Cryptocurrency News

Cryptocurrency: What is Tron?

Tron (TRX) is a cryptocoin that has become a popular choice among day trading crypto traders.

Tron is a decentralized open-source cryptocurrency that relies on blockchain based peer-to-peer technology.

Tron was created to make it easy to award content creators who shares content online. The Tron system includes sophisticated storage and distribution capabilities, and one of the goals of Tron is to be an alternative to more costly solutions such as Apple Store and Google Play Store.

Tron´s plan for the future is to be a huge decentralized content distribution platform where users and content creators can reach each other without complicated middlemen interfering or taking a large cut of the profits.

One of the main driving individuals behind the creation of Tron has been Chinese entrepreneur and University of Pennsylvania graduate Justin Sun. He is the former Chief Representative of Ripple China and the founder of Peiwo App (commonly referred to as ”China´s Snapchat”). Three other notable members of the Tron team are the CTO Lucien Chen (formerly of Alibaba) and the technical experts Xiadong Xie and Maorong Lin.

Tron has received a lot of backing from other Chinese entrepreurs, including Dai Wei (CEO of OFO bike), Tang Binsen (founder of Clash of Kings), Xue Manzi (renowned angel investor), Hitters Xu (founder of Nebulas), and Chayong Wang (founder of China Equity Group).

How old is TRX?

The initial coin offering (ICO) for the TRX coin took place on September 9, 2017. Over 80 million USD was raised in just a few days, prompting Tron to tokenise TRX as a legitimate cryptocurrency before the year was over.

In early December 2017, TRX traded for 0.0020 USD. Before the month was over, the price had increased to 0.05 USD per TRX token and TRX had reached a market capitalization of 2.2 billion USD. This price boost was partly caused by the announcement of a partnership between Tron and 

Growth and trading price

The growth rate and trading price of TRX have fluctuated a lot since the launch, and both values tend to be heavily impacted by the release of announcements from the Tron team.

The trading price did for instance go up noticeably when the Tron team announced their intent to transfer TRX onto the Peiwo App, since that transfer would allow 10 million Peiwo users to exchange TRX coins with ease.

Another notable event took place in January 2018, when Tron entered into a partnership with the bicycle-sharing system oBike.

Since then, Tron has also partnered with Boafeng, a company commonly referred to as ”the Chinese  Netflix”. Boafeng boasts an impressive 200+ million users. 

The road map for Tron

The Tron team has released a detail plan where they outline their vision for Tron until 2027, divided into six stages.

Here is a brief  look at the six stages.

First stage: Exodus

This is the stage where a free peer-to-peer platform is launched for the distribution of entertainment industry content.

Second stage: Odyssey

This is the stage where the cryptocurrency TRX still use standard proof-of-stake.  Financial incentives are used to encourage content creators to come aboard.

Third stage: Great Voyage

During this stage, points such as divided management, supporter management and income payment will be addressed.

Fourth stage: Apollo

During this stage, Tron will launch personalized tokens for decentralized trading. The proposed deadline for this step is 2023.

Fifth stage: Star Trek

During this stage, Tron will focus on entering the gaming sector.

Sixth stage: Eternity

During this stage, developers will be given opportunity to create their own games. Also, users will be able to participate in fund raising events.

Coin supply & mining

The coin supply is approximately (one hundred billions).

It is not possible to mine TRX tokens.

How can I buy TRX?

There are several different coin exchanges available online where you can purchase the cryptocurrency TRX and pay using an accepted traditional currency (e.g. USD) or any of the accepted cryptocurrencies (e.g. Bitcoin).

Examples of online sites where you can obtain TRX are Binance, Liquid, Bitstamp, Mercatox, CoinSpot, and Coinbase. 

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