The boom of cryptocurrencies that took place in 2017 gave rise to hundreds of new digital currencies and supporting technologies. Lots of them eventually were abandoned by their developers and supporters; some keep losing their price but still manage to hang around.
To be more specific answering to the ‘What is Tron TRX?’ question, here is a single sentence that Tron developers would characterize their creation with:
Tron is a blockchain-based decentralized platform that provides entertainment and finance-related services.
Tron developers work to make the network easy to use in daily life for minimal costs. The commission to run a transaction or share content is nowhere near to the current Ethereum gas prices.
Blockchain tech has always seemed a little far off for an average man. How can you apply it in a day to day life? Tron proves that you can. The network successfully integrated a number of mobile apps, allowing users to award each other with crypto tips (Piewo), rent bikes (oBike), and play. Tron indeed intends to repeat the success of CryptoKitties with its Pet Planet. New strategic partnerships are probably being prepared right now.
What is TRX crypto
What is TRX Tron’s best known application? Perhaps you’ve read our article about the Bittorrent token. The inherent trait of blockchain networks is that their participants do not need to be trusted.
For example, in case with YouTube, there is a central authority that may censor your content, introduce ads, or otherwise restrict the use of the platform. By and large, blockchain-based services remove the central authority. All the governance is either automated or carried out by the community itself.
So imagine a YouTube that has no central headquarters. Every user has a copy of its source code and a share of ownership based on how many respective tokens they keep. In other words, you own the platform.
If you want to support your favorite content creator, 100% of your tip would end up in their wallet. But a single company that owns a platform of any kind—Patreon, YouTube, Netflix—will sooner or later abuse and unjustly censor its users.
What is TRX crypto’s technology stack?
The decentralized file storage based on the torrent technology enables to distribute large amounts of data. Whoever physically stores the data, can benefit from it, receiving tokens directly from the other network users.
The consensus protocol is a variation of Proof-of-Stake, a less power-hungry sibling of Proof-of-Work.
TRC-20 tokens is another feature that seems to be heavily inspired by Ethereum. It is already up and running: you probably bought Tether (USDT) with the Trustee wallet app already.
As stated in the Tron Whitepaper, Tron blockchain enables 1500 transactions per second, compared to 25 of Ethereum and only 7 of Bitcoin. Lower transaction verification time also contributes to the overall great impression of Tron’s capabilities.
What is TRX crypto’s roadmap?
Take a look at the example of Ethereum: there is no limit to what one can do with smart contracts. Ensuring that the network can be easily upgraded, the Tron Foundation ensures that it will adapt to the challenges of time and implement new technologies as necessary, satisfying the demands of their community at the same time.
Tron users already have their Tron Virtual Machine, which is a television dApp (not unlike YouTube, by the way). There’s more to come, the number and quality of on-chain applications and games will only rise.
Tron is currently focused on expanding the abilities of individual creators to launch their own Initial Coin Offerings to kickstart their own projects on Tron. They call it the Great Voyage phase. The next stage, Apollo, will elaborate on that and allow creators to issue their own TRC-20 tokens.
The Star Trek stage will set a goal of building a properly monetized online decentralized gaming platform.
Eternity will add the game funding functionality.
Each stage, starting from Apollo, will last for approximately two years. It means that Eternity is planned to finish by September 2027.
What is TRX coin?
Tronix token, TRX, is the central asset of the Tron network. It can serve as an intermediary for exchange of any other two Tron tokens. More importantly, it is used to pay for transactions and, respectively, is rewarded to miners for transaction processing.
While the older Tron’s brothers, Bitcoin and Ethereum, do not yet have a mechanism for token burning, Tron network burns some TRX every time a new dApp emerges on the blockchain. Token burning is important to keep the value of tokens from dropping over time.
What is TRX coin market cap? $5.5 billion dollars at the time of writing, ranking #25 on Coinmarketcap.
What is TRX coin price change dynamics? As we all know, the crypto market plummeted in May, 2021. It does not matter, what exactly ruined the illusion of infinite growth and made people lose millions of their investments (and houses). Was it a single tweet of Elon Musk? Was it a cyclical nature of the market itself? The trend of all worthy altcoins, including Tronix, remained upward. This January it traded for 2 cents per coin. At the start of June, it was $0.07.
What is Tron crypto
To sum up: Tron is definitely led by one of the most stubborn and ambitious entrepreneurs of all time, Justin Sun, which is a sign that the network itself will persevere and thrive. How can one not believe that a man who paid a million dollars to have a dinner with Warren Buffet will not expand and strengthen his business further? The community would only appreciate that!
Anyone wondering what is Tron crypto will eventually get acquainted with all the fun applications of the network, and with a huge Sun’s following, too.