What is Tron (TRX)?
Tronix (TRX) is the official currency of TRON, which aims to be a decentralized entertainment content sharing platform eventually leveraging blockchain and peer-to-peer (p2p) network technology. Founded by a non-profit Singapore-based foundation, the Tron Foundation seeks to tackle the global entertainment industry – currently valued at $1 trillion. Buy Tron (TRX) in India with BuyBitcoin now. Buy Tron (TRX) India.
According to its whitepaper, “TRON’s team members are followers of Sir Tim Berners-Lee, who are convinced that protocol, from the moment of its invention, is an asset for human beings, rather than a profit-making tool for small groups.” Tim Berners-Lee is the founder of the World Wide Web.
TRON’s open, decentralized platform and distributed storage technology will allow creators of digital content to cut out middlemen such as the Apple Store and Google Play Store. Content producers will thus be able to obtain funds directly from consumers.
Key features of TRON
- TRON wants to “Heal the Internet” through the following features:
- Data liberation: free and uncontrolled data
- Enabling content ecosystem where users can obtain digital assets from content spreading
- Personal ICO with the ability to distribute digital assets
- Infrastructure to allow distributed digital assets exchange (such as games) and market forecasting.
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Economic Gain: TRON 20 Token and TRON Power (TP)
The Tron 20 Token will hold value and allow individual content owners to make custom tokens on the platform, similar to the cryptocurrency Waves. It should be noted that the TRON 20 Token is not the same as Tronix, which is the medium of exchange on the platform.
With the company seeking long-term investment and pushing away those investors looking to make a quick profit, the TRX token themselves will be able to be locked away to gain TP. Doing so will give users upward mobility in the ecosystem with power moves such as voting rights and higher status. The longer your tokens are locked away, the more TP TRON will reward you.
How Does TRX Work?
This is a long-term project with a set of phases beginning with Exodus in 2017 and ultimately leading to Eternity in 2023. Below are the key features of each stage.
Exodus: The free platform for peer to peer distribution, storage, and content.
Odyssey: Economic incentives put in place to encourage content creation and empowerment
Great Voyage: Individual ICO capabilities
Apollo: Ability for content producers to issue personal tokens (TRON 20 Token)
Steps 5 and 6 both look to further the ability to decentralize the gaming industry. They allow developers to build gaming platforms freely and then achieve monetary incentives upon establishment of said games.
The date of ICO for TRX was between August 3, 2017, and August 24, 2017.
CEO and founder of TRON, Justin Sun, is often said to be “the next Jack Ma”, the founder of Alibaba. Sun holds an extremely impressive resume at just 27:
- A graduate of the University of Pennsylvania
- 2015 Forbes China 30 under 30
- 2017 Forbes Asia 30 under 30
- founder of Peiwo APP (China’s Snapchat)
- an attendee of Hupan University founded by Jack Ma
- a former chief representative of Ripple China.
Aside from Sun, the team includes other key players. CTO Lucien Chen is a former employee of Alibaba with extensive experience working with first-tier internet companies such as Netease, Qihoo 360, and Tencent.
TRON is already well supported by top Chinese developers on its team yet is continually expanding its employee base with members with veteran technical expertise such as Maorong Lin and Xiadong Xie. Together, the two employees bring years of technical development experience in the entertainment industry and internet commerce.
TRON is backed by notable members of the Chinese business community such as Hitters Xu (founder of Nebulas), Tang Binsen (founder of mobile game Clash of Kings), Xue Manzi (famous Chinese angel investor), Chaoyong Wang (founder of China Equity Group with $2 billion market value), Dai Wei (CEO of OFO bike), Huobi.com, and many more.
Furthermore, TRON is in the process of transferring TRX onto the Peiwo APP. This would give its 10 million users the ability to exchange the token back and forth.
While TRON will support all kinds of virtual currencies, TRX will be the official one. With this, all other currencies will have to be converted through TRX.
TRX Trading History
Since its relatively new release in late September of 2017, TRX has experienced sharp price increases. Starting 3 months ago at around .002 cents, at this moment it is roughly .045 on December 19, 2017, a 22.5 fold increase or approximately 2150% increase. Altcoins are currently drawing attention from investors looking to gain access to more affordable currencies, which could explain the sudden price increase.
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