There’s a certain hype circulating around Tron these days related to the launch of its own separate blockchain network called as MaiNnet. Now Tron, or to be more precise, TRX cryptocurrency, will no longer be hosted on the Ethereum’s blockchain network.
In the past few months, Tron has witnessed a major surge in its price, securing 11th rank on the market cap with a price set at $0.038276 at the time of writing. In case, you haven’t heard about Tron, Tron coin, or TRX cryptocurrency then let us give you all the information about it right here.
Founded as a non-profit organization called the Tron Foundation in September 2017, Tron is headed by CEO Justin Sun who, alongside his dedicated in-house development team, is working arduously to bring this decentralized platform to the top level.
What is Tron?
Like other major cryptocurrencies, Tron is also an open protocol, a blockchain-based decentralized platform but it comes with a different purpose. It intends to build a free, global digital content entertainment system having distributed storage technology and also aims to allow cost-effective and easy sharing of digital content.
This digital content entertainment platform will enable content creators to create freely moveable digital assets which are not only owned by them but the profits earned through them also solely belong to them. This platform makes use of blockchain and peer-to-peer (P2P) technology to become completely decentralized. Let’s put it this way: Tron aims to create a global digital content entertainment ecosystem that allows people creating different kinds of content to connect at one place. Users who seek pleasure from the world of entertainment, social media, and online gambling will most likely enjoy Tron.
For your understanding, let’s imagine Tron as a next-gen social media platform where you can create and share your content with others, anywhere around the world. Since Tron is decentralized, it aims to cut down the role of middlemen (such as Apple Store and Google Play Store) from the transactions taking place between the content creator and the consumer within the entertainment and social media platforms, allowing content creators to obtain funds directly from the consumers. In short, it is trying to give the ownership of the data back into the hands of the content creators.
At the moment, huge amounts of data and internet traffic is being controlled by a few major corporations like Google, Apple, Facebook, Amazon, Netflix., etc. Tron, being a decentralized digital content entertainment platform, aims to reduce this control by allowing content creators to obtain funds for spreading content on the platform. This gives creators complete control over their content, enabling them to control who gets access to their content and how much they should charge consumers without asking for additional fees which most of the stores charge.
If we talk about Netflix, which is a centralized digital entertainment platform, we see that it asks its customers to pay a fixed monthly fee to watch on-demand movies and TV shows. On this platform, the content creators, the production companies creating the content, host their content on Netflix. In return, Netflix asks for a percentage of the revenue and distributes the remainder to the content creators.
This is where Tron differs from the Netflix’s centralized model because the former does not entertain any middleman in the process. The content creator is free to host their content on the Tron blockchain platform, and the consumers will directly pay the fees to the content creators in order to gain access to the content, without giving any additional fee to the third party as in the case of Netflix.
What is TRX Crytocurrency?
Tronix often referred to as TRX, is the official cryptocurrency of the Tron network. TRX can also be called as an ERC20 token used in the Tron’s blockchain system. TRX can be used by the consumers to pay for the content they want to view. Consumers will pay content creators in the form of TRX and will deposit in their wallet.
Currently, TRX has a circulating supply of 65,748,111,645 TRX and a total supply of 100,000,000,000 TRX. As discussed above, on the market cap, it has secured 11th rank with the price set at $0.038276. TRX cryptocurrency can be purchased with other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) from these exchanges: Coinbase, Binance, Huobi, and Bit-Z. At the moment, it cannot be purchased with fiat currencies.
TRX can be stored in hardware wallets that support Ethereum blockchain and ERC20 tokens. Few of the most popular cold storage hardware wallets are Ledger Nano-S, MyEtherWallet, and Trezor.
What’s Next for Tron?
Tron comes off as an ambitious initiative that has planned to launch potential projects in the years to come. Up till now, Tron has launched TestNet, the blockchain Explorer, as well as the Web Wallet.
It’s most recent offering is Exodus which is a free platform for peer-to-peer distribution and storage of content. Next in the pipeline is Odyssey which is scheduled to be launched around January 2019. With leveraging the power of blockchain technology, this project will put monetary incentives in place in order to promote and encourage content creation and hosting of content on the Tron platform. Tron’s founder has also recently acquired BitTorrent, a peer-to-peer file-sharing company, for $140 million.
The next two projects, known as Great Voyage (mid-2020) and Apollo (mid-2021), are anticipated to allow content creators to create their own personal brands and to give them the ability to issue ICO as well as personal tokens.
Tron also intends to launch two more projects further down the line – Star Trek (mid-2023) and Eternity (late-2025). These phases will enable participants to create their own decentralized gaming platforms and benefit from the monetary incentives that those games will offer.
In the light of recent hype circulating around Tron for its switch to MainNet, rumour has it that Tron’s CEO Justin Sun is all set to announce a significant partnership right after the launch of the MainNet on the 31st of May. Many members of the Tron community have speculated that the announcement might have some link to e-commerce giant Alibaba, owing to the old connections between Sun and the founder of the Alibaba group, Mr. Jack Ma. If a collaboration with Alibaba takes place, Tron will be soon becoming the next big thing.
Plausibly, it has been said that the sudden increase in Tron’s value might be due to the investors trying to get hold of TRX cryptocurrency as it decided to migrate from the Ethereum blockchain. With MainNet going live, TRX’s value is going to rise steeply so this might be the perfect time for investors to trade TRX. Let’s wait and watch how Tron evolves with time to prove its worth.