body.
It is one of the few attempts to use peer-to-peer P2P networks to give content creators and distributors direct access to the target audience. Unlike YouTube, iTunes, and other centralized systems that severely limit the rights of private content producers by creating a barrier between them and users, a decentralized Tron system should provide easy ways to distribute content.
Its users will be free to host, store, and download any media files. Content producers will still be able to receive remuneration for their developments, but directly from the audience, according to popularity. This, in turn, will help reduce the cost of delivery and distribution of content.
Tron cryptocurrency is also used to make payments. For developers, the platform is an easy way to promote their own applications, games, music or graphic files. It acts as an analogue of AppStore and Google Play. For users it is something like a social network in which they can easily browse and use the content.
TRON is also convenient for developing smart contracts. It is easily adaptable to the requirements of different app developers. You can order development of smart contracts on the TRON platform from smartcontract.ru, or you can do it yourself, but you need a basic knowledge of programming.
Collaboration with Ethereum
Not so long ago in CryptoChick podcast CEO Justin Sin announced about the possibility of a soon cooperation with famous Ethereum project. The platforms are competitors and, according to Sin, the collaboration will only benefit the cryptocurrency industry in the long run, as it will lead to the creation of a better product. Read more about Ethereum Technology in Decentralized Finance System.
How to create a TRON wallet
Initially, the TRON token was based on Etherium with the ERC20 protocol. Later, the cryptocurrency switched to its own TRON20 algorithm, and the cryptocurrency community developed suitable storage and usage methods for this algorithm. Many already known cryptocurrency wallets also added TRON to their arsenal.
The creators of the project strongly advise using only the recommended wallets. To date, many wallet options have been developed for TRON:
- hardware wallets: Ledger.
- web wallets: BIXIN, Math Wallet, HOO, Buntoy, TronATM.
- mobile applications: VenaPi Wallet, BitKeep Wallet, BiMoney, Banko.
- desktop versions: TRON Wallet Desktop, TronLink.
A special extension for Chrome browser TronPay was also introduced. A complete list of trusted services and programs can be found by going to the official website of the project. Before using the applications, you will need to initially choose between FullNode and SolidityNode.
How to buy TRON
Tron cryptocurrency has long gained fame and is now traded on almost all major exchanges. In particular, tokens are listed on Binance, BitForex, OKEx, Huobi, Bit-Z, IDAX, DigiFinex and Systemkoin. TRX trading pairs include ETH, BTC and USDT.
Is it possible to mine TRON?
The developers did not provide for cryptocurrency mining. At the start there was a full issue of 100 billion tokens. The project administration announced the token distribution system in advance:
- 40% of all coins were sold as part of the ICO to raise initial development investment;
- 15% of tokens were allocated for sale to private investors and for listing on exchanges;
- 35% frozen in the account of the Tron Foundation, the fund manager.
The latter has often been a point of discussion. The project’s founders assure that the tokens are frozen. The development team can not use them for personal interests and for the manipulation of the rate.
Users will have the opportunity to be rewarded for active use of the platform: posting content, reposts, likes and other actions. It is worth noting that the payment will not be credited in other tokens.
Forecast for the future
The Tron platform covers one of the most attractive industries for investment, one in which a lot of money is flowing. The creation and distribution of entertainment content is a massive streaming industry. At the moment, the market for online entertainment is estimated at $1 trillion, and analysts predict that by 2022 the total capitalization of the sphere will reach $2 trillion.
Even if the platform will be able to regain only 2% of the market, the capitalization of the project will reach an indicator of 20 billion dollars, which is 20 times higher than the current one.
Experts estimate the prospects of the project rather high. Despite the recent launch, the project has already managed to conclude agreements with well-known companies. In January 2018, oBike, a well-known bike sharing company, signed a contract with the project. The project plans to cooperate with Baofeng service, which has more than 200 million users. Jay-Z and Jack White launched their own services based on Tron.
The platform is also actively interested in such services as Steem, dApps, Vevue, TaTaTu and Qtum. Considering all of the above, we can assume that in the next few years we should expect that Tron will be gaining more and more popularity.
In other words, TRON has a huge potential for growth.
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