China’s blockchain technology is advancing rapidly, and unique digital currencies have entered the market to date. The Tron, represented by the TRX symbol, is one of the new and exciting currencies in this market, which we are going to examine in this article.
What is Tron Currency?
In September 2017, Justin Sun founded the TRON Foundation in Singapore. The foundation’s native digital currency is Tronix, abbreviated TRX, and is one of the most popular currencies on the market, but its goals are generally different from other currencies.
The TRON Foundation has adapted to the Entertainment Industry and works on the same concepts as decentralization and distributed storage technology, except that it focuses more on digital content and entertainment. Content sharing is through blockchain and peer-to-peer network technology. Tron is more than just the use of digital currencies in terms of content:
- It is very helpful in removing intermediaries that connect developers to users.
- Instead, digital content developers (such as mobile apps) can make money directly from users or consumers.
- In addition to eliminating intermediaries, it reduces the dependence on traffic to sites such as Facebook. In fact, the traffic to the builders Will be streamed so the need to visit intermediary sites will be eliminated.
TRON development
Tron is backed by a strong technical team that includes former Alibaba employees and China’s top developers. In addition, the TRON currency is backed by China’s most famous business community entrepreneurs, such as Tang Binsen, creator of the popular Clash of Kings game, and Hitters Xu, the founder of Nebulas. Although TRON can support multiple digital currencies, they must be converted to TRX (Tron’s official currency) for processing.
TRON Currency Benefits
Tron allows digital app developers to regain control of their information and use social media as well.
- TRON’s main motto is to allow users to publish information without restrictions. In fact, users can upload and save information, video or audio files to a content channel. Users earn some TRX currency after each upload, thus evolving the content ecology.
- The person uploading the content receives a profit in proportion to their stock. The most important advantage of TRON is that it focuses on people rather than organizations. In addition, thanks to it, users can maintain their digital footprint (Digital Footprint), which ultimately leads to a reduction of deceptive ads on Internet websites.
- The TRON transaction system also has a great advantage. TRX transactions are in a general ledger so that they can be without hindrance. The transaction registration model in this system is UTXO and has a set of rules that are very helpful for decrypting money sent through TRON. Unlike other currencies on the market, the TRX token cannot be extracted.
How to buy and store TRX
The first step in buying and selling tron currency is to set up a wallet. But before that, you need to make sure that the wallet supports the TRX currency. There are a number of important points in buying and selling and storing thrones, some of which we will mention below:
- The TRX token is based on the ERC20 protocol and therefore supports most Ethereum wallets.
- Although Tron’s main network came on May 31, 2018, today dedicated wallets for Android, Windows, Mac and Chrome users are available on the TRON website.
- Some other wallets, such as Bitpie and Cobo, also partner with the TRON development team and recognize it.
- After downloading the wallet, save the dedicated 12-word password in several places and for security reasons, do not share it with anyone else.
- In some exchanges, TRX currency can not be purchased directly through Fiat currencies (dollars, euros, rials, etc.). But it can be exchanged for bitcoin or Ethereum.
The future of TRX
The TRX currency was at 0.058 in 2018, but experts at the time believed that its value would rise sharply in recent years, reaching as high as $ 1. The fact is that digital currencies have shown their dynamic and volatile nature to everyone from day one, so there is a possibility of a sudden increase or decrease in price for each of them.
Of course, TRX has a high chance of success. Because it deals with very different audiences and pursues a specific goal that other currencies are unable to achieve. The currency reached its highest value in January 2018 with a price increase of 12,000 percent. But in recent years has been accompanied by a relative decline.
The difference between TRX and other digital currencies
Currency Tron is trying to curb the privacy of centralized Internet space and prevent the monopolization of the Internet space.
Tron uses the UTXO model in its network. The currency also rewards users for producing content.
The purpose of this currency is to eradicate social media ads and also prevent users from accessing private information.
Invest in TRON
- Despite the price increase in 2018, this currency was in the market in almost a fixed price range in the last year. Undoubtedly, its price chart will go up in the near future. So it can be that it is a suitable and reliable option for long-term investment.
- Although the price of TRX currency is low. It has a high total market volume and the main reason for this is the high number of units in circulation. There are currently about 66.68 billion TRX tokens on the market, which is a good reason for its low value.
- Buying TRX is now a golden opportunity because over time, the price of this currency will be at the top of the entertainment industry. In other words, buying TRX is the safest investment in the world of digital currencies.
- Keep in mind that the digital currency industry is relatively volatile with many changes. So this risk should also be considered when investing.