In 2017, the cryptocurrency community saw the emergence of another blockchain-based platform, TRON. Apart from being a decentralized content-distribution platform, TRON supports the development of decentralized applications (dApps). By introducing its native cryptocurrency, Tronix (TRX), TRON went one step further in making a mark on the crypto world. Let’s take a look at the history behind TRON, why it is a better investment option than many others, and what lies in its future.
What Is TRON Cryptocurrency?
The next-generation blockchain network TRON acts as a bridge between creators and consumers. Users can gain access to the monetized content hosted on the TRON network, and in return, creators get a fixed sum of money. For it to take place and to secure the transaction on the blockchain, TRON rolled out its primary cryptocurrency, Tronix or TRX.
TRX is more like other cryptocurrencies in function but differs in its use. It is developed with blockchain technology and smart contracts.. The potential to generate a significant return on investment (ROI) makes TRX a potential cryptocurrency for investment.
History and Operation of TRON
TRON was started as part of the nonprofit TRON Foundation by Justin Sun in September 2017. It was launched successfully with a capital of $70 million raised in funds through initial coin offerings (ICOs), According to TRON News.
Sun, the man behind TRON, is a Forbes-listed business personality. He had earlier been associated with the Ripple cryptocurrency project in China. He left Ripple to work on a decentralized platform that is both open-source and offers higher ROI. That is how TRON was born. The technology professionals at TRON work consistently toward building a fast, reliable, and secure blockchain network.
The Creation of TRON
Initially, Justin Sun created TRON using the computer code and technology borrowed from Ethereum. However, to come into the mainstream and build an independent identity, TRON later migrated onto its blockchain network in 2018. Soon the network incorporated peer-to-peer network technology. Thus, TRON became a decentralized operating system designed to facilitate the distribution of content and dApps on the Internet using a network of public nodes. The platform aims to disrupt the traditional methods of handling digital media while ensuring data privacy.
Not only does TRON think of growing itself, but it provides services to other leading cryptocurrencies like Bitcoin, Ethereum, Ripple, EOS, and many more.
What Are the Benefits of TRON?
- TRON provides a decentralized content storage and distribution platform for creators while giving them the luxury of owning the content.
- The network uses blockchain technology to secure the content cryptographically, which enhances privacy.
- Since the content is distributed over a decentralized network, creators can directly share it with the user. It eliminates any middleman from the scene.
- TRON uses trading models based on the unspent transaction output that results in faster transactions.
- Compared to other cryptocurrencies such as Bitcoin and Ethereum, transaction cost at TRON is almost negligible.
- Everything exchanged over the platform remains between the consumer and the creator, which means there is no risk of getting personal data compromised.
Tronix (TRX): The Cryptocurrency of the TRON Network
TRON markets its cryptocurrency as Tronix (ticker symbol TRX). The strategy behind launching TRX was to improve liquidity on decentralized exchanges. TRON permits transactions on its network made in TRX only. Whether it is using content or purchasing dApps, users can do so only if they hold TRX in their accounts. TRX also serves the purpose of rewarding creators or developers instantly.
TRX uses the delegated proof of stake consensus mechanism, requiring users to hold a minimum amount of tokens to be eligible to make transactions. Anyone can buy TRX from leading cryptocurrency exchanges or platforms, such as Binance, Coinbase and eToro.
Why Invest In TRON (TRX)?
- The concept of decentralizing the content and dApps on the Internet is fresh and unique. There is a strong possibility that it could be the future of digital content distribution. In this case, there would be a strong demand for TRX.
- TRON has a long-term vision of making progress by adding more capabilities. Improvement in the network features is a point worth considering when planning for a meaningful investment.
- TRON’s dedicated team, independent blockchain platform, affordable transactions, huge transaction volumes, custom smart contract support and prominent partnerships are reasons enough to invest in this cryptocurrency.
- TRX has been performing well against its relatively stable Bitcoin pair. Part of the reason that drove the coin’s price up in relation to the overall performance of the market is DeFi’s increase in popularity. TRON’s attempt to benefit from the DeFi hype was successful since transactions are cheaper and faster than that of ETH.
- With over 10 million active wallet addresses, TRON now has one of the largest communities in the crypto market.
Future Plans and Goals
Tron’s entire 11-year-long business development plan has been split into six phases.
- Exodus (Aug 2017-Dec 2018): Introducing a decentralized platform with a peer-to-peer payment network.
- Odyssey (2018–2019): Launching Tronix (TRX) and enabling transactions using the token.
- Great Voyage (2020–2021): Facilitating income payment, dividend management, and ICOs.
- Apollo (2021–2022): Allowing creators to create their tokens.
- Star Trek (2023–2025): Transitioning to a decentralized gaming platform.
- Eternity (2025–2027): Permitting game developers to crowdfund their gaming projects.
From the day it stepped into the cryptocurrency market, TRON has been making a lot of buzz with its more focused approach toward decentralizing the web. Not to mention the introduction of TRX has made an impact on the TRON network. Its peer-to-peer payment system has eased the exchange of funds on the platform while keeping it fast and secure. TRON’s well-outlined road-map with date-set milestones and the rise in demand for digital content at a lower cost makes it an encouraging project in the blockchain industry. TRON’S prospects are also fostered by the massive support of wealthy and settled Chinese venture capitalists.
It is also worth noting that TRX has a competitive edge over other leading cryptocurrencies in terms of zero transaction fees, high throughput, and scalability. Driven by blockchain technology and DPoS protocol, the TRON token is a reliable cryptocurrency and lucrative investment. Since the digital content market is getting bigger and bigger, the value of TRX is expected to rise exponentially in the next few years. You can check out the TRX Price Prediction by experts to know further more about it.