Since the emergence of cryptocurrency and blockchain technology, several new innovations have come to the limelight. Tron is the new kid on the block that seeks to disrupt various industries. So, what is TRON all about? Tron is a decentralized platform aimed at streamlining the distribution of digital content and apps between content generators and users. Just like Dragoncoin and Ethereum, Tron is blockchain-based and supports both decentralized applications (DApps) and smart contracts. While Tronix- Tron’s local cryptocurrency – is designed to be utilized for executing transactions on the blockchain, it also has other uses just like Bitcoin. This article aims to discuss the Tron network, its cryptocurrency Tronix, how it works, and what the future holds.
Who is Behind Tron?
Tron was founded in Singapore in the year 2017 by a non-profit organization known as the Tron Foundation. The company is headed by founder and CEO Justin Sun, a Chinese businessman who also founded PEIWO- a well-known Chinese live streaming smartphone app. Sun has a committed in-house development team including the renowned technology stalwarts.
The Tron Foundation has offices in San Francisco and Beijing and also has team members in Seoul and Tokyo. Until early 2016, Sun was the advisor and chief representative at Ripple Labs– the organization responsible for the Ripple blockchain and cryptocurrency.
What Makes the Tron Blockchain Different?
As we already know, many blockchain projects rely on cryptocurrency transactions. Tron, on the other hand, powers its own Tronix cryptocurrency in addition to hosting digital content, distributing the said content to consumers, and running DApps.
As a rather ambitious blockchain, Tron aims to be a decentralized digital content store, an app store, internet, and a cryptocurrency. However, most of its proposed uses are still in the testing stages except the Tronix cryptocurrency and some few DApps.
How Tron Works to Eliminate the Middleman
Tron uses the features of peer-to-peer (P2P) network and the blockchain to try and bridge the gap between digital content generators and content users by getting rid of the middleman. This offers a win-win situation to both the producer and consumer.
To understand Tron’s approach, consider Netflix- a digital entertainment platform that offers on-demand content to its users. The services on this platform are controlled by one particular organization in a centralized way. You are required to subscribe and even pay Netflix in order to watch a certain movie. This movie may have been created by some upcoming entertainers who have chosen to host it on Netflix. The fee paid by the subscriber is divided between Netflix and the producers, with the middleman taking the lion’s share, of course.
Tron uses the same business model but on a public blockchain platform. It acts as a decentralized, distributed storage space that makes the process more cost-effective and efficient. Tron aims to eliminate the middleman such as Netflix by allowing digital content generators to host their entertainment content on its decentralized blockchain-based network. The consumers can directly pay the producers to access the content. This way, Tron makes it a level playing ground by solving the issue of a few powerful corporations dominating the internet and controlling its content.
What is Tronix (TRX)?
Tronix refers to the local cryptocurrency for the Tron platform. It is the formal code that is used on the trading network and is sometimes known as Tron Coin or just Tron. If someone says they have some Tron in their hardware or software wallet, they’re most probably talking about the Tronix cryptocurrency (TRX). But, if they are talking about creating an app on Tron, they are definitely talking about the Tron blockchain.
You can buy Tronix on exchanges such as Binance and Liqui by trading them for other crypto coins like BTC or ETH. Unfortunately, a purchase with fiat money is not available at the moment. Tronix can be saved on wallets that are backed by the Ethereum blockchain such as the MyEtherWallet.
Where and how can you Use Tronix?
Tronix can be utilized by content users to pay for the particular content they want to get hold of. These coins end up in the accounts of the content producers where they can be traded for other cryptocurrencies or used to make other blockchain-related transactions.
Although Tronix isn’t as widely accepted as bitcoin, a good number of smaller retailers are now accepting the coin. One way to utilize Tronix is to add a float to your Spend Visa Card. This prepaid visa card can be topped up with various cryptocurrencies and used to make payments, either in an online or offline store that accepts Visa Credit Cards.
You can also use Tronix with a Troncard, which is a formal first-party payment card made by the Tron Foundation. This card is meant to make the process of making cryptocurrency payments in real-world applications as smooth as using a credit card. Launched in early 2019, the Troncard is different from the Spend Visa Card in that it doesn’t use any existing credit card platform. It instead relies on local Tronix payments through Poppy, a Tron blockchain-based payment processor. A Troncard works in a much similar way as the IC card-enabled credit card where you simply tap the card on the payment terminal.
The Future Potential of Tron
Tron is an ambitious network that has already registered some great milestones since its founding in 2017. On 1st January 2018, the price of Tron was $0.049 with a market cap of $3,221,003,949. On 6th January the same year, just 5 days later, the coin unlocked and recorded a new elevation that no one saw coming.
Following the upsurge of bitcoin and Ripple’s rise, the Tronix coin emerged the 3rd greatest coin with a market cap of $16,752,047,709 and a trading volume of $2,437,350,000.
So, what is the meaning of such a big rise? How will Tron behave in the near future? Is this the new cryptocurrency giant? There are lots of questions from people who are interested in the cryptocurrency world. But, one thing is clear, that Tron has gained a lot of popularity in such a short period of time.
One major reason for such price level up is Tron’s transition from the Ethereum blockchain and finally becoming an independent blockchain. Also, the initiation of the odyssey phase played a major role by letting go more than $4 billion cryptocurrencies into a free market.
The next two phases- the Great Voyage (to be launched mid-2020) and Apollo (mid-2021) will presumably enable content generators to build their own individual brands, issue their own initial coin offerings (ICO), and issue personal tokens.
In the coming years, there will be two more stages to explore: the Star Trek (mid-2023) and the Eternity (late 2025). During these stages, users will be able to make their own decentralized gaming and predictive market platforms and even raise funds. Having said that, the latest movements of this coin have inspired lots of people and we can’t wait to see Tronix scaling new heights. The chances are that this coin will be traded more and more in global markets.