This guide is to discuss what is Tron coin and how this is going to be the future of entertainment media.
The blockchain technology is the emerging technology and has been accepted by various banks and different industries to overcome drawbacks of a centralized system.
While the first time Bitcoin was introduced with a blockchain protocol to replace any middle-level financial institutions to do transactions.
The wide opportunities have been introduced using the blockchain technology and then the first smart contract network Ethereum introduced and then many more.
Currently, more than 2000+ blockchain cryptocurrency projects have been introduced and trying to provide better security and fully decentralized platform.
Out of them, Tron is the fast moving most growing platform, so what is Tron coin and how it works and why people are debating this as a future champion of Crypto.
Everything we will discuss in this guide and will compare this with the most competitive another crypto.
Let’s first discuss the history behind Tron than will learn, what is Tron coin and how it inked with Tronix?
Brief History behind TRON?
To learn more about Tron Coin first discuss the history behind its existence. Tron is a nonprofit organization based in Singapore.
The founder of Tron is a Chinese entrepreneur 28-year-old Justin Sun. He was also the founder of Peiwo the most famous social media voice mapping apps.
Justin Sun was also a former representative of Bitcoin settlement platform Ripple in China and Forbes rated Justin Sun as 30 Under 30 in Aisa.
He wanted to create a decentralized internet and infrastructure and introduced a blockchain based decentralized network Tron in the year 2017 in ICO.
In ICO itself, Tron has made around 81 million USD and it will surprise you that Tron initial ICO price from 0.002$ jumped to 0.25$ in just a few weeks after launch.
Which was close to 1000% hike in your initial investment, mind-blowing.
The founder Justin Sun is quite ambitious with Tron projects and he himself claims this as the future of entertainment media.
Yes, if you are a social media or entertainment media fans than you will definitely like Tron.
The aim behind the creation of Tron is to replace the current centralized social media platform like YouTube, Facebook, WhatsApp with decentralized media.
Where not only you can share the content but you can even earn the revenue of your creativity.
Currently, Facebook, YouTube-like platforms has full control over your creativity and they even cut your revenue.
But Tron blockchain has been introduced, where you will be the owner of your creativity and full revenue of that will be given to the owner of the creativity.
Tron is not only focusing on providing decentralized blockchain network but also made its platform available to build DApps and Smart Contracts.
Where most of the DApps are based on Gambling applications.
Till this point, you got the history behind the origin of Tron and how this is planning to solve the future problem of centralized entertainment media.
Now, will discuss what is Tron coin? and how it is linked with Tronix?
What Is Tron Coin and use of Tronix?
If you know about blockchain technology than that is a protocol on which a network runs.
In a similar way, TRON is a blockchain based network however Tronix is a digit asset running on that network.
I have seen many people confused by considering Tron as a coin and want to buy. So just to clarify you that digital asset which works on Tron network is Tronix (TRX).
You can not buy Tron blockchain, you can buy the Tronix which represented by a coin called Tron Coin.
Hence everywhere on exchanges and wallet, you will see three characters letter TRX which represent the digital asset of the Tron Blockchain based network.
Tronix is a native token of Tron blockchain network which is required to stack and generate Tron power.
Tronix (TRX) is not only used to work on Tron blockchain but this can be used anywhere on supported blockchain network as well such as Ripple and EOS.
If you are using services of an application built upon Tron network than you can use Tronix coin or alas Tron coin to pay for their services.
Using Tron coin you can share your content and in compensation, you may earn the reward of your creativity.
I hope you got an idea for the difference between what is Tron coin and how this is different than its native token Tronix.
Let’s talk about how Tron and Tronix coin works? Now for your reference, I will use Tronix as Tron coin.
How does TRON Coin in blockchain network work?
Every blockchain network has a predefined mechanism to validate transactions in the network and Tron blockchain network also has one.
Well if you have heard about mining than that is the main fundamental way to mine any cryptocurrency in decentralized blockchain based network.
In the decentralized network, miners play a vital role in validating and confirming transactions in the network.
But this mining could be done through two ways one is Proof of works which is used in Bitcoin and Ethereum blockchain and second is Proof of Stack.
To learn more about, What is mining and how proof of stack and proof of work mechanism works, check our detailed guide.
Tron blockchain is based on Proof of Stack mechanism where the maximum supply of 100 billion Tronix (TRX) coins is already been created.
Hence nothing is left for mining and no reward for new miners. Then how this network will work and how will confirm transactions.
The answer is hidden in delegate proof of the stack mechanism. where a consensus mechanism works to validate every transaction on the network.
Tron has introduced a voting mechanism, where you and me the holder of Tronix (TRX) coin could vote for the 27 Super representatives.
The power of your vote will be in 1:1 ratio that means you have to go to TronScan.org.
From this portal, you have to stack your Tron coins which will be frizz for 3 days and you are eligible to vote for any of the representatives.
Where the number of Trons you frizz, an equal number of votes you can and chose your super representatives.
Let me clarify you that You won’t be charged for any vote you did in the network instead you will get the reward for voting or choosing your representative in the network.
Voting will be available for every 6 hours where you can choose your representatives and if any representatives are not doing his job will be kicked out automatically.
In such a way based on the number of votes any received and amount of coins he stacked will be chosen as the representatives.
In this process, only 27 will be chosen as super representatives or block producers.
Will require only 27 to come on the consensus of validating the block and will increase the block validation times quickly.
While referring the Tron network it explains that it has the capacity to clear 2000 transactions per second.
Which is more than 350 times of Bitcoin and 80 times of Ethereum blockchain network.
If you want to be Super representative than you have to stack more and more TRON coins and based on the number of votes you will receive.
The top 27 will be chosen as block producer or validator of the transactions on the network.
The more you stack the more chances you will have to be a Super representative or in second term block producer.
Hence in Tron blockchain, you won’t have miner but you will have Super representative called validators.
In such a way network will be fully secured and transactions speed per seconds will get an increase.
This is call delegate Proof of stack or DPos mechanism of validating transactions.
Now coming to the future of Tron, because I feel that you almost got an idea about what is Tron coin and how it works?
What is Future of Tron?
Tron is among the top most growing platform in blockchain decentralized technology.
Tron is not offering services in providing blockchain network but it supports smart contract to built upon.
The smart contract, where automated settlement will happen, if specific conditions meet in the agreement.
It allows, to built Decentralized apps on the TRON blockchain network. so far more than 200+ gaming and other applications have been built upon Tron blockchain network.
While referring DApps radar ,you can get a list of Apps building upon TRON network.
Tron foundation is growing very rapidly and in the year 2018, they have acquired BitTorrent the Peer 2 Peer file transferring protocol.
They are planning to move that all to Tron blockchain network and About to launch BitTorrent Live the social media online broadcasting App on Tron Network.
Currently, BitTorrent has over 100 million active users and BitTorrent blockchain network has its own token BitTorrent (BTT) which is Tron-10 token built upon Tron Blockchain.
Tron has acquired CoinPlay a blockchain Apps store. This initiative is to place all the Tron apps to their decentralized App store instead of any random play store.
CoinPlay is already offering blockchain based software and games which is big moves for Tron foundation.
Tron has a partnership with Stable coin Tether (USDT), to launch stable coin on Tron network.
In the future, multiple ICO is about to launch on Tron network which could increase the demand for Tronix (TRX).
The way Justin sun is promoting Tron will increase the demand for Tronix coin (TRX), and currently, the future looks brighter.
But still, it has great competitors like EOS which is growing in terms of DApps adoption and may create trouble for Tron in the future.
Till this point, you got all about what is Tron and how its growing platform and what partnership it’s doing.
Now if you want to Buy Tron than have a look for How to Buy Tron Coin?
How to Buy Tron Coin (TRX)?
Let’s talk about price in history will give you an idea, how much Tronix coin you should hold for your future growth.
While Tron first time launched in 2017 the initial ICO, the price was 0.002$ but later it increased to 0.25$.
Even the current price of the coin is standing close to 0.025$ which is even 10 times than the initial ICO price.
Now, if you want to add Tron to your current investment portfolio than you can buy this from Binance the only trading exchange with high volume and low trading fees.
In summary, Tron is not directly able to buy. First, you have to buy ETH/BTC than need to exchange or trade that with Tron Coin (TRX).
To Buy Tron, I have prepared a detailed guide to help you step by step on how to Buy Tron Coin.
This guide will explain, how to buy using the Credit or debit card and how to buy using existing Cryptocurrency available in one of your Crypto wallet.
Till this point, I consider that you are clear with What is Tron and difference between Tron and Tronix.
My View on Tron and Tronix
Tron is a blockchain based decentralized platform used for creating DApps and smart contracts.
Tronix is the native token working on Tron network to facilitate services and allowing power to holders to chose their block producers.
It is working on new kind of Delegate proof of stack mechanism instead of proof of stack which is solving the problem of first Proof of stack mining mechanism.
Selection of validator is random which makes this system more secure and reliable as no one based on the amount stack could win again.
To vote in network user will get the reward, the kind of partnership Tron has done is tremendous and the marketing strategy of Justin Sun making this platform superior to others.
I found Tron as among the best Crypto platform trending currency in blockchain industry, what do you think about?
Share me your opinion in the comment box on what big price it can hit in the future.