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Everything you need to know about Tron token

Everything you need to know about Tron token

  • 8 June 2021
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Since TRON token (TRX) entered the crypto market in 2017, its performance was so outstanding. This coin has used a strong community support and its unique technical aspects and has become one of the top 10 cryptocurrencies in the world in terms of technology and functionality. Surprisingly, it only took a couple of year for such a shining market performance.

What is TRON token (TRX)?

TRON token is a decentralized network built to participate and expand DApps and decentralized Internet. Similar to Ethereum, TRON enables Dapp developers to create and use complex protocols through smart contracts running on its native blockchain. Today, the platform is best known for its fast trading.

In particular, this platform is capable performing 2000 transactions per second. Also, TRX can be trading with major payment processors such as PayPal. Best of all, TRON token has zero transaction costs. You can send $ 1 million to TRX anywhere in the world in a matter of seconds and you never have to pay any transaction fee.

To understand the important task of the TRON token developers they are looking for, it is important to have a little understanding of decentralized Internet. Decentralized Internet is different from the Internet you are using in some key ways. There is no hosting company. Instead, personal users run the entire Internet.

Until now, the computing power of the world was not yet limited. However, the transparent nature of blockchain networks makes them ideal for employing users to run the whole Internet. This is exactly the role that TRON is looking for.

What is TRON token (TRX)

TRON token (TRX)

History of TRON token (TRX)

The history of TRON token begins in early 2017. At the time, CEO Justin Sun officially launched the Singapore-based nonprofit organization, now known as the TRON Foundation. Its mission was to build a decentralized Internet infrastructure and provide a democratic system for managing the new network.

Notably, Sun is no unfamiliar to FinTech. Surprisingly, he graduated from Ma’s Hupan University and made Forbes’ “China 30 Under 30” and “Asia 30 Under 30” lists for several months. Interestingly, before the introduction of TRON, Sun had already put a mark for himself in the blockchain section.

For example, Sun was Ripple‘s main representative in China. This position put him in touch with the network of people that will one day need to realize the TRON token concept. He also founded a very popular live streaming program called Peiwo. Currently, the app has more than 10 million users across China.

Even more remarkable is the fact that Sun launched with Peiwo just months after the introduction of TRON. This collaboration has helped strengthen TRON’s position in the region.

TRON token (TRX) ICO Raise

Launching TRON was a big deal. The TRON ICO 2017 Foundation raised $ 70 million to further develop the TRON ecosystem. During the event, investors received TRX codes in exchange for their Bitcoin(BTC) or ETH. At the time of sale, the value of TRX tokens was only $ 0.0019.

TRX tokens are auxiliary tokens that will issue by the TRON Foundation as the common currency for all TRC-based tokens. These tokens are located on MainNet and facilitate easy transactions across the blockchain.

By 2018, TRON has entered the top ten cryptocurrencies in terms of market capitalization.  The TRX has tested on Ethereum blockchain first. This success gave the platform developers the resources, experience and motivation to launch their own blockchain. This decision allows TRON to move the platform from ERC-20 tokens based on the Ethereum network to TRX tokens that use the native TRON protocol.

TRON token (TRX) ICO Raise

Tron ICO raise

What are the core useful TRON features?

Certificate of Stock Proof (DPoS)

The TRON token network relies on the Delegated-Proof-of-Stake (DPoS) consensus mechanism to secure its blockchain. In this respect, DPoS is similar to the stock proof consensus mechanism, which allows users to earn passive income whenever they hold their assets in the network wallet.

Holding the TRX coins bring the system a whole. For the first time, it allows users to earn profit passively. Basically, Such a system keeps the network secure. In the TRX ecosystem, The users are equal unless their amount of investment changes the hole game. The more users hold TRX in their wallets, the more TRON gains power. Gaining power from users is crucial for a blockchain network. This is what a democratic society needs to be able to grow. After three days, the user can convert their TRON Power to TRX.

DPoS vs. PoS

Unlike the PoS system, in the DPoS platform, only selected nodes can verify the transaction block. In the TRON ecosystem, the community elects 27 top representatives every six hours for this vital task. These agents are selected by the community of users who choose TRX. It should be noted that the whole process is run by DAO.

Decentralized Autonomous Organization (DAO)

DAOs continue to be a popular form of decentralized management in this sector. Think of the DAO as a series of smart contracts where nodes can vote to determine the organization’s next validators. DAOs provide a decentralized and democratic way to develop community-based software platforms.

Bittorrent

TRON token foundation made headlines again in July 2018. This time the news was that TRON had acquired the largest file-sharing network for peers in the world – Bittorrent. File-sharing operating systems such as Bittorrent were the first forms of decentralized networking available. In essence, these operating systems formed the basis of blockchain technology many years ago.

TRON Foundation

The TRON token Foundation is a non-profit organization that focuses on expanding the scenarios used for TRX and the TRON protocol. Now, TRX operates on one of the biggest decentralized networks in the world. In addition, the entire TRON protocol is open source. Open source operating systems are more secure because they allow the community to share code with everyone.

What are the core useful TRON features

TRON features

How to trade, buy and hold TRX?

TRX is available in almost all the exchanges. There are a few restrictions however for different areas.

Binance – Best for Australia, Canada, Singapore, the UK and many more. Residents of the United States are prohibited from buying TRX.

BitPanda – This is the best option for Europeans, they do not accept customers outside this area.

Kraken – This is the best option for US residents.

How to save Tron

There are two main ways for storing the TRX tokens. Each one has benefits and risks that you should consider. If you are new to cryptocurrency world and just want to buy a small amount of TRX, a mobile wallet suits you. TRON DApp wallet is available on iOS and Android devices and this is totally free.

Mobile wallet

The advantage of a mobile wallet is that it is easy to use and provides instant access to your digital assets. The downside is that it is more prone to hacking and fraud. Remember, your mobile wallet is always online, so it is always at risk.

Hardware wallet

A hardware wallet is the best option if you want to make a major investment in TRX or if you want to do HODLing for a long time. Hardware wallets store your assets offline known as “cold storage”. This makes them impossible for online threats to access your assets. Ledger Nano S or more advanced Ledger Nano X both support Tron (TRX).

TRON controversyLike any major cryptocurrency project, TRON has had a lot of controversy. One of the major concerns of the project is the fact that many of its protocols appear to be derived from other operating systems.

For example, TRON token uses several IPFS and Filecoin protocols (Bitswap, PoRep, PoSt,) but is unable to list them as a reference in its white paper. This lack of resource announcement caused some people in the community to speak out against this project.

In response to the allegations of fraud, Sun stated that the confusion was due to bad translations. He explained that the translators of the White Paper had omitted important details found in the original Chinese document. Despite his claims, others in the community also referred to issues in the Chinese version.

What is a TRC20 based token?

TRC20 token standard is based on a smart contract using the TRON network for encryption.

TRON blockchain is entirely compatible with the Ethereum Virtual Machine (EVM), meaning it has a complete Virtual Turing Machine (Turing machines are simple abstract computational devices intended to help investigate the extent and limitations of what can be computed). Running smart contracts on Tron is similar to Ethereum.

On the other hand, while Ethereum works with the gas fee trading model, Tron works with the bandwidth model (Bandwidth is the data transfer capacity of a computer network in bits per second (Bps). The term may also be used colloquially to indicate a person’s capacity for tasks or deep thoughts at a point in time), which is similar to the EOS model. In this way, transactions in Tron can be much cheaper than Ethereum.

Just as smart contract tokens such as ERC-20, ERC-1155 and others that are used on Ethereum, smart contract tokens can also be issued on Tron. There are currently two cryptographic standards in Tron, TRC10 and TRC20.

What is a TRC20 based token

TRC-20

Where can I use my TRX?

Numerous decentralized applications (DApps) have been built into Tron Blockchain, many of which require the use of the native Tronix (TRX) password. You can easily replace your TRX with TRC10 tokens used by many DApps in Block Tchar such as BitTorrent, 888Tron and others.

Where can I use my TRX

BitTorrent

Explore the TRON ecosystem

The TRON token ecosystem is expanding, from social projects and decentralized exchanges to wallets with one more ecosystem within them! To facilitate such applications on a mass acceptance scale, TRON has created the DAppchain. DAppchain was created to remove some computing power and energy from the main TRON chain. As a result, it reduces commissions, increases the speed and efficiency of transactions and programs.

The DAppchain consists of several side chains connected to the TRON blockchain that use the same DPoS consensus algorithm. Using the TRON blockchain, developers can easily migrate projects or create new applications in any DAppchain sidechain. DAppchain is smart contract compatible and can facilitate almost any feature of the main TRON chain.

What’s up with Tron encryption these days?

The activity of Tron network has significantly increased and it has even been reported that the project’s DApp trading volume has recently surpassed Ethereum. In October 2021, Ethereum trading volume increased by 79% compared to the previous month. Meanwhile, the volume of Tron trading increased by 83% compared to September.

Transaction volume

Many see this as a sign that Tron is finally reaching Ethereum. As mentioned, the new wave of growth was further driven by DApp activity, particularly by TRONCHAIN ​​and TRON2GET, both of which were classified as “high-risk” DApps.

In addition, in late October, Tron launched JustLink, the equivalent of its Chainlink network. The project has also recently become the new home for more than 3,000 Wrapped Bitcoin tokens, while TRX and five Tron-based tokens have reportedly been supported by Coinbase

What drives the value of TRX forward?

Tron crypto has a bright future ahead, which is not questionable. This project has shown its innovative nature and great ambition and has helped it to attract many new users. Its goal of surpassing Ethereum is one of its most important goals, although it is still too early to call it “Ethereum Killer”.

Still, Tron continues to thrive, and its ecosystem is constantly evolving, especially when it comes to DApps, new projects, services, and more. Its blockchain is fast and scalable, compared to older projects, which are usually slower and more expensive.

The company’s work is also important in revolutionizing the digital entertainment industry, and so are all the other contributions that the project is still making. In the end, the project has a strong, active and supportive community that ensures it stays just as strong and relevant, even if its price does not improve significantly.

So how much is Tron worth going forward?

Tron Price Forecast (TRX) for 2021 and beyond: Ready for slow but steady growth?

TRX price forecast

The Tron coin price forecast provided by TradingBeasts claims that the average TRX price was around $ 0.0367 and will increase slowly over the rest of the year. Finally, it set to reach $ 0.040 by December 2021. The long-term TRX forecast shows that the average coin price will increase in 2022, reaching $ 0.047 at the end of the year and reaching $ 0.055 by December 2023.

CoinSwitch also released its Tron price forecast for 2023, noting that many things depend on coin acceptance. At best, the TRX could rise slightly to $ 0.54 in 2023.

In terms of long-term forecasts for Tron encryption, the service expects to reach $ 0.763 by 2025. Their Tron analysis ends with the TRX forecast for 2030, when they expect the coin to rise to $ 1.

The wallet investor is also bullish on the Tron 2021, noting that the coin could trade an average of $ 0.0756 in the last days of the year.

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