What is TRON?
TRON is a peer-to-peer decentralized open-source cryptocurrency founded by Justin Sun but funded by the TRON foundation on 3rd August 2017. Tron is an ERC20 token built off Ethereum. TRON as an application was created to reward content creators for sharing their contents. TRON allows its users to get access to various entertainment contents around the world without assistance from either Google or Apple Play store. This ensures that creators of the contents are able to receive funds directly from their consumers as quickly as possible. TRON tries to reduce or totally eliminate the effects of middlemen.
TRON protocol affords each user the opportunity to create, store and own contents or data freely. Not only do they own contents, they autonomously decide how their contents are distributed, subscribed and pushed by the network. TRON helps the creators or developers in the circulation of their contents and data, this, in turn, leads to the evolution of an entertainment content sharing platform.
Main Features of TRON
TRON has several features that set it apart from other cryptocurrencies, some of these features are:
- Content Sharing: TRON as a platform affords its users the opportunity to get access to millions of entertainment contents all around the world. TRON is making it possible for these content creators to provide contents for their consumers without any middleman. To explain better, if you are an app developer, TRON is making it possible for you to provide your app to your consumers directly without using Google play store or Apple’s play store. This elimination of the middleman ensures that these creators can and will receive funds directly from their consumers as quickly as possible.
- TRON has created a Content Platform where its users can get access to millions of digital assets.
- TRON provides developers with multi-protocol infrastructure for developing entertainment applications and allows its users to enjoy smooth protocol smart networks.
- TRON 20 Token: this feature allows you become an individual content owner. These tokens are coins which must be owned by both the content creators and their consumers. This coin allows users to transfer digital contents and also buy and sell these digital contents.
- Tronix Coin: this coin is TRON’s actual exchange coin. It grants users access to and exit from the TRON network. Asides from granting you access to the network, ownership of this coin increase your right to vote and also your higher status in the TRON network.
Difference between TRON and other Cryptocurrencies
Unlike other peer-to-peer open source cryptocurrencies, TRON has proven to be unique in all ramifications. The creating and sharing of contents on the network is one unique feature of TRON.
TRON has two system of payment, the Tronix and the Token 20. The Tronix is the actual exchange on the network while Token 20 is used by content creators to create and sell their contents, also, Token 20 is used by users on the network to share and buy these digital assets, data or contents.
TRON has a long list of investors who are ready to support its mission, and in less than one year TRON has signed over seven transactions with major tech companies. This is a feat most Cryptocurrencies have not achieved even in their long years of existence.
Unlike other cryptocurrencies, TRON has an already outlined phase it intends to follow right from its launch on 3rd August 2017- August 2023.
Phases of TRON
TRON is a long-term project with six phases that runs from 2017 (year of its launch) to 2023. The phases are;
Exodus Phase: this is the first phase where content creators begin to publicize and spread their contents.
Odyssey Phase: this is a phase where different economic incentives or rewards for creators are introduced.
Great Voyage: this phase moves the network from the “fan economy” to the “fan finance” where creators of contents introduce their own crypto coin on the network.
Apollo Phase: in this phase, content creators will begin to issue their own tokens which will be used to buy and sell digital assets on the network.
Monetizing Phase: developers will be able to build games on the network in this phase.
Eternity Phase: this is the final phase where creators will begin to monetize and fundraise based on the community growth of the network.
TRON Pros and Cons
- TRON has large team of investors, developers, and advisors all working for the good of the network
- They have the ownership of all data on the network
- TRON rewards content creators. This reward encourages them to keep developing.
- TRON users are entitled to a certain percentage of profits
- TRON seeks to provide services to the general public free of charge.
- TRON has an already established user base on another of its innovative “Peiwo” and they plan on Integrating these users into the network.
- TRON’s “white paper” happens to be plagiarised from Filecoin and IFPS.
- Large Market Supply of the TRON coin.
- Most people have argued that TRON has not proven itself as a trustworthy system.
- In less than a year of its launch, TRON has shown great potential. With a market capitalization of $2.2billion, TRON has shown that it has what it takes to take over the crypto world. Financial experts have all predicted that the market capital will grow rapidly because of the abundance of partnerships it has signed.
Where to buy TRON’s Tronix coin
Tronix coins can be bought from different wallets, some of them are; Binance, Liqui, Gatecoin, Mercatox, and HitBTC. The most recommended and most used wallet is Binance. Always remember that signing in to any of the wallets mentioned above does not take time. Since Tronix Tokens are ERC-20 tokens, they can be stored on hardware wallets. Tronix coins can also be stored on MyEtherWallet.