What is Tron (TRX)? Future of TRX Cryptocurrency and know how to buy TRX
#1 - What is TRON?
TRON: The Basics
In September 2017, Justin Sun founded the TRON Foundation based in Singapore. The cryptocurrency associated with it is called Tronix (TRX). The Tron coin is one of the latest and most popular cryptocurrencies on the market. However, it aims at a picture very different from typical cryptocurrencies.
The Tron foundation looks to gear up with the entertainment industry. It works on the same concepts of decentralization and distributed storage technology but aimed at the mammoth global content and entertainment sector. Content sharing will be performed via the blockchain and its peer-to-peer network technology. On the content from, TRON goes beyond the uses of conventional cryptocurrencies:
It helps cut out middlemen who connect creators to users.
Instead, the creators of digital content (say mobile applications) can receive revenue directly from their users and consumers.
Apart from eliminating middlemen, this also reduces traffic dependency on sites such as Facebook. This is because traffic will be streamlined back to the creators, removing the need for hits and views on middleman sites.
TRON is backed by a fairly formidable team. Starting from a former employee of Alibaba to top Chinese developers, TRON has a technically sound employee base. It is also backed by some of the best in the Chinese business community including Tang Binsen, founder of Clash of Kings and Hitters Xu, founder of Nebulas. Despite TRON being able to support multiple currencies, Tronix (TRX/ TRX coin) is the official currency and all other currencies have to be converted to be processed.
#2 - What are the advantages of Tron?
Tron allows creators to regain their management over data and still use social media.
The primary motive of the Tron coin was to allow the spread of data without any limits or restrictions. Users are allowed to store and upload data, videos or audio through content enabled channels. Every time a user uploads digital content, he earns digital assets and the content ecology evolves.
The uploader is set to receive profits of a value proportional to his/her contribution. TRON’s most important value is that it focuses on people instead of organizations. With the help of the TRON cryptocurrency, users can also keep their digital footprint intact. This will result in fewer luring ads on the side of the websites you are browsing.
The transaction system also has a huge advantage. Tronix transactions take place on a public ledger, where transactions can be traced easily without any barriers. The tronix transaction model uses a transaction model called UTXO, where a set of rules help unlock a specific set of amount that has been sent through TRON. The TRX coin cannot be mined, unlike other cryptocurrencies. Tron mining therefore, is not possible.
#3 - How to buy and store TRX?
On most exchanges, TRX cannot be bought directly using fiat money. You can exchange it for Bitcoin or Ethereum, and hence you will need to have an existing investment there or need to buy some first. Having said that, most major exchanges do support TRX - including OKEx, Bittrex, Cryptopia, and more!
The first things that needs to be done is set up a TRON wallet: make sure the wallet you pick supports TRX coins.
TRX coins are ERC20 tokens and are hence compatible with most Ethereum wallets. These include MyEtherWallet, Mist, or even the Ledger and Nano hardware wallets.
The wallet will keep your tron coins safe. Download your wallet (mostly desktop wallet) and remember the private key to it. Keys should never be shared with anyone for safety purpose.
There are always hardware wallets as well to store your coins. The new Ledger Nano S also supports the TRX.
Buying TRX with CoinSwitch
CoinSwitch, best cryptocurrency trading platform allows you to buy and sell TRX. It also shows you the price of the cryptocurrency you wish to exchange it with, across multiple of the most popular cryptocurrency exchanges.
This comes along with live price charts and price analysis. So while selling the TRX, you can monitor the charts and find out your best exchange rate.
This can also go the other way round, depending on Ethereum or Bitcoin prices, you can buy TRX using either of them.
What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your ZEC coins. Instead, all transactions happen to and from your own personal private wallets.
#4 - What is the future of TRX?
With a value of 0.058 USD as of June 2018, much of the market is speculating on whether TRX will reach 1 USD or not before the end of the year. The truth is, cryptocurrencies have exhibited their extensive dynamic nature ever since they began trading, and values can swing in any direction. TRX has a good chance of being successful because it caters to a very different kind of audience and has a very specific aim, something many coins cannot claim.
TRX coins are already booming in Asian markets. Going by trends we can safely say that even if does not touch 1 USD any time soon, TRON is should continue to climb at high rates in the near future. There was a 750% rise in one week at the end of December 2017 and a 12255% rise in one month in January 2018.
#5 - How is TRX different from other cryptocurrencies?
TRON is fairly different from other cryptocurrencies in terms of its applications:
It tries to tackle data privacy and centralization of the entire internet, streamlining them into a few major companies. These companies end up collecting a lot of information about the general population and use it in their business models.Tronix supports the entire foundation monetarily.
TRON also uses a UTXO model as mentioned earlier. TRX has also monetised all content on the internet so that creators are rewarded accordingly.
It aims to eradicate advertisements on social media, and with it, the access to our personal data that these portals have.
#6 - Should you invest in TRON?
Despite its seemingly late entry into the cryptocurrency scene, TRX has been ascending the charts steadily and presents itself as a safe option for investors looking to gain in the long run.
One might ask why the market cap is so high despite the valuation being this low. This is because its circulating supply is high. Currently, there are close to 65 billion TRX in circulation which accounts for its low valuation.
That does not change the fact that buying TRX right now could be a steal. The price of TRON aims to make it the top of the entertainment industry, which has typically only grown with time. This seems to be the safest of investments currently within the cryptocurrency space.
A word of caution however - the cryptocurrency industry itself is fairly volatile. And such risks should be factored in when making investments.