What is Tron(TRX)
TRONIX is a digital cash based on a decentralized entertainment platform that is called Tron. This platform is a some kind of the next-generation social media whose main goal is to let users create and share content with anyone, anywhere in the world.
TRONIX (or TRX) is the official name. Still, it is often referred as Tron too. People got used to call it after the platform it was initially created for.
TRONIX, as a token, was launched in 2017, The initial coin offering was completed by September 2017. Three years later TRONIX has a total market cap of more than $1 billion.
Currently, the Tron platform is one of the leaders in that some specialists refer to as the third web. The third web supporters believe that the internet should be an open decentralized network. The network that is not controlled by Amazon, Facebook, Google, or any other corporation. TRON tries to weaken this control by returning the ownership of the data back to the content creators.
At the founding, the TRON white paper proposed that “TRON’s team members are followers of Sir Tim Berners-Lee (the World Wide Web inventor), 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.” So, consumers pay money directly to creators, not agents or middlemen like App Store, Steam, or Google Play.
Justin Sun, a 29 years old head of Tron, is also a new breed of businessmen. He was once named by Chinese state media as “the face of China’s millennial entrepreneurs”. His posts provoke and thrill fans of the platform and other interested persons and communities.
15th October Justin has made yet another announcement replying to the question from a Tron fan. His tweet does not contain any clues what he is talking about. Still, there are a lot of rumors. The biggest rumor so far is that Tron will collaborate with Samsung in the near future! Samsung is not the first corporation to become partners with Tron. The largest bike-sharing company in Southeast Asia (oBike) launched its own token within the Tron platform. Other major partners are Bitmain (huge semiconductor producer), Zag-S&W (international law firm), and Beijing University of Posts and Telecommunications.
Besides all mentioned, Tron has delivered a great series of achievements so far, including:
- Launch of MainNet on May 2018
- Achievement of the network independence on June 2018
- Launch of TRON Virtual Machine on August 2018
Where can TRONIX be used?
Tronix is the basic unit of accounts on the Tron platform. It is the currency the Tron platform uses to pay you for your content. Consumers can bet with the Tron token in gambling apps and receive tokens as winnings too. Creators can get coins from content consumers, then exchange them to other cryptocurrencies or pay for blockchain services.
The platform shows the biggest interest in long-term investments. So, the TRONIX token can be locked away to gain Tron Power (TP). Tron Power secured by locked tokens give users priority and upward mobility in the ecosystem such as voting rights and higher status. The longer your tokens are locked away, the more Tron Power you get.
But do not think that TRONIX is useless outside the platform. TRONIX is based on the ERC20 Ethereum Standard, so it can be stored on most cryptocurrency wallets that support ERC20 tokens and exchanged for other cryptocurrencies like ETH or BTC. You can even make payments on Pornhub using TRONIX.
The apogee of glory
Tronix once had a market value of about $1.6 billion which made it the ninth largest virtual coin. On December 2017, Justin Sun announced that up to $34.2 billion tokens have been locked until January 2020. Analysts often believe that the lockup of tokens will increase the value of tokens. So, the highest value peak may be still ahead for TRONIX.
Pros and cons
The main TRONIX advantages are:
- Safety. The reputation around the Tron platform has been pretty neat so far. Tron developers seem to prioritize security. For example, Jorge Guo is a new hire in Tron. He is famous for his work as a security specialist in Google, Qualcomm, and Huawei.
- Anonymity. TRONIX is based on zero-knowledge proof technology, hides send and recipient addresses and transfer amount. Uncontrolled content, including characters, images, audio, and video, can be freely uploaded, saved, and distributed.
- Scalability. From a developer's perspective, the Tron platform is peculiar too. It is built in such a way that allows the use of any high-level language for smart contracts. This means developers can use whichever programming language they prefer to build on top of the open-software design.
Of course, the platform levels of privacy and anonymity can be abused. A $30 million Chinese Ponzi scheme, well-known as “Wave Field Super Community” that was launched in January 2019 shut down unexpectedly on June 30 and left investors without their capital. So, do not lose your head!
Justin Sun paid $4.5 million for the charity lunch with Warren Buffett who is considered one of the most successful investors in the world. Buffett's famous rule states: “never invest in a business that you cannot understand.” That is why he did not invest in tech companies until he took a stake in IBM in 2011. “Buffett’s investment philosophy is to buy things at a price cheaper than their actual value, so they will have room to appreciate. Whereas, it’s the opposite case for ‘air coin’ (a term invoked by Chinese investors skeptical of the hype around cryptocurrency)” said Shen Meng, founder of the Taiwan-based blockchain firm, commenting on the Justin Sun’s lunch with Warren Buffet. Justin Sun himself stated that the main goal of the lunch is to persuade Warren to start investing in cryptocurrencies.
Justin Sun is a self-proclaimed protege of Jack Ma (Alibaba Group founder). The first post on the Justin Sun’s Instagram shows him with Ma. "Inspired by the best to shape the future for the better," the caption states.
In 2018, Justin Sun bought BitTorrent, the file-sharing company, which he plans to integrate with the Tron platform. TechCrunch reports the price was close to $126 million.
The Justin Sun’s motive is not entirely clear. BitTorrent is an open source project, so the technology is not the point. BitTorrent also announced that all the company services continue functioning as is. Some specialists are convinced that Tron has bought the largest peer-to-peer network for its user base. BitTorrent has more than 100 million active users. In the long run, some of these users will definitely pay attention to the Tron network.
How to get TRONIX?
You cannot mine TRONIX but it’s possible to get it on the Tron platform. If you already have another cryptocurrency and want to exchange it to TRONIX you can always do it using StealthEX. Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to TRX.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Congratulations, you are the proud owner of TRON now!