Back in 2009, Bitcoin was created as the new digital asset. As per research, there are over 8,000 cryptocurrencies introduced in the cryptocurrency market. Some cryptos have a high popularity and others have little to zero following. All these cryptocurrencies rely on blockchain technology. It means, no bank or central authority is needed for processing the payments or managing the amount.
Instead, cryptocurrency networks are peer-to-peer, which means investors can easily transact with each other directly. Another reason to invest in cryptocurrency is, digital assets offer incredible security. Cryptos are based on blockchain security and cryptography mechanisms, every transaction is secured. Privacy is a major concern for anyone. With cryptocurrency, one can benefit from privacy. Transactions that happen on the blockchain are pseudonymous.
Today, let’s discuss what is Tron, the unique features of Tron and more.
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What is Tron (TRX)?
Tron is the popular blockchain-related decentralized digital destination that is powered by its native token, called TRX. Tron was introduced by a Singapore-based non-profit organization in 2017. The ultimate goal of Tron is to host a cost-effective and easy sharing of content and entertainment around the world.
At the time of invention, Tron was marketed mostly across Asia, but it’s now extended its wings across the world. Tron technology is most suitable for everyday usage. Let’s consider, Bitcoin (BTC) can handle 6 transactions per second. Ethereum can handle around 25 transactions per second. But, Tron has the capability to handle 2,000 transactions per second. Sounds amazing! When compared to the top cryptocurrencies such as Bitcoin and Ethereum, Tron is offering the best capacity.
Tron (TRX) goals are further divided into multiple phases
- Delivering distributed file-sharing
- Allowing content writers to introduce their personal coins
- Decentralizing the entertainment market
- Driving a quality content creation using financial rewards
Tron (TRX) is one of the leading blockchains especially for building decentralized applications (DApps).
Tron (TRX) follows blockchain technology. Yes, you can invest in Tron without any worries. Every transaction performed with the TRX is recorded in the Tron blockchain’s ledger. On top of it, Tron supports multiple blockchain networks such as Bitcoin, Ethereum and more. These are the popular crypto tokens around the world..
Who invented Tron (TRX)?
Tron (TRX) was created by “Justin Sun” in 2017. He was born in 1990 and he studied at the University of Pennsylvania. Currently, Justin Sun is the chief executive officer of Tron. Previously Tron was associated with the popular coin – Ripple. “Tron Foundation” was started in July 2017 in Singapore. It has raised around $70 million through Tron initial token offering in 2017.
Justin’s business background has attracted many early crypto investors’ interest. Among them, Tang Binsen and OFO Dai Wei showed special interest in the Tron (TRX) invention.
What makes Tron (TRON) unique?
Did you know that Tron is a super special digital currency? Yes! As the token has brought a different set of goals and perspectives to the crypto market. Tron doesn’t charge any transaction fee. Yes, this is one of the unique features of Tron. On the other hand, the Tron network can support over 2000 transactions per second. You cannot find this facility in popular cryptocurrencies also.
Holding Tron (TRX) provides users with an opportunity to take part in the representative’s selection procedure. The good part is Tron rewards content curators for introducing their work. The individual content creators will have complete control of their content or projects. This may sound like a super valuable concept for all the content creators. Tron ensures security and safety as the content creators have complete ownership of their content. The created content will be in the creator’s hand. So, no popular companies such as Facebook, YouTube or Google can sell your data.
The Tron Foundation proudly says that they have a well-experienced development team, based across the globe. Their talented developers have worked on popular organizations like Ripple Labs. With the talented team, Tron Foundation will reach greater heights in no time.
How does Tron (TRX) work?
So far we have discussed what is Tron, the founder and its uniqueness. Now, let’s shift your eyeball on the Tron working model.
Once Tron was a completely Ethereum-based coin. But now, Tron has introduced its own token. The network operates on key principles
- All information on a blockchain is free. No central authority can control the data.
- Content curators can earn TRX tokens just by publishing their content.
- Content creators can also introduce their own coins on the network. These user-defined tokens are used within the user’s individual DApps on the Tron network. These tokens will be pinned under the original TRX coin.
- During the final stage, users can play the game and they can reward the game creators with TRX tokens if they enjoy it.
User’s trust Tron, as it works on the delegated p-o-s (proof-of-stake) consensus model. Here, every transaction is verified by over 27 super representatives. These people can be any users, for every 6 hours a super representative will be selected. These super representatives will earn TRX tokens for providing their service. For every 3 seconds, a new block will be added to the blockchain. The user who has added the new block will be rewarded with 32 Tron tokens.
How many Tron (TRX) coins are there?
Tron has raised $60 million USD during its initial launch via ICO. The native coin of Tron is TRX. Their maximum supply of TRX is 100 billion with a circulation supply of 71 billion TRX tokens. While writing, the crypto coin TRX value is around $0.06.
The TRX coin sale was launched in 2017. At that time, around 15 billion Tron tokens were given to private investors.34 billion TRX coins are given to the Tron Foundation. 10 billion tokens are allocated for the Tron founder, Justin Sun.
How to use Tron (TRX)?
Did you know that the powerful Tron network has the ability to support multiple decentralized applications and also games? Yes! This feature really sounds amazing! On the other hand, it serves as the best place for all content creators. People use Tron during transactions. As Tron transactions don’t provide additional charges.
Currently, Tron (TRX) is used as the payment method for multiple organizations such as Travala, Bitnovo, SpendCard, etc. Another thing to note is that Tether has also moved to Tron’s network. Its stablecoin is now identified as USDT-Tron.
Conclusion
Tron (TRX) is basically designed to manage storage for global digital platforms, payment, credit sharing, development and more. In general, TRON users will have ownership of their projects, including how the data is distributed among the audience. TRX has eliminated the necessity of the middleman by acting as a medium for the content creator to share directly with their audience. Everything is secured through blockchain technology.
