Among newcomers to the cryptocurrency market, TRON (TRX) cryptocurrency occupies a special place. It is released by the TRON platform. In a short period of time, the mentioned digital money has increased significantly in price.
The project has attracted the attention of many investors from all over the world. At the same time, some experts say that the Tron platform is too overvalued by the market. In this article you will receive detailed information about this cryptocurrency, its features and prospects.
What is Tron cryptocurrency (TRX)
The internal currency of the project is the TRONIX cryptocurrency (TRX). However, this is not the only asset available to users. There are also TRON Power, which allows you to vote for the further development of the project, and TRON 20, designed to issue your own tokens in much the same way as happens on the Ethereum network. Of course, the TRON cryptocurrency and its price gives value to the rest of the tokens of this network. For a user who is ready to block some part of his TRONIX, there is the possibility of receiving in return TRON Power (TP), voting rights in the system, and over time, some small dividends from the activities of the network.
Cryptocurrency Tron (TRX)
Mining is not provided in this network, the total number of TRX tokens is limited: there can be a maximum of 100 billion, just like Ripple or Stellar. The ICO of the project took place about a year ago. An amount exceeding US$70 million was collected by the developers in late August and early September 2022. It is interesting to note: investors invested exclusively in descriptions and advertising located on the official website of the project at www.TRON.network. The excitement among investors was so great that the servers of the Binance cryptocurrency exchange could not cope with the load .
TRX tokens were distributed as follows:
39% of the asset was sold to investors during a public sale. 35% is allocated to support the project and ecosystem. 16% of TRX coins were received by private investors at an early stage. 9% of the tokens went to a Chinese technology corporation, whose name was not disclosed.
TronWallet
TronWallet is another desktop interface with a more attractive interface and advanced features. It is available for Windows 8.1+, Linux and macOS operating systems. There are also versions for smartphones based on iOS and Android. Download the distribution from the website tronwallet.me/, install and launch.
The first thing we need to do is create a hot wallet and add a hardware wallet account through it. Click Create Wallet, write down a mnemonic phrase, enter the PIN code that will be required to enter the program, and click Create Wallet.
This phrase does not affect your hardware wallet assets in any way. It is only needed to open a temporary hot wallet and through it add the TRON address of your device.
Afterwards we get to the client’s start window.
In the upper right corner, click the plus sign and select the LEDGER tab. At this stage, you should unlock your wallet and go to the TRON application.
Similar to TronLedger, we will be offered addresses to add. Let's choose the first one. After which you will have to confirm the actions on the device.
Next, the address we have chosen will appear in TronWallet. Its balance will be displayed and the entire transaction history will be updated.
Unlike the previous two clients, TronWallet displays a TRX price chart that can be displayed in different timeframes. The latest news from the developers' official Twitter is also displayed in the Last News area.
On the left we have sections Exchange, DAPPS, Explorer, Settings, which can be explored independently.
Receiving TRX
To receive coins, click on the RECEIVE button, copy the address and provide it to the sender.
Sending TRX
To send coins, click on SEND and fill in the required fields in the dialog box.
The MEMO value is required to send funds to the exchange account. Check with the help center or the exchange administration whether this value is required or not. If not required, then leave it empty.
But before we make a transaction, we should set the Transaction Data parameter of the TRON application to Allowed. To do this, go to the application settings.
And only after this setting we will be able to complete the transaction. We return to the window with the completed submission form.
And let's move on to confirmations for Nano X:
We check the data from which address we send to which and confirm the decision by simultaneously clicking on the side buttons.
The interface balance will change based on the completed transaction.
Tronix (TRX) Development Team
The personality of its founder, Justin Sun, is also important for understanding the prospects of the TRON project. Undoubtedly, this entrepreneur is also a media person, a lover of hype and sensations. The ICO of the project, which took place in China at the end of 2022, was already subject to the ban by the Chinese authorities on conducting ICOs in the country. It seems that Jack Ma, the owner of the Alibaba Group corporation, could not have done this without the influence. Tron team leader Justin Sun, who is only 27 years old, has already served as the head of Ripple China. The core of his team moved with him to TRON from the Chinese Ripple. Also participating in the project are Chinese businessmen such as Tan Bingsen (creator and head of Clash of Kings), Dai Wei, creator and head of OFO, Yin Mingshan, creator of LiFan.
Justin Sun. Creator of Tron (TRX)
Justin Sun, one of the few global billionaires under the age of 30, is also known for his friendship with the founder of the Chinese online sales giant Alibaba. And any support from Alibaba will be a noticeable competitive advantage. The TRON Foundation and the management company are registered in Singapore, which is a jurisdiction friendly to digital currencies. The TRON Foundation is dedicated to providing grants in the project's cryptocurrency to the best developers and the most active users.
Let's sum it up
Altcoin TRON (TRX) will be able to satisfy the needs of both entertainment lovers and those who seek to take advantage of the blockchain benefits. A long-term roadmap, although a negative for some, is a good enough reason to invest in the future. A few hundred dollars invested in it now can multiply hundreds of times in a few years, because the usefulness of this platform will be proven and used in practice. Make the right decision. And remember about the pleasant monthly bonus, which will last for more than five years. Good luck to you, future millionaires!
Cryptocurrency Tron (TRX). The story of takeoff
Initially, Tronix (TRX) tokens were issued on the Ethereum blockchain, ERC-20 standard. In fact, these were only promissory notes for receiving the same TRX tokens, only on their own blockchain. From June 21 to June 24, some tokens were exchanged for others. The Odyssey 2.0 network officially launched at noon on May 31st in test mode, giving everyone time to set up their wallets and browsers.
The developers called the completion date of the transition, June 25, “Independence Day.” On this day, the genesis block began its distribution on the network. Some people said that “Tron will be the Ethereum killer.” At the time of the ICO, the TRON cryptocurrency (TRX) was exchanged for US dollars at the rate of 1:0.0019. In relation to Bitcoin, the TRX rate was 0.00000038. In September 2022, this token began appearing on cryptocurrency exchanges. At first, the rate did not exceed $0.003, and the total market capitalization fluctuated around $70 million. It seemed that the TRON cryptocurrency would never get into the top digital currencies: its rate remained virtually unchanged throughout the fall.
History of the growth of the Tron (TRX) cryptocurrency rate
However, the price rose to $0.25 and the Tron cryptocurrency reached a total market capitalization of $160 million. This happened in early December, thanks to the activity of the advertising campaign and the attraction of large investors. The capitalization of the cryptocurrency has surpassed the $2 billion mark. She entered the top 10 of the world rankings. We managed to leave NEO, Stellar and even Litecoin behind. The price of the token increased significantly, and seeing the rate of 10-20 cents, investors calculated their profits.
But already in mid-January there was a sharp drop in the cryptocurrency rate, which did not stop at 4 cents. An unknown person sold about 6 billion TRX tokens for a tidy sum of $300 million through the Binance cryptocurrency exchange, and many believe that it was the founder of the project himself. Confidence in the coin fell sharply, remaining low to this day. Now the cost of one token is $0.02, with the project capitalization of $1.3 billion.
Potential Tron (TRX)
Transition to your own blockchain. Why is he so important for the Chinese project? As one well-known politician says, “I’ll keep it short”: an all-in-one offer for those looking for decentralized file storage, management and monetization of their own content, Augur-like forecasts, fast, virtually free transactions and much, much more...
Many of the features inherent in the young TRON network were also present in other projects. Some of them even claimed the proud title of “blockchain 3.0”. However, it is a fact: the user will not delve into dozens of solutions if he finds all their functions on one platform. And support from the vast Chinese market guarantees, if not an increase in price, then at least demand for this coin. The TRON Foundation generously pays for the services of any good developers, and if they manage to implement all their plans, many competitors will simply no longer be needed.
Tron Partners
In the meantime, Justin Sun is busy promoting various projects (mostly entertainment and Chinese) to switch to his blockchain. The first entertainment application compatible with the TRON blockchain was Peiwo, which has more than 10 million users. People create or distribute content one way or another, and it would be nice if they could be fairly compensated for it. The hype around decentralized social networks like Steem has largely died down, but the idea of rewarding posts and content is alive and well in TRON. From time to time, a lot of noise is made by projects related to turning gaming successes into digital currencies, and cross-platform. In Asia, TRON is going even further and is going to launch a platform designed for creating games and co-financing them.
The result will be something like a social network, whose users host games and media in a decentralized manner, download various applications, both from the AppStore or Google Play, participate in the financing of various projects and receive the main cryptocurrency for their actions. In addition, Bitcoin, Qtum, EOS and Ethereum are freely traded on the platform. Next, the list of accepted cryptocurrencies is going to be significantly expanded. Already, Tron tokens are a successful business that operates in reality and is actively developing on a global market scale.
Where should it be stored?
This cryptocurrency was based on the Ethereum platform, which gives it versatility and implements storage on a variety of crypto-wallets with support for ERC20 tokens. (for example, MEW, Mist) or cold wallets (for example, Ledger). Tron coin can be easily purchased from one of the famous crypto exchanges such as Binance, Bittrex, Huobi, etc.
State of the crypto market as of April 10, 2019:
- Cost – $0.0300
- Daily volume - $635,041,821
- Market capitalization - $2,000,905,029
Problems on the way. Road map
However, Tron also comes with its fair share of questions. China's bans on gambling and cryptocurrency exchanges, strict censorship in the country - how does this fit with Eugene's calls to give everyone complete freedom to control their information? Lots of marketing and vague agreements, little working code. It should also be remembered that most of the benefits of the project are still only promises.
The founders of the project provided us with the following plan:
2017-2018 – test mode and debugging of the platform. 2019-2020 – creation of a decentralized environment for posting content, launch of a mechanism to encourage the most active participants in the project. 2020-2021 – solving problems related to the payment and calculation of dividends. 2021-2023 – implementation of a simple mechanism for issuing various tokens based on its own blockchain. Tokens can be sold through ICO, as well as exchanged for other digital currencies. 2023-2025 – TRON software code will become the basis for new, more advanced projects. 2025-2027 – based on the blockchain, it is planned to create a system for joint financing of projects, tools for conveniently creating your own online platforms based on TRON technology.
Prospects for Tron (TRX)
It is clear that it will not be possible to see the finished product in the near future - testing of the platform’s capabilities by developers will take place at least until 2022. Many already consider the project another way to quickly make money on the trust and expectations of investors. However, there is no Google Play or Apple Store behind the Golden Shield (Chinese Firewall).
According to the developers, TRON is going to replace them at least in China, competing on a global scale. Tron cryptocurrency is one of the excellent tools for forming the right cryptocurrency investment portfolio. The project was and remains controversial, interesting, controversial, subject to both ups and downs. We will closely monitor the development of the TRON project.
