What Is Tron?
The project’s founder Justin Sun aims to create a Web 4.0 which will allow the users to have control over their work and data and also decentralize the internet.
The Tron network’s native token is called Tronix (TRX). Tronix is used to pay creators for their content posted on the Tron network. These coins go directly into their accounts, where they can be exchanged further with other cryptocurrencies, or used to pay for blockchain services.
TRX is currently ranked 11th in the top of the most-traded crypto, having a trading volume of over $1,592,425,557.
Technologies and Applications
Tron’s initial version started off as a virtual machine, being launched on May 25, 2017. In the first instances, it runs on Ethereum VM, enabling Ethereum developers to use Solidity and other programming languages to code their smart contracts.
Tron is known in the crypto community for having many reward and bounty programs for developers including TRON Accelerator, hackathons, and programming competitions, totaling up to 2 billion US dollars in rewards. This makes Tron unique in the industry considering the size of its reward pool and program features.
The TPOS algorithm makes Tron’s response time faster than Ethereum, in terms of transactions per second. The bandwidth-based mode in transfer requires virtually no fees, compared to gas required for Ethereum network operations. If Ethereum’s network does not redress itself, many ether users will probably search for a more convenient alternative in Tron.
How It Works
The crypto coin that fuels the Tron network is TRONIX. This digital currency has a smart contract protocol which enables its users to access resources and features of the virtual currency very easily.
This protocol allows the users to publish, store and own data without any constrictions. Users are also able to keep their ownership rights on their content and make decisions regarding who will share it and how.
The crypto coin has also been designed to act as host between developers of a content and its users. The virtual currency can be used to check the validity and credit information of both the developer and the user. The coin also has appliances in gaming currency exchanges as well as online gambling.
Where Can You Buy Tron?
TRX is listed on over 50 mainstream exchanges worldwide, being available in 100+ trading pairs, in more than 30 countries and regions.
The Tron coin can be found on a number of exchanges including Binance, Huobi, OKEx, Bithumb, BitForex. The coin can be traded against BTC, ETH, USDT and very few other altcoins. The option to purchase TRX on exchanges with fiat currency is not available at the moment. Binance is currently the exchange that has the highest trading volume, so if you are interested in buying TRONIX, then this is the best option as it offers the highest liquidity.
Where Can You Store Tron?
Seeing as Tron shifted to its own mainnet, its tokens are no longer ERC20 based, meaning that Ethereum-compatible wallets cannot be used.
There are a number of wallets, some being officially supported by the Tron Foundation, which have been developed to be compatible exclusively with TRX. These are the following: TRON Android Wallet, TRON iOS Wallet, TRON Web Wallet, and TRON Chrome Extension Wallet.
Verdict
Tron has not had many fluctuations in its price as of late, but it has shown some promising partnerships which might cause some waves its value later on.