13.06.2022
What is Tron (TRX)?
Tron is nothing but an open source blockchain platform, the main purpose of which is to deploy a decentralized system for creating and sharing user content without any intermediaries.
The idea of Tron is that users who create content are rewarded for their efforts in the Tronix crypto (TRX). In addition, the system can create daaps (decentralized applications), as well as smart contracts.
As for network commissions, they are minimal or non-existent.
Who created the platform and when? Project development stages
The history of Tron begins in July 2017. A very young entrepreneur from China, Justin San, is behind its creation. In the crypto community, he is often called a marketing genius, because any of his activity has a very big impact on the market and the TRX rate, against this background, some manage to criticize the project and push others to doubt its centralization.
Justin immediately found himself by going to study at the Faculty of Economics. He began his acquaintance with crypto more than 10 years ago, almost at the beginning of the development and rise of bitcoin. Sun also invested his assets in bitcoin, believing in its prospects. Since then, he has not left the crypto community.
Justin Sun started his crypto career as a Ripple representative in China. With his support, a mobile application for Peiwo voice streaming was launched. This application has become one of the most popular among young people in China.
Justin was the first millennial student at the university, which was created by Jack Ma, co-founder of Alibaba.
In 2015 and 2017, Sun entered the Forbes «30 under 30» list in Asia and China.
In the same 2017, in Singapore, Justin registered the non-profit company TRON Foundation. To get started, 15,000 BTC were raised through the ICO, at that time it was equal to 40% of the expected 100 billion TRX token emission. Of these, 15% of the throne coins were distributed at pre-sales, another 35% were transferred to the project fund, and 10% to the fund of the same Peiwo mobile application.
Tron started out on the Ethereum blockchain, and later in 2018 managed to migrate to its own mainnet blockchain. A little later, in the same 2018, the company buys out the well-known BitTorrent file hosting service for 140 million US dollars, it was included in the ecosystem of the entire project.
In early 2019, TRC20-USDT was released on the Tron blockchain, together with Tether. And at the end of 2019, the TRON Foundation began to cooperate with Samsung — Samsung Galaxy S10 had built-in wallets that supported the TRX crypt.
2020 was a turning point for the crypto industry and many projects were hit hard, but it was the most favorable for Tron:
- April: TRON section was spotted in the Samsung Play store;
- May: launch of BitTorrent live — one of the largest peer-to-peer networks for data saving;
- August: Tron-based DEX called JustSwap was launched;
- End of 2020: there are more than 1400 TRON dApps with a total traffic of about 10,000 users per day.
In April 2021, Tron overtook USDT to become the largest stablecoin in circulation. By the end of the year, it completed its decentralization and is currently fully managed by the DAO community.
Advantages and disadvantages of Tron
Like all crypto coins, Tron has its pros and cons, let’s take a look at the most common ones.
Pros:
- Minimum or zero commissions. Each registered user can make about 20 transactions per day on the network, which will be absolutely free. The exact amount still depends on whether you fit into the limit or not. If, after all, this limit is exceeded, or you get into a time when the network is overloaded, you will have to pay a commission, but it will be minimal.
- High speed of transfers. According to some reports, the speed of transfers in the network reaches up to 10,000 transactions per second, which is ten times more than in Ethereum.
- Ease of earning TRX. Users receive crypto in return for the results of their creativity, such as developing applications or entertaining content.
- Decentralization. The owners of the TRX coin have the right to participate in the development of the project.
- Freedom of data. Network users remain the owners of their own smart contracts, applications, and content.
- Popularity. Tron is listed on many popular cryptocurrency exchanges.
- Development of new dApps (decentralized applications). The Tron project gives free rein to developers when creating new gapps applications. Those programmers who create decentralized applications for content can get cryptocurrency in return.
Cons:
- There is a lot of competition in the crypto market.
- Lots of scandals around TRX. It was also initially clear that the White Paper of the project contained a lot of stolen text from other projects.Although the developers threw all the blame on the translators, who allegedly did not perform a high-quality translation from Chinese into English.
- Confusion with the distribution of tokens. It was known that 40% of all TRX were sold in one way or another, but the remaining 60%, according to the community, were distributed among developers and investors about whom no one had heard anything.
How to buy and where to store Tron cryptocurrency?
Today, Tron cryptocurrency can be bought on the most famous cryptocurrency exchanges, as well as on cryptocurrency exchange services. The purchase and sale of the throne on such sites is available both for fiat money, for example, euro, dollar, hryvnia, etc., as well as in exchange for another cryptocurrency. The process of exchanging cryptocurrency on exchanges often takes a little longer than on exchangers. So, if you want to buy several TRX coins, use the services of our Buycoin.online crypto exchange service.
Tron cryptocurrency is a great investment option, but buying a coin is only the beginning, because you still need to learn how to store it so as not to suffer from the unscrupulous hands of scammers.
So, let's look at the best crypto wallets, thanks to which you can stop worrying about the safety of your assets.
Tron Wallet is the most popular and most secure wallet for storing TRX. This crypto wallet has support from the TRON Foundation itself. This wallet offers users not only a convenient and beautiful design, but also maximum security.You can register several wallets at the same time, it's absolutely free. Tron Wallet is a mobile wallet that can be downloaded for both Android and iOS devices.
The following wallets are also very popular: TronLink, imToken, Ledger Wallet Hardware, Huobi Wallet, Trust Wallet, Cobo Wallet IOS/Android, Bitpie Wallet IOS/Android, Math Wallet.
What is the future of TRX? TRON Foundation Development Prospects
In many ways, the popularity of the throne is associated precisely with the boom around DeFi (decentralized finance), which undermined the crypto industry in 2020 and is gaining more and more momentum every year.
For example, the Justlend platform, which was hosted on the tron blockchain, turned out to be very popular. This is one of the very first companies that engaged in lending in DeFi and issued loans in TRX.
Whether Tron will outperform other decentralized finance companies remains to be seen.
And although many criticize this coin, experts have no doubts about the prospect of its development, predicting that it will approach $1 per coin. Digital Coin Price believes that the TRX rate will approach $0.08 by 2025, Wallet Investor analysts are a little more optimistic, predicting a TRX rate of $0.13 in the next 2-3 years. But Coin Switch has the most positive attitude about the further development and growth of the throne, who believe that the rate will rise to $0.76 by 2025.
So it will be or not, in the near future, each of you will be able to check it on personal experience.
In turn, the TRON Foundation team does not stop at the development of the project and follows the roadmap, which they have laid out into 6 phases until 2027.
The project is currently in Phase 4, called Apollo, which began in August 2021 and should end in March 2023. The main goal of this stage is to launch a separate platform that will be able to conduct transactions with tokens issued on the basis of Tron. Users will also be able to issue their own TRC-20 tokens.
The next stage of development is the Star Trek phase (April 2023 — September 2025). During the specified period, developers want to create a decentralized platform for games, on its basis it will be possible to launch their own online games with the possibility of monetization.
The latest milestone in the TRON Foundation roadmap is the Eternity phase (September 2025 — September 2027). Here, developers should get the right to crowdfunding, allowing users to voluntarily invest their funds for the development of the project, so performers will be able to spend these assets on their projects.
As you can see, the TRON Foundation team has quite big plans for the future of their project and, despite the criticism, they are moving towards their goal.
