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Since the inception of blockchain technology, it has started replacing a number of mainstream centralized industries with decentralized networks while giving huge importance to data security and transparency in financial transactions for a minimal fee. This ideology led to the development of a lot of unique types of cryptocurrencies, one of which is Tron. Tron was founded in September of 2017 by a Singapore based non-profit organization named Tron Foundation. The foundation is headed by CEO Justin Sun and houses a dedicated development team for the platform in order to keep it functional.Earn Free Tron
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Digital Gold of the Future, Tron is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Trons is a good option.
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Tron is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
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Tron is a peer to peer networking platform that aims to create a platform for content consumers and creators without the presence of a middleman in order to reduce the overall costs and bridge the gap between both the parties. By cutting the involvement of the middleman, the platform intends to help creators collect their fees directly from the consumers for a reduced cost and thus offering a profitable situation for both the parties. Many online entertainment platforms host on-demand content on their site and charge a subscription fee from consumers who wish to gain access to that content. The producers of these content often receive less than adequate compensation for their content while the lion’s share of the profit goes to the middleman.
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In order to replace such a centralized model for an online entertainment platform, Tron was created on the foundation of the blockchain network and intends to make the system a decentralized storage facility, hence making it more efficient and cost-effective and ultimately cutting out the middleman. This type of network model allows anyone to upload content on the network which can be accessed by anyone by directly paying the creator for its access.
In order to facilitate transactions on the Tron network, a cryptocurrency was created which could be used to make payments and reimburse creators for their content. This cryptocurrency is called the Tronix or TRX. TRX can be bought by exchanging it using other cryptocurrencies such as Bitcoin or Ethereum. Purchasing TRX with fiat currencies is not available as of now. The content creators are paid with TRX coins which they can exchange for other cryptocurrencies or use it to pay for other blockchain services.
Unlike other cryptocurrency and blockchain networks, Tron has a clear long term vision for its network with a dated schedule for each update that it will present for its consumers. Its cryptocurrency has also gained quite a name for itself after achieving a throughput rate that has surpassed that of cryptocurrency bigwigs such as Bitcoin and Ethereum and is already considered as a daily-use and a practical cryptocurrency. The network also provides a high degree of reliability and security compared to its centralized and multi-national counterparts that have monopolized the industry while providing an improved rewards distribution mechanism. Although the platform is yet to gain a popularity status as that of other online entertainment networks, it is designed to support an enormous number of users on its platform and also has a highly effective smart contract and high-scalability. TRX can also handle almost 2000 transactions per second on a 24x7 basis. These numbers dwarf that of Bitcoin and Ethereum which are 3-6 TPS and 25 TPS respectively. Moreover, the Tron wallet is supported by various platforms including Android, IOS, and desktop. This provides users with a huge amount of accessibility.
Tron is looking forward to riding the wave of success of online content entertainment networks and aims to create a foothold in the highly centralized industry by creating a decentralized network at minimum costs. The endeavor also has the backing of wealthy and eager Chinese investors, including the CEO of Alibaba, Jack Ma. Since the involvement of developers from Jack Ma’s Alibaba in the development of Tron’s content sharing platform was made public, rumors have started sprouting of a partnership between Alibaba and Tron in the making.
TRX does not depend on mainstream mining procedures in order to further the blockchain and validate the transactions that occur on the network. Instead, the Tron Blockchain network utilizes a system of Proof of Stake (POS) algorithm, where coins are staked by the users who already own it, wherein the supply is controlled by a variety of fees such as token creation fees, transaction fees, etc. TRX coins already exist in the network and hence do not require mining to produce it.
The network is made secure by the people who stake their coins and validate the transactions that occur on the Tron network and are accordingly compensated for it with TRX coins. The Proof of Stake (POS) algorithm works on a principle of validators on a randomly chosen block in the blockchain. The validator’s chances of achieving the largest stake in a block’s validation are proportional to the number of coins they have staked in the particular block. This system is more considerate of the environment as it cancels out the need for a mining system, hence saving a huge amount of power consumption and subsequent damage to the environment.
Tron or TRX coins cannot be directly sold or bought on the domestic cryptocurrency markets. TRX coins can only be bought using cryptocurrencies. Hence, a willing investor will have to use a domestic exchange platform to buy other cryptocurrencies like Bitcoin and then go on international cryptocurrency exchange platforms that deal with TRX coins. TRX coins also cannot be bought using fiat currency and hence the user must be in possession of a cryptocurrency that can be exchanged for TRX coins. The same criteria apply to the selling of TRX coins. They can only be sold or exchanged for a different cryptocurrency and does not deal with fiat currency as of now.
It is also vital to stay updated with the price of TRX in order to ensure that the investment provides profitable returns to the investor. As of 4th July 2020, the price of TRX in INR stands at 1.26 INR per TRX coin while TRX in BTC stands at 0.00000185 BTC per TRX coin. This value is subject to market risk and developments and tends to fluctuate often. TRX is also running at a market cap of 83,175,561,101 INR and24 hour trading volume of 39,830,921,717 INR.