TRON (TRX) has had one of the most active followings in the crypto industry since its launch in 2017. This coin used community support and its unique technological features to become the twenty-first biggest cryptocurrency in the world in terms of market capitalization. Even more astounding is the fact that Tron achieved this in under two years.
Here is everything you need to know about Tron and what makes it special.
What is Tron (TRX)?
The Tron Foundation created the Tron coin and blockchain. Tron software enables smart contracts and decentralized programs (known as Apps in the crypto world), making it a perfect platform for other cryptocurrencies aside from the Tron token, which is crucial to the blockchain’s operation.
Justin Sun established the Tron network in 2017. Justin is a serial entrepreneur who served as CEO of the world’s most popular P2P communication technology, BitTorrent, from 2018 to 2021. He is one of the most powerful KOLs in the blockchain business. Peiwo, one of China’s most popular voice streaming social Apps, was also established by him. Tron is one of the fastest growing DeFi ecosystems on the market, having more over 56 million global user accounts and over 2 billion total transactions.
Sun is no stranger to the FinTech industry. For starters, he is a protégé of Alibaba CEO Jack Ma. He graduated from Ma’s Hupan University and, within a few months, and was listed in Forbes’ list of China 30 under 30 and Asia 30 under 30. Sun had already built a name for himself in the blockchain area previous to the release of Tron.
Sun was also Ripple’s top representative in Greater China. This role introduced him to the network of individuals he would need to one day make the Tron concept a reality. Even more amazing is Sun’s integration of Tron into Peiwo barely a few months after the acquisition. Tron’s position in the region was strengthened as a result of this merger. Furthermore, the technique considerably increased Tron’s active user base.
How it Works
To secure the blockchain, the Tron network employs a Delegated-Proof-of-Stake (DPoS) consensus process. A DPoS, like a proof-of-stake consensus method, enables users to generate passive income by staking their assets in a network wallet. Tron’s architecture enables the Tron network to process significantly more transactions at once than proof-of-work systems like Bitcoin, which rely on a vast network of cryptocurrency miners. The increased throughput is not only a minor enhancement over older, bigger networks. Tron promises to be able to process 10,000 transactions per second while charging no transaction fees. Tron stated in its 2018 white paper that its delegated proof-of-work method could handle 2,000 transactions per second, compared to three for Bitcoin and 15 for Ethereum.
Where to Buy Tron
Binance – Best for Australia, Canada, Singapore, the United Kingdom, and the majority of the globe. TRX cannot be purchased by residents of the United States.
BitPanda – This is best for Europeans. They do not accept clients from outside of Europe.
Uphold – This is one of the most popular exchanges for citizens of the United States. You can apply for a debit card that earns rewards and cryptocurrency. TRX cannot be purchased by residents of the United Kingdom or Europe.
- Tron can support a huge number of applications concurrently. Currently, the network can handle 2000 transactions per second.
- TRX was developed by a professional development team, making it a legitimate and popular alternative for investors and consumers.
- Tron intends to build the market for entertainment material, which has promising future potential.
- Tron is frequently accused of centralized control, owing to the fact that only 50% of all TRX coins are kept at multiple addresses.
- Only 15% of the tokens that have been issued are available for private investment.
- Tron is currently in its early stages of development, with considerable expansion expected over the next few years.