Tron (TRX) came into the cryptocurrency market in the year 2017. Since that time, it has witnessed a lot of vocal followings. It leveraged on the community support coupled with its peculiar technical features to emerge as one of the top cryptocurrencies in the universe (with respect to market cap). What is more impressive is that it took the coin only 2 years to achieve this feat.
What is Tron?
It is a virtual machine that’s decentralized and designed to bring in a decentralized internet. TRX is similar to Ethereum, but it allows developers of Dapp to create as well as use complex protocols through smart contracts on its blockchain. Currently, it is one of the best platforms for speedy transactions.
You can learn about Dapps here.
The platform can comfortably process 2000 transactions each second. This speed places it on the same level as PayPal, a major payment processor. And the best part is that there are no transaction fees. Can you imagine sending several dollars to any part of the world within split seconds and not having to pay a dime?
You need to understand the concept of decentralized internet in order to know what the developers intend to achieve. This type of internet is not the same as the one you already know. Basically, it does not require a hosting platform. The internet is owned by its users.
The concept of decentralized internet seemed impossible before now because the world’s computing power was still in its formative stage. But the transparency of blockchains makes them appropriate for the task. And this is what Tron wants to achieve.
History of the Tron Coin
Tron started in 2017 but the CEO, Justin Sun, launched it as a Foundation in Singapore. The objective of the NGO was to assemble the infrastructure needed for the decentralized internet. It also planned to create a democratic system that will oversee the new internet.
Justin Sun is not a rookie in the FinTech industry. He is one of the proteges of Jack Ma and a graduate of Hupan University, owned by Jack Ma. Few months after his graduation, he worked his way to the Forbes list of “Asia 30 under 30” and “China 30 under 30.” And before he launched TRX, he was already popular in the world of blockchain.
Today, the platform has a significant user base and you can exchange Tron with Bitcoin, Ethereum, or USDT.
TRX ICO Raise
During the launch in 2017, 70 million dollars was raised to further develop the ecosystem. Investors exchanged their ETH and BTC for TRX tokens. And that time, the market value was $0.0019.
TRX tokens are utility tokens that are given by the Tron foundation. The tokens are in the Main Net which facilitates easy transactions all through the blockchain. In 2018, Tron’s CEO moved the currency to one of the top 10 cryptocurrencies with respect to market capitalization. As a result, the developers obtained motivation, experience, and resources to create their own platforms.
This action enabled Tron to move from the ERC-20 tokens residing in the ETH network to TRX tokens that are native to Tron’s protocols.
Delegated Proof of Stake
Tron’s network depends on a DPoS (Delegated Proof of Stake) to make its blockchain secure. This is almost the same as a PoS (Proof of Stake) that gives its users the opportunity to earn passively when they stake holdings in their wallets.
Staking not only allows you to make passive income but also ensures that the network is safe. You can stake at a ratio of 1:1 in the TRX platform. And the higher you stake, the higher you earn Tron Power, which is an essential item in the network. The community votes for its Super representatives using Tron Power. You can also convert it into TRX after 3 days.
Where Can You Buy TRX?
There are various exchanges where you can buy TRX. But ensure that the exchange you choose is reliable. You have to convert a fiat currency to ETH or BTC before you can get TRX. But you can also buy directly from the exchange.
You may want to read more about Tron: https://techcabal.com/2020/08/23/what-is-tron-trx-an-overview-and-how-to-invest-in-tron/
TRX is a powerful cryptocurrency and as it gains more popularity, it seems to be climbing up the market cap ladder. You can start investing today to reap the benefits.