What is Tron [TRX]? Everything You Need to Know
Tron [TRX] is a blockchain-based decentralized platform founded by Justin Sun. Tron’s seeking to build a free, content entertainment ecosystem. The system being built will use distributed storage technology, which will allow cost-effective sharing of digital content. The project was founded by the Tron Foundation, a Singapore-based non-profit, back in 2017.
Tron uses features of both the blockchain and peer-to-peer (P2P) network technology to bridge the gap between consumers and content creators by eliminating the middleman. The Tron project seeks to remove the middleman from a number of transactions within the entertainment and social media platforms. Popular and content heavy websites such as Youtube make hosting a media project an extremely difficult and costly process. Tron’s technology to remove the middle parties such as the Apple and Amazon stores gives creators the ability to control who gets access to their content and how much to charge without the additional fees the stores charge.
One example of a centralized digital entertainment platform is Netflix. Netflix’s customers pay a fixed monthly fee to Netflix to watch on-demand movies and television shows. These shows are produced by media companies and the content is hosted on the Netflix’s platform. Netflix earns a percentage of the revenue by hosting the content and distributes the remainder to the producer.
Tron’s decentralized model differs from Netflix’s centralized platform because every content creator in the world can publish and host their digital content on the Tron blockchain. Tron’s global audience will be able to pay the content creators directly to access their content.
The Tron network uses its own ER20 cryptocurrency altcoin named Tronix (TRX). The TRX altcoin can be used by content consumers to pay for the content they want to view. The TRX altcoins earned will be deposited into the content producer’s wallet.
TRX currently has a circulating supply of 65,748,111,645 TRX and a total supply of 100,000,000,000 TRX. At the time of this writing, the market value of TRX is $2,454,436,181 USD.
Tron [TRX] may be purchased with cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) from exchanges such as Binance, Bit-Z and Huobi. The most popular exchange in the world is Coinbase. Users may sign up for a Coinbase account here.
Tron recently launched a test net to their first project named Exodus. Exodus is expected to conclude in December, 2018. Tron [TRX]’s main net was pushed up and is expected to launch on May 31, 2018.
With the advent of Tron Exodus, the TRX-based transaction fee cost will be the least expensive of any cryptocurrency. Transactions will only cost 0.0001 TRX which would mean that a $0.01 USD will give users 20,000 transactions on the Exodus network. Compared to BTC’s and ETH’s gas pricing, TRX clearly has an advantage.
Tron’s Exodus network will be able to handle 1000+ transactions per second. Most cryptocurrencies fail due to the low volume capacity of their networks.
One of the most exciting features of Exodus is the move off the Ethereum network. The multitude of ERC-20 tokens and coins on the market has grown at an incredible pace which has caused Ethereum’s network to slow down to a snail’s pace when companies such as Cryptokitties were overloading the network. New cryptocurrencies can be developed using the Exodus network which will help expand the use cases and utility of TRX.
Odyssey will be built between January 2019 to June 2020 and is focused on providing incentives for content creators. It seeks to reduce the fees that content creators pay when holding channels on centralized platforms like Apple’s App Store and The Google Play. Odyssey will monetarily incentivize the creation and hosting of content on Tron. Instead of the traditional ways of tracking clicks and views of the content being watched, the incentives on Odyssey will depend on user interaction and engagement of the content. It could potentially end up being a “tipping” plan, sort of like a reward on how good the content was perceived by the consumer.
After these two major developments are completed, there are still four more stages to be built to complete the full vision. The Great Voyage and Apollo are set to enable content creators to build their own personal brands and will give them the ability to issue their own individual initial coin offerings and even issue their own personal tokens. The later stages of the development seek to be centered around blockchain-based application platforms such as Ethereum, NEO, EOS, Lisk, and Cardano.
The full Tron ecosystem isn’t set to be fully completed until September, 2027.
Tron currently has 253 nodes running on 5 continents around the world and is rapidly expanding, before its main net launch.
Tron [TRX] is lead by its CEO, Justin Sun. Sun is often said to be the “Jack Ma” protege, who is the founder of Alibaba. At just 27 years of age, the tech entrepreneur has quite the resume. He graduated from the University of Pennsylvania, and in 2015 he was given the away for Forbes China 30 under 30. Last year Justin Sun passed that mark and received the 30 under 30 for all of Asia. Justin Sun is the founder of Peiwo APP, which is China’s version of SnapChat that currently has 10 million active users. Tron [TRX]’s Founder also was the chief representative of Ripple (XRP) China. The most recent achievement of Justin Sun was being the youngest graduate of Hupan University, which was founded by Jack Ma.
Tron’s team includes a number of key players. The Tron Foundation’s CTO, Lucien Chen, is a former employee of Alibaba and has countless experience with first-tier internet companies such as Tencent, Qihoo 360, and Netease. Tron’s development team has been at the forefront of importance since the companies ICO in late-2017. It is currently equipped with top-tier Chinese developers, and it is continually expanding. Many of Tron’s key leaders are all previous employees of Alibaba or have extensive technical experience. You can view the foundation’s growing team here.
If you’d like to stay up-to-date with Tron’s progress I suggest you follow Tron Lab’s Medium page, where the Tron Foundation supplies most of Tron’s progress. Updates to Tron are also published on the Tron Foundation’s Twitter page, as well as Justin Sun’s Twitter page, as well.
If you’ve been considering trading for TRX, now might be the perfect time to invest.
Featured Image: Forbes