What Is TRON Coin (TRX) & How It Works: Full Review Of 2023

Among countless cryptocurrency projects, TRON stands out as a decentralized Blockchain network that helps users unleash their creativity and share content with high profits. Instead of competing with big companies like Ethereum, and Cardano, TRON chose to go into the niche market, conquering customers in the most appropriate and attractive way. Whoever you are, wherever you are, TRON helps you participate in the network efficiently and securely. Let’s explore the potential of the TRON (TRX) project with Covemarkets right below!

What is TRON (TRX)?

TRON is an open-source blockchain technology that can be used to create decentralized applications and operate smart contracts (dApps). It shares many of Ethereum’s functionalities, and it was once a token produced on Ethereum before moving to its network.

Since its inception, TRON has established a sizable ecosystem of dApps and other projects. However, it’s also contentious, with detractors alleging that it copied code and that the CEO of TRON profited from bitcoin pump-and-dump frauds.

Background of TRON

Since the mainnet’s debut in May 2018, the TRON network, which was founded in September 2017 by H.E. Justin Sun has maintained a stellar performance.

In July 2018, TRON purchased and incorporated BitTorrent, a pioneer in decentralized services with close to 100 million monthly active users. Additionally, TRON has the greatest global circulating quantity of stablecoins after surpassing Tether (USDT) on Ethereum in April 2021.

In December 2021, the TRON network was fully decentralized and transitioned to a decentralized automated organization (DAO) with community governance.

TRONIX, a mainnet token built on the TRON Protocol, has been made available by the TRON Foundation, also known as TRX. The basic unit of accounting on the TRON blockchain is the TRX token, from which all other currencies derive their value. Other tokens include NFTs, USD Coin (USDC), Tether (USDT), JUSTt (JST), and BitTorrent (BTT).

Naturally, TRX serves as the primary medium of trade for all TRC-based tokens. TRX integrates the whole TRON ecosystem with a variety of application scenarios that power transactions and applications on the chain.

How Does TRON Work?

A core layer, storage layer, and application layer comprise the three layers of the TRON architecture. These three layers function as follows:

The blockchain’s core layer handles all of the essential fundamental operations. This covers handling accounts, reading smart contracts, and validating transactions. It employs the Solidity smart contract language, designed for Ethereum initially.
The storage layer handles complex data storage. State storage and blockchain storage are separate categories.
dApps and bespoke wallets are created by developers using the application layer. Since TRON allows smart contracts, a wide variety of applications can be developed.

TRON employs a delegated proof-of-stake consensus method, a variant on the proof-of-stake paradigm, to verify transactions. The proof-of-stake model, which has gained popularity and is more energy-efficient than the initial proof-of-work model used by Bitcoin.

What Problems Does TRON Solve?

TRON solves the problem of slow transaction speeds and high fees associated with traditional financial institutions. TRON also allows users to control their own data, which gives them more control over their personal information.

The TRON Team

Justin Sun, the co-founder of Ripple and Peiwo App, graduated with a master’s degree from the University of Pennsylvania. He came to Ripple from the early days as a representative in China and was voted Top Forbes 30 in 2015.
Lucien Chen: Technical Director. Lucien is a valuable asset to our team with many years of experience in Big Data, BT systems, CTR, DMP, and algorithms related to advertising activities.
Keelson Yang: Head of Engineering. With a degree from Tsinghua University and 15 years of experience in telecommunications infrastructure, Keelson is a highly qualified leader for our engineering team.
Charles Zhang, Operations Supervisor and founder of Elegance Space, was the head of the company’s Chicago branch and the vice president of the TRON Foundation. He was instrumental in developing the TRON coin, a non-profit operating system, and helping it avoid legal troubles in the future.

Partnerships

There are numerous significant alliances and acquisitions with TRON. A handful of TRON’s biggest collaborators are listed below:

For blockchain projects, TRON has worked with Samsung. Additionally, it has been connected with Samsung Blockchain Keystore so that TRX coins can be received via Samsung phones’ built-in blockchain wallets.
According to TechCrunch, TRON paid $140 million to acquire BitTorrent in 2018. On the TRON blockchain, it subsequently developed the BTT coin and the BitTorrent ecosystem.
2019 saw TRON make an investment in Poloniex, a cryptocurrency exchange. When trading fees are paid in TRX, Poloniex provides a discount. Additionally, TRXMarket, TRON’s decentralized exchange, was purchased.
TRON support was enabled to Opera’s built-in cryptocurrency wallet for desktop and mobile web browsers in 2019.

What Is TRON Token?

TRX (or Tronix) is the official cryptocurrency operating in the TRON Blockchain platform. Initially, TRX was built on top of Ethereum according to the ERC-20 standard. On May 31, 2018, TRON officially completed the Mainnet. From there, TRX was moved to run on the TRON Blockchain.

Basic Information About TRON

Ticker: TRX
Blockchain: TRON
Contract: 0x85eac5ac2f758618dfa09bdbe0cf174e7d574d5b
Token Standard: TRC10, TRC20.
Token Type: Utility, Governace.
Total Supply: 92,403,524,492 TRX
Circulating Supply: 92.40B TRX.

Token Allocation

Initially, Tron’s genesis block was 100 billion coins and was allocated by the team as follows:

40% of TRX coins are sold in the Public Sale round.
25.75% TRX coins sold through Private Sale.
34.25% TRX coin is held by Team & Foundation.

Token Sale

TRON Foundation decided to sell a large portion of the total TRX coin supply through two rounds of private sale and public ICO. The private sale began on January 8, 2017, with a selling price of 1 ETH = 1,025,000 TRX. TRON sold 25,750,000,000 TRX coins and raised 25,122 ETH (~$7,725,000) during this round.

TRON’s public sale will take place 7 months after the end of the private sale round. On August 30, 2017, TRON will offer up to 40 billion TRX coins for sale at $0.0015 per coin. As a result, TRON could raise up to $60 million from this round.

Price of TRON Today

24-hour trading volume of $402,345,256 USD
TRON price is $0.070038 USD.
Market cap of $6,471,727,763 USD, CoinMarketCap currently ranks 16th. There are 92,403,531,864 TRX coins in circulation, and the maximum supply is not known.

What is TRX Used For?

The Tron network is powered by the TRX currency. One of the most popular uses for this technology is to create social platforms that directly reward users for content creation and curation. TRX is also used for speculative purposes.

How to Buy TRX Tokens?

TRON isn’t widely available in the United States, where most of the biggest exchanges don’t offer it. However, there are a few places where U.S. investors can buy TRON.

Binance
Kucoin
FTX
Kraken

If you’re interested in staking TRON, you may want to go with Kraken or eToro, as they both have built-in staking available. FTX.US doesn’t have this feature, but you can still buy TRON on that exchange and then stake it yourself through a crypto wallet.

TRON is a project that appears to have operated right on the fringes of what’s legal. For those thinking about investing, it’s all a matter of whether the project’s potential makes up for the risk involved.

How to Store TRON Coins?

TRON coin is a cryptocurrency that can be stored in any wallet that supports the ERC20 standard. There are many different wallets available for storing TRON coins, and each has its own advantages and disadvantages. Popular wallets storing TRON coins include MyEtherWallet, MetaMask, and Trust Wallet.

Goals of TRON

The main goal of TRON is to develop a decentralized internet that allows easy and free sharing of digital content. The developers believe that the current internet is too centralized and controlled by a few giant corporations. They want to create an internet that is more open and free.

To achieve this goal, TRON has developed its own blockchain platform. The platform will allow developers to create decentralized applications (dApps). These dApps will be hosted on the TRON network and will be available to everyone.

TRON also plans to launch its own cryptocurrency, called TRX. The currency will be used to power the TRON network and will be used to pay for transaction fees.

Prospect Of TRX

TRON’s core values have always been about giving users ownership of their data and decentralizing the internet.

This was suggested by Tim Berners-Lee at the time the internet was born. Contributors and the TRON ecosystem will enjoy profits according to the specified rate. A value network has a greater advantage that can digitally leverage anything on social media.

The quantitative value of all donations must be equal. Excellent content and interest have the same quantified worth of capital delivered in terms of participant time invested.

TRON’s main objective is to serve the general population. TRON is an ecosystem maintained by a non-profit that primarily serves entertainment fans’ needs worldwide. Its success will benefit all TRON members.

Instead of using money to reward others and control them, content should emerge from individuals. Instead of being a consumer capitalist without content, the cultural and creative industries need to rely on content creators, artists, and writers who are dedicated to producing high-quality art and material.

FAQs

How to earn TRON tokens?

There are a few ways to earn TRON tokens. One way is to buy them on an exchange. Another way is to participate in TRON’s airdrop program.

Should you invest in TRON?

TRON has seen strong growth since its launch, providing users with a space to create and develop diverse, safe and profitable content. With a clear development roadmap and a professional management team, TRON is poised for future success. Carefully research to make your own decision.

Is investing in TRX risky?

There is always some risk involved in investing, but TRX is a relatively new cryptocurrency so there is more risk involved than with some other more established coins.

Why is TRX popular?

There are a few reasons for TRX’s popularity:

Ease of use: TRX is easy to set up and use, even for beginners.
Portability: TRX is lightweight and portable, making it ideal for travel or home workouts.
Versatility: TRX can be used for a wide variety of exercises, making it a versatile workout tool.
Durability: TRX is built to last, with high-quality materials and construction.

Is it the right time to buy TRX ?

Predictions for the cryptocurrency market are notoriously difficult to make due to the market’s volatility. Even short-term predictions are often inaccurate, making long-term forecasts even more challenging. This is why analysts and online forecasting sites still frequently get it wrong.

What can I buy with TRON?

You can buy a variety of things with TRON, including games, apps, and other digital content.

How is TRON different from other blockchain projects?

First, TRON is focused on creating a decentralized internet. Most other cryptocurrencies are focused on other things, such as payments or smart contracts.
Second, TRON has its own blockchain platform. This platform will allow developers to create decentralized applications. Most other cryptocurrencies do not have their own blockchain platforms.
Third, TRON plans to launch its own cryptocurrency, called TRX. TRX will be used to power the TRON.

Can I convert TRX coins to other currencies?

Yes, you can convert TRX coins to other currencies like BTC, ETH, LINK, BNB, BUSD, USDT, ADA, SOL, FTM, DOT, etc.

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How can I find more information about TRON?

There are many ways to find more information about TRON. The official website for TRON is https://tron.network/. The website includes a variety of resources, including a white paper, a blog, and a forum. In addition, there are many active TRON communities on social media, such as Reddit, Twitter, and Telegram.

Conclusion

TRON’s recent slowdown in development speed has caused the price of its TRX token to plummet. At the same time, the controversy surrounding founder Justin Sun has caused many TRX holders to lose faith in the project. This is reflected in the current price of TRX.

Do you think TRX will make a comeback when the market turns around? Or will it sink along with the despair of its holders? Please leave your comments below the article, and I will discuss TRX with you further.

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.

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