The creation of TRON resulted from rapid development in the world of cryptocurrencies. TRON is an example of a decentralized blockchain operating system, with ‘proof-of-stake’ principles and smart contract functionality.
Developers launched TRON in June 2018. They established the TRON Foundation in September 2017 to produce a new blockchain and currency aimed at the content and entertainment industry. Its former CEO is the entrepreneur Justin Sun. TRON is a decentralized blockchain protocol, with its own cryptocurrency called TRX.
Part of TRON’s purpose was to create a content distribution platform for digital entertainment. Therefore, TRON fits into the utility category of blockchain platforms. This operating system is open-source, blockchain-based, and therefore decentralized. It uses proof-of-stake and smart contracts to confirm and protect transactions. With the addition of its own cryptocurrency, Tronix or TRX, it is a complete blockchain platform.
How does TRX compare to other cryptocurrencies?
A large number of cryptocurrencies are now available on the market. Cryptocurrencies are digital assets that are distributed across a network of computers. They use cryptography to secure transactions. Therefore, it is not possible to clone or tamper with them. No central authority issues them or regulates them. Hence, banks and governments do not have any influence over them. Instead, distributed networks of computers maintain them.
The first cryptocurrency was Bitcoin. The person or group known as Satoshi Nakamoto published a paper in 2008 titled ‘Bitcoin: A Peer-to-Peer Electronic Cash Approach.’ Furthermore, they defined it as an electronic payment scheme that is built on cryptographic verification. They mined the first block of bitcoin on January 3, 2009, where they verified the records on the blockchain by solving cryptographic puzzles.
TRON — Cryptocurrency for the entertainment world
Even though Bitcoin ranks as the top cryptocurrency in the crypto market, TRON has continued to keep up coming in at 11th in the ranking. TRX is handling way more transactions than BTC and Ethereum combined. The biggest difference between TRX and all the other cryptocurrencies out there is that TRON has a different viewpoint and aim for its platform. No other cryptocurrency in the market has voiced its goal of becoming a keystone in the entertainment market with cryptocurrency at its core. TRON has been around for a couple of years but is still relatively in its early stages before rolling out its whole vision. Ultimately, you’ll be able to use TRX to gain access to tons of entertainment and media on the decentralized TRON platform.
Investing in TRX Pros and Cons
Putting any money into cryptocurrencies can be a risky move because of their fickle nature. Here are a few pros and cons to consider before investing in TRX.
- The platform does not charge any fees when using TRX
- Fast Transactions- can process more transactions per second (TPS) than Bitcoin
- Tron can buy access to content created by online creators
- No censorship for its content creators
- Still considered being in its development stages
- Only 15% of the available coins are accessible for investment
- Lots of media surrounding its former CEO, affecting the cryptocurrency’s prices
- Critics claiming TRX is becoming too centralized
Common uses for TRX
Despite being relatively new on the cryptocurrency scene, the TRON platform is able to conduct thousands of transactions per second, comparing its speed to other online payment processors like Paypal. One of the cryptocurrency’s appeal is that they don’t charge any transaction fees.
Content creators can get TRX tokens as rewards for posting their content on the network. They make their own tokens by using decentralized apps (Dapps). TRX tokens underpin them.
Another aim of TRON is to provide support for games. The decentralized nature of the games will allow players more flexibility than standard games. Users will be able to reward creators if they enjoy the games. They will also be able to use characters and tools across different games on the network.
There are several businesses on the web that accept TRX as payment. Travel websites like Travala and Alternative Airlines accept this type of cryptocurrency as payment. If you need medical care, Windsor Medical Center in the U.S. will accept TRON. Last, if you just want to purchase gifts or gift cards with your cryptocurrency, look no further than Coinsbee, based in Germany.
What does the future hold for TRON?
Experts claim that the price of TRX will increase in the next 5-10 years and now is a great time to invest in the cryptocurrency. The platform has taken different technologies from other platforms and brought them together within its network. Its ultimate goal is to become an entertainment and content-based platform where users can use their TRX as one would on the Google Play Store. It is predicted that TRX will be exchanged between $0.92 and $1.06 in 2028. If more content creators move their media to the TRON platform, it could grow to be a foundation for media consumption in the near future.