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What is the TRON (TRX) cryptocurrency? Where to store and how to buy TRX? Prospects for the development of the project
Total capitalization (as of 08/29/2019): $1,023.7 million
Trading volume (24 hours): $507,450,013
What is TRON (TRX) and who created it?
The place of honor in the TOP-100 cryptocurrencies by capitalization is occupied by the Tron project. TRON (TRX) is a cryptocurrency created by one of the largest blockchain platforms to provide free access to entertainment. The project is relatively young, but promising.
The creator of the Tron Foundation, which develops and promotes the project, is a young developer from China, Justin Sun.
Justin gathered the strongest developers from all over Asia in his team and conducted the initial placement of ICO coins in 2017, during which he managed to raise over $ 70 million, while creating 100 billion TRX. Investors believed in the project, although at that time it consisted only of White Paper with an action plan. Today, Justin Sun is in the TOP 30 of the Forbes list.
How does TRON work?
The TRON system is divided into three levels:
- storage (network and status blocks are stored here, the use of a GRPC-neutral, in relation to the selected language and platform, open-source framework for a remote procedure call is also provided).
- core (at this level, modules for consensus, account management and smart contracts are built-in).
- applications (at the application level, you can create decentralized applications in different languages, such as Java, Python, Scala, C ++, Go and Protobuf).
Is it possible to mine TRX?
One of the features of this cryptocurrency is that it cannot be mined. The cryptocurrency has a limited supply of 100 billion tokens. The project administration distributed the tokens as follows:
- 40% of the tokens were put up for sale;
- 15% are listed on exchanges;
- 35% are frozen in the company’s reserves.
The frozen funds are allocated strictly for the costs of the project and no one from the administration can use them for speculation on the market.
The platform was launched on the basis of Ethereum and uses the ERC20 protocol. Tron’s own wallet is still in development, so you can store TRX on all wallets suitable for ETH.
Where to store and how to buy TRX?
TRX is an ERC-20 cryptocurrency token. You can buy TRX for dollars, bitcoins, ether, using online exchangers or on the EXMO, Liqui, Binance and Livecoin exchanges. To perform operations, Qiwi, Payeer are used, there are also options for paying with a bank card.
It is stored on hardware wallets that support the Ethereum blockchain. For example, Ledger Nano S and Trezor. You can find a more detailed list of recommended wallets on the official Tron website.
What are TRON 20 and TRON Power (TP) Tokens?
TRON 20 tokens are intended more for developers than for ordinary users: thanks to them, it will be possible to create coins on the platform for their own applications.
TRON Power (TP) tokens appear when TRX is blocked, this is due to blocking the actions of speculators, since the company’s priority is long-term investments. Having received these tokens, users also get the opportunity to take part in voting on the organizational aspects of the network development. The longer the tokens are in the block, the higher the reward you will receive in TRON Power.
Benefits of TRON
The main advantage of the project is decentralization and complete freedom of content creators, in contrast to centralized platforms (such as YouTube and iTunes), which restrict some rights. The platform will be free, and content makers will be able to receive rewards directly from the audience.
In turn, the system fully satisfies all user requests and does not irritate with ads. The creators of the site decided to prioritize serving customers who just want to have fun.
They also opened a platform for developers of various games and music. One of the advantages of the platform is that absolutely all content is distributed for free.
Forecasts and prospects
Reviews about the company vary: some believe that this is a simple pumping of money from investors, the rest are sure that the tokens purchased at the start of the campaign will bring incredible profits in the future. There is a prospect that TRON (TRX) will become one of the largest entertainment platforms in the world in the future. Because TRX users will receive free token giveaways when participating in various Tron-powered contests. The project is planned to be fully implemented by 2027. By that time, according to the plan, the network should have its own crowdfunding platform, which will be able to easily create online platforms. And for the past two years, the developers are going to finally form a network and introduce a reward system for active users. In the meantime, Tron is working in a promising entertainment field, collaborating with famous businessmen and projects, and has almost a million fans on the official Facebook page.
