Tron (TRX) is the native crypto token used to support transactions and incentivize content creators and users of the Tron platform. The Tron platform is a decentralized blockchain platform that aims to build a free, global digital content entertainment system. It allows users to publish, store, and own data, and enables them to receive rewards for content creation.
How Does TRX Work?
TRX is built on blockchain technology, which is a distributed public ledger (a digital record of transactions) enforced by a distributed network of computers. All transactions occur independently on the blockchain network. The tasks to manage and maintain TRX occur across the distributed network of computers. Because of this, there is no need for the authority of a central bank.
What is Tron (TRX) used for?
1. Content Distribution: TRON enables content creators to publish, store, and own their digital content, allowing for a more direct and transparent distribution of content without the need for intermediaries.
2. Gaming and Gambling: TRON provides a decentralized platform for gaming and gambling, offering a secure and transparent environment for players and developers.
3. Decentralized Exchanges: TRON’s blockchain provides a platform for decentralized exchanges, allowing users to trade assets and assets without the need for intermediaries.
4. Crowdfunding and Fundraising: TRON’s smart contract functionality enables developers to create decentralized fundraising platforms, allowing individuals and organizations to raise funds for various projects and initiatives.
5. Token Issuance and Management: TRON allows developers to issue and manage their own custom tokens, enabling various use cases such as rewards programs, loyalty programs, and more.
History of Tron (TRX)
TRX was founded by Justin Sun in 2018 after the launch of the TRON Foundation in 2017. It was released at an ICO of $0.0019. The TRON Foundation raised $70 million in 2017 through an initial coin offering (ICO). Following the fundraising, in March 2018, it would launch its testnet, Blockchain Explorer, and Web Wallet. The TRON Mainnet then launched in May 2018.
Pros and Cons of Tron (TRX)
Decentralized: In the traditional banking system, a bank can decide to freeze your account and seize your assets at any moment. Your identity is also tied to any transaction you make with your bank card. As long as you hold your crypto on a decentralized exchange (DEX) or hardware wallet, it cannot be seized because it is in your custody.
No middleman: Tron eliminates the need for middlemen by using decentralized, peer-to-peer networks to facilitate transactions. These networks use distributed nodes to verify transactions, without the need for a central authority or intermediary.
Faster, cheaper transactions: Thanks to their blockchain technology, cryptocurrencies such as Tron enable users to make local and global money transfers much quicker than using a bank. TransferringTron is also a lot cheaper than bank transfers.
Opportunities for big gains from investments: The crypto market cap (total value) has skyrocketed over the past decade, with its quickest growth in 2021 when it reached $3 trillion. Many crypto stocks are priced below $1 when they are first released and have the potential to increase to hundreds or thousands of dollars like Bitcoin or Ethereum. Tron had an initial coin offering (ICO) price of $0.0019.
Not completely anonymous: A big claim of cryptocurrency is that it is anonymous, so transactions cannot be traced back to your identity. Unfortunately, this is not accurate. Crypto is actually pseudonymous. Your crypto transactions are documented on a public ledger, so it is possible for anyone to trace the trail of the transactions back to you.
Prone to hackers: Because of the earning potential that comes from holding coins like Tron, crypto wallets and exchanges are often targeted by cybercriminals who want a piece of the pie.
Volatility: It’s very common to suffer financial losses with cryptocurrency because they do not have a stable price. For example, you could buy a crypto coin at $19 one day only for the price to drop to $10 the next day.
Lack of user protection: Tron transactions are irreversible, so there is no way to reverse or cancel a transaction once it has been completed.
Where To Buy Tron (TRX)
You can trade Tron on major crypto exchange platforms. You are able to buy, sell or use the token for trading on both centralized and decentralized exchanges.
3. Huobi Global
Before buying cryptocurrency, it is important for users to know the risks involved. Because centralized exchanges hold your private keys, you are at risk of losing access to your assets if there is a hack. Holding your cryptocurrency in your own hardware crypto wallet is recommended, but you put yourself at risk of losing your assets forever if you lose your private key or are targeted by hackers unknowingly. In any case, it’s important to do your research before investing in any crypto project; this article is for guidance only and should not be seen as investment advice.
Current supply: 91,813,518,626 TRX
Max supply: Unavailable
TRX Developer Engagement
The Tron Foundation has access to a large pool of funds dedicated specifically to funding developmental projects.
TRX Network Speed
Transaction Time: 1 minute
Tron funds are rather centralized as the foundation owns 33% of the total TRX supply.