Cryptocurrencies are here to stay, besides the rumors that they are a thing of the past. With over 21,000 crypto coins on the market, their popularity is increasing by the day as more and more crypto traders see the benefits and potential for profits. But, without any previous knowledge, it can be tough to know where to begin.
The following article focuses on the Tron Coin and everything you need to know about it. We’ll start with the very basics—what Tron is—and gradually move on to more in-depth topics, such as Tron’s potential, usage, and benefits. Let’s begin!
The Tron Foundation created Tron in 2017 as a decentralized digital blockchain platform. Its cryptocurrency is called Tronix (TRX). The goal of Tron is to be an entertainment system available globally that shares digital content cost-effectively. Since its launch in Asia, Tron has expanded globally and now boasts over 50 million accounts.
The Tron network uses peer-to-peer technology to connect content creators directly with consumers, without the need for a middleman. Software developers have the opportunity to use the Solidity programming language to create apps that run on the Tron platform.
The primary currency used on Tron is called Tronix, or TRX. People who use the network can utilize TRX to directly pay content creators for access to their applications. Unlike other networks, there are no transaction fees for content creators on Tron.
TRX transactions are also free of charge for users, and the crypto assets can be stored on the user’s desktop, mobile, or in a hardware wallet.
Tron and Ethereum Comparison
Some have compared the Tron network structure to that of Ethereum as they share some fundamental building blocks including decentralized applications (dApps), smart contracts, and tokens. Some people and experts share the opinion that Tron went too far by borrowing ideas from different platforms instead of creating its own.
It seems that Tronix and Ethereum may soon be competing in the cryptocurrency trading business. In less than one month, the supply of USD Coin (a cryptocurrency linked to the U.S. Dollar) being circulated on Tron surpassed $108 million. This could be interpreted as a possible indication that crypto investors are moving towards blockchains with cheaper transaction service fees and faster speed than Ethereum.
In 2021, Tron coin ranked itself 31st among crypto based on market capitalization. Its price was $0.0705, with a market cap of $4.66 billion. TRX stands at $0.053 at the time of writing this article.
Tron Usage and Benefits
One of the main advantages of using Tron crypto is that artists and content creators retain control over their digital creations. The platform grants you control over your data. With it, you can choose whether or not to disclose or monetize your data and lead the internet back to its original purpose.
Tron is at the forefront of a shift that some are calling web 3.0. This refers to using the internet in the way that it was originally intended—an open network that isn’t controlled by any one entity.
The internet began as a decentralized system, but during the dot-com bubble, it changed direction. Social media companies in Silicon Valley rewired the infrastructure they were given so that they could make money from user data. However, Tron will shift the power back to users in Web 3.0, so that they control their own data instead of corporations.
Tron is unique to developers because it is currently being created in a way that would permit the use of any high-level language for smart contracts. What this means for the future is that developers will be able to utilize whichever programming language they prefer when building on top of Tron’s open-software design.
Tron’s biggest product to date is crypto puppies. Merely days after the release of crypto kitties, Tron attempted to capitalize on the then-impending Chinese New Year of the Dog. Even now, Tron dogs are selling for $18 a pup. This is only one example of many successful products available via the Tron network.
Tron was created to defy the web-based media industry, including companies such as Amazon and Netflix. Its mission is to “decentralize the web” so that there is no corporate interference when users are trying to consume content. Furthering its success in the future depends on not only cryptocurrency advancements but also the quality of programming it offers its users.