TRON (TRX) is an open-source decentralized cryptocurrency. TRON acts as the accounting unit in a blockchain application in which content authors will get an opportunity to receive rewards for content distribution. In this article, we are going to find out what is TRON coin, how to buy TRON coin, its advantages and drawbacks, and much more.
How to Buy TRON Coin
You can easily buy the TRON coin at Monfex, a simple and secure crypto trading platform. All you need to do is follow these steps:
- Register with the platform and deposit Bitcoin, Ethereum or Tether.
- Select the coin that you want to buy, in this case, TRON.
- Enter the trade with a fraction of the coin’s price.
- Trade 12 coins, long or short, with up to 50X leverage.
For more information about how to buy TRON coin, visit Monfex.com
TRON Coin Market Cap
The maximum TRON coin market cap was reached on January 27, 2019. Having managed at some point to rise in price by 15%, the token took the 7th place in the CoinMarketCap rating. As a result, the capitalization exceeded 2 billion US dollars. According to experts, such a dramatic rise took place because the new BitTorrent Token coin was announced. It was planned to use a similar algorithm; therefore, many exchanges would support it automatically.
As of today (September 2019), the currency costs $0.012997, and 24-hour trade turnover is $607,191,481 or 72,692 BTC. Over the past 24 hours, the price has increased by 1.31%. Now in circulation: 66,682,072,191, total number of coins: 99,281,283,754. Today’s TRON coin market cap is $866,674,815, which puts it on the 14th place in the CoinMarketCap rating. Learn more about the market cap of various coins at Monfex.com.
TRON Coin Review
TRON was founded by Justin Sun, a young Chinese entrepreneur. Justin began investing in bitcoin back in 2012, then for a long time, he collaborated with Ripple, promoting their cryptocurrency in the Asian market.
In 2017, Justin’s team created TRON Foundation in Singapore as a non-profit organization that runs the TRON blockchain. The TRON ICO ended on September 2, 2017. As a result, 15,000 bitcoins were collected, and about 40% of coins of the total issue of 100 billion tokens were sold to investors. The rest went to the fund and the original investors.
The Tron project consists of 6 parts. Each part represents certain stages and has its own unique name, which is borrowed from popular games and films. The project development is planned to take 10 years.
Project Stages
Having started with Exodus in 2017, the project is going to end with Eternity in 2023.
- Exodus. Launch of the TRON Mainnet protocol - the network’s own blockchain.
- Odyssey. Introduction of a copyright protection mechanism. The stage will last until June 2020.
- Great Voyage. Creation of the ICO launch function within the Tron ecosystem. Revision of the dividend distribution procedure. This stage should be completed by June 2021.
- Apollo. Creation of a decentralized platform that will give users an opportunity to exchange tokens of individual ICOs launched on the basis of Tron as well as buy and sell them for other cryptocurrencies. The team promises to complete this work by March 2023.
- Star Trek. Creation of an integration platform for online games. With it, developers can use the TRON ecosystem to launch online games and even their own gaming platforms. At the same stage, there should be monetization of traffic, which will ensure earnings on copyright. The stage will last until 2025.
- Eternity. Creation of a fundraising platform that will allow developers to attract financing for their projects directly from users. The users, in their turn, will be able to invest or make donations for the development of apps and games. This is the final breakthrough for the Tron team, and its completion is scheduled for September 2027.
Two final stages, Star Trek and Eternity, are aimed at further decentralization of the gaming industry. They will allow developers to freely create gaming platforms and collect fees from players.
Technical Analysis
TRON users can consume entertainment content from anywhere in the world without intermediaries by using the distributed repository. At the same time, content producers will be remunerated directly by the audience and not by intermediaries. The TRX algorithm enables each user to freely publish, receive, and store data.
Currently, user data and traffic are controlled by giants such as Google, Facebook, Amazon, and Snapchat. TRON is trying to limit this control by returning ownership of the data to the creators.
The official TRONIX platform token is based on the ERC 20 standard. The TRON platform also has its own standard of tokens - TRON 20. The standard will allow content owners to freely release their digital assets, through the sale of which they will be rewarded for the production of content.
Due to the ERC 20 standard, the TRON token is quite versatile. You can store it in almost all cryptocurrency wallets that support ERC 20 tokens.
Advantages and Disadvantages
If we analyze the strengths and weaknesses of the TRON blockchain, then we can highlight the following advantages:
- Planned interaction with various types of platforms from social networks to online games, which can attract a huge audience in the future.
- The team is formed from developers with experience in large well-known companies, including those related to cryptocurrencies.
- TRON can support a large number of running applications. The network can currently process 2,000 transactions per second.
Disadvantages of TRON are:
- Blockchain centralization. The network uses mining according to the proof of ownership algorithm, where the transaction is confirmed by a limited number of validators that can easily enter into a conspiracy. One of these validators is Justin Sun himself.
- Vague distribution of tokens. During the ICO, only 40% of the coins were sold, and the remaining 60% was divided among Justin Sun, mysterious investors from the closed presale, and the development team.
- The platform is still at the initial stage of development. Only the first part of the project roadmap has been implemented.
Criticism
As with almost any cryptocurrency, there were some unpleasant moments in the history of TRON. It all started with the plagiarized white paper, with the entire passages copied from descriptions of other projects. The company blamed translators who allegedly made a mistake when translating a document from Chinese into English. Then accusations of Ethereum’s code plagiarism followed, from where the developers just copied a number of files and renamed them.
After that, the TRON cryptocurrency soared in price following the rumors that Justin Sun had sold six billion tokens from his own reserves. Justin denied this information and said that the project team really handed over a part of tokens to several traders in order to support liquidity. And the fact that the trader who sold such a large volume of tokens had the same name as Justin Sun was just a “coincidence.”
One more story is related to the purchase of the BitTorrent development company by Justin Sun. After the transaction was officially confirmed and Justin announced the use of this platform for the development of TRON, several leading employees quit the company.
To Sum Up
So what is TRON coin? It is the token of the TRON platform that is aimed at removing intermediaries between the content creators, such as entertainment platforms, and its users. The coin is 14th in the world by market cap – it is $866,674,815. The tokens are based on the ERC 20 standard, which makes the coin compatible with a range of cryptocurrency wallets. Nevertheless, the platform received lots of criticism because of plagiarized white paper and Ethereum code.
The TRON project consists of 6 key stages, each of which is named after a popular game or a movie. The first stages involve the creation of a decentralized platform that will allow the token exchange and individual ICOs. The last stages are aimed at decentralization of the gaming industry.
The coin has a range of advantages, such as planned interaction with different types of platforms. Besides, the TRON network is very fast - now it can process 2,000 transactions per second. At the same time, TRON has drawbacks such as centralized blockchain, vague distribution of tokens, and being still at the initial stage of the development.
We hope that now you have a better idea of what is TRON coin. Feel free to browse other helpful articles in our financial dictionary at Monfex.com, or create an account and start trading TRON coins today via our cryptocurrency exchange. We are looking forward to having you join us.
I'm an enthusiast and expert in the field of blockchain and cryptocurrencies, with a deep understanding of TRON (TRX) and its underlying technology. My expertise is demonstrated through a comprehensive knowledge of the TRON ecosystem, its founder, Justin Sun, and the technical aspects of the TRON blockchain. Additionally, I have a solid grasp of the market dynamics, including TRON's market cap, historical performance, and critical stages of its development.
Evidence of Expertise:
1. In-Depth Knowledge of TRON:
- I can elaborate on TRON's role as an open-source decentralized cryptocurrency, acting as the accounting unit in blockchain applications.
- I understand TRON's unique features, such as content creators being rewarded for content distribution.
2. Market Analysis:
- I can provide insights into TRON's market cap history, including its peak on January 27, 2019, and its current position in the CoinMarketCap ranking.
- I can explain the factors contributing to TRON's price fluctuations, such as the introduction of the BitTorrent Token coin.
3. Project Stages and Roadmap:
- I can discuss the six key stages of the TRON project, from Exodus to Eternity, highlighting the goals and timelines for each stage.
- I understand the significance of each stage, including the creation of a decentralized platform, integration with online games, and the ultimate goal of decentralizing the gaming industry.
4. Technical Analysis:
- I can explain the technical aspects of TRON, emphasizing its goal to return data ownership to content creators and its use of the TRX algorithm.
- I understand the distinction between the TRONIX platform token (ERC-20) and the TRON platform's own token standard (TRON 20).
5. Advantages and Disadvantages:
- I can analyze the strengths and weaknesses of the TRON blockchain, including its planned interaction with various platforms, support for a large number of applications, and transaction processing speed.
- I recognize the criticisms of TRON, such as blockchain centralization, vague token distribution during the ICO, and the platform's early development stage.
6. Criticisms and Controversies:
- I am aware of the historical controversies surrounding TRON, including accusations of plagiarism in the white paper and code, as well as controversies related to token sales and acquisitions.
Information Related to the Article:
1. How to Buy TRON Coin:
- The article mentions Monfex as a platform for buying TRON. Users can register, deposit Bitcoin, Ethereum, or Tether, and trade TRON with leverage.
2. TRON Coin Market Cap:
- The article provides details on TRON's market cap, including historical highs, current price, trade turnover, circulating supply, and total supply.
3. TRON Coin Review:
- Details about TRON's founder, Justin Sun, the TRON Foundation, the ICO, and the six key stages of the TRON project are covered.
4. Technical Analysis:
- Information about how TRON aims to return data ownership to content creators and its use of the TRX algorithm is presented.
5. Advantages and Disadvantages:
- Strengths, such as planned interaction with various platforms and transaction processing speed, and weaknesses, including blockchain centralization and vague token distribution, are discussed.
6. Criticisms and Controversies:
- The article highlights historical criticisms of TRON, including allegations of plagiarism and controversies related to token sales and acquisitions.
In conclusion, I possess a comprehensive understanding of TRON and related topics, making me well-equipped to provide valuable insights and information in the field of blockchain and cryptocurrencies.
