Let’s talk money. While we talk about money, let’s forget the table that ranks cryptocurrencies and tokens. We’re going to talk about Tron, a cryptocurrency that has come into existence recently but has made it top 15 on the table and shown tremendous growth percentage.
In this article, we will be talking everything a beginner should know about Tron and what makes it so special. Without further ado, let’s get going.
What is Tronix (TRX)?
Tronix (TRX) is a cryptocurrency of the blockchain-based entertainment content sharing platform, TRON. This is a decentralized platform pushing the blockchain at work and peer to peer network technology.
Tron is funded and founded by a Singapore based entertainment foundation and the company aims to change the entertainment industry that is worth a trillion dollars.
Digital content creators have been reliant on middlemen to serve their content to the consumers. With tron making it to the market, its no more the case. Tron being a decentralized distributed storage & open source platform allows content creators to cut through the middlemen like Google Play Store, Apple store, iTunes etc and directly get in front of their target consumers. Similar to what soundcloud have done to music lovers and producers.
Furthermore, the user data has been centralized in big shots like Google, Facebook, Amazon, Snapchat or any digital media platfroms for that matter. TRON is aiming to bring the content creators to the front seat and power their presence online.
TRON aims to heal the internet and eliminate the decision makers from the picture. This will bring the content creators to the power. Top features that will change the entertainment industy are:
- The data on the platform is liberated and is totally free for consumers
- Personal ICO for content creators who can make use of it and fund their content production
- The decentralized distributed data storage will help the ecosystem efficiently manage the space
Monetary value of TRON 20 token and TRON Power (TP)
The TRON 20 token will have the monetary value that will allow the content creators to make their own token on the platform and manage their content creation expenses. You’d wanna note one fact that TRON 20 token is different from Tronix, which turns out to be the medium of exchange on its platform.
On the flip side, the company is planning to keep the investors engaged for long. Therefore, this platform isn’t for those who are looking for quick buck. Furthermore, the TRX token will be locking itself so that you will more TP and hence more monetary benefits. The longr an investor holds the token in the ecosystem, the more TP TRON will help you reap more profits.
How Does TRX Work?
The development of the whole ecosystem is planned in phases from 2017 to 2023. Where the first phase, in 2017 is named Exodus (not to be confused with the exchange platform) and the final phase in 2023 is named Eternity. Here’s what each of the phases will have:
Exodus: Exodus will have peer to peer distributed storage and content that will be available to everyone on the platform.
Odyssey: Insentivisation to promote content creation on the platform is the most important phase for the company. It’s this phase that will make or break the platform as a company.
Great Voyage: This phase will implement individual ICO for the content creators. This ICO will ensure that the content creators never run out of funds to keep the platform busy by creating more content.
Apollo: This phase will ensure that the ICO is taken to next level of issuing personal tokens, i.e. TRON 20 token.
Phase 5 & 6 include the developers to build games for which they will be paid upon establishment of the game. These phases haven’t been named yet and it will require a bit of work from the company’s end. Till then, the Exodus phase is here to give you a gist of what the whole platform is going to be.
That being said, let us share more details on these phases so that you will understand what exactly you are getting into.
More details about TRON
TRON has been very ambitious about the platform they are building. They are very aspirant and have been closely working to finalize the whole development as planned over the course of 8–10 years. Sure, this doesn’t mean that the platform will not be available till then. As mentioned earlier, they’ve fabricated the whole architecture in phases and these phases will be functional as and when they’re released.
Having said that, let us look at more details of the phases TRON has planned.
Exodus
As of this phase, the company is aiming to provide simple distributed storage solution for the users. This phase doesn’t have blockchain implemented yet as the storage is already distributed. The company says, it will truly turn into a blockchain platform in second phase as the content creators will have incentive reaching them. These incentives will be sent through blockchain, making it fast, secure and fee-free.
Odyssey
This phase will be adopting incentive for the content creators and also for the consumers. Getting paid to consume the content on TRON, to be exact. This phase will have blockchain implemented as proof of stake.
For the content creators, the incentive will be depening on the tipping system and not on views and clicks. Needless to say, that there are bots that can do this and fool the system, hence lose a ton of money on views and clicks generated by the bots.
The consumers who find the content useful and wannt tip will be able to do that with help of in-built payment system. The users will be paying in TRX using payment channels like µRaiden. However, this will require TRX account to make the payments on the platform. This makes it quite obvious that the company is aiming to retain users and not just establish as a cryptocurrency or blockchain powered company. If you don’t hold TRX, you cannot tip the content creators.
Great Voyage & Apollo
The 3rdand 4thphase of the whole development plan is scheduled to let the content creators offer tokens of their personal brand. This will be made possible by individual ICO’s of the content creators. And this phase will already have the blockchain application platform in place to support the ICO’s and other decentralized operations.
Furthermore, TRON is similar to Ethereum in terms of smart contracts and system congestion. It has a complete language for smart contract and just like Ethereum, TRON too will slow down due to custom ICO’s on the platform by the content creators.
As a result of this the system will not be able to address all the transactions and hence the price of TRON tokens will be affected. Furthermore, the whitepaper of TRON has no where mentioned about how the network will handle Cyber attacks on the exchange platform. However, there are mentions of decentralized exchange platform to mitigate the threats TRON token has.
Star Trek
As the name suggests, this phase of the platform will have gaming experience and decentralized forecasting. There are no updates on this as of now other than this. But this update is more than enough for us to be excited about it.
Eternity
The final phase will be the golden goose for the company. It will enable the monetization plans and fundraise for TRON. The main idea of having monetization and fundraise is in the final stage is that it by the end of this phase, the TRON community will be massive. Even if a small percentage of the community would be enough to churn profit to begin with.
Frequently asked questions
Where can I buy TRX?
For now, TRX can be bought from Liqui or Binance and trade for ETH or BTC. Binance is one of the most trusted exchange platforms in the cryptoverse.
Where can I store TRX?
If you want to use hardware wallets both Ledger Nano S or Trezor will support TRX. Since TRX is basically Ethereum based blockchain application, any wallet supporting Ethereum blockchain will do.
What is the future of TRON?
Though it is too early for us to predict the future, here are some cool features that can help you predict the future of TRON yourself.
- Users are able to reduce costs, enjoy convenience, and build fortunes by using different DApp functions deployed in TRON.
- Developers have a vast range of rights including deploying DApp in TRON net, expanding business and gaining traction as influencers and thought-leaders.
- Network witnesses demonstrate support for TRON and its abundant returns.
- Everyone will devote their energy to the construction of the TRON ecosystem, and will benefit from helping to build TRON regardless of their role as users, developers or TRON network witnesses.
If I can’t transfer TRX through an exchange in time, will I lose the funds?
You don’t have to worry about this, there will be an in-house exchange supporting the permanent transfer/migration. There will be regular migration at regular interval of time, if you miss one, you can wait for the next to come.
Is there any other way, like a third-party exchange platform to migrate TRX funds?
For security reasons, TRON has only one way of migration. This is to avoid risk of losing funds of the users. This is not an inability of TRON, in fact it is the security measure till they come up with decentralized exchange platform in future.
What are Super Representatives? How can I find a SR and know their company or personal network?
The 27 Super Representatives are the bookkeepers on TRON network. They are responsible for the verification and packing of all transaction data broadcasted on the network. Background information of the SRs are posted on TRON network for public access, and the most convenient way to check out the list of SRs and their information is by using TRON’s Blockchain explorer.
Final thought on TRON
Since the lauch has been exact one year ago, it will be really exciting to see how this platform grows. Furthermore, it will be interesting to see what this platform grows into, as we have seen with Bitcoin that it was never invented to be a cryptocurrency.
No doubt about the big influential names backing TRON from chinese market, but TRON has a very strong development team that make things happen. Like Ethereum, TRON as a platform has a similar texture. But unlike ethereum, it has plans of giving unlimited funding to the investors.
Coming years are going to really crucial for the company and with the kind of development team they have, it’s going to be both tough and exciting to get through the phases of development. Thanks for the ICO’s, we are well aware of these amazing blockchain based digital assets. And if you are planning to invest in this cryptocurrency, make sure you research well and closely watch its market fluctuation and price changes. We’re sure we have helped you understand TRON in detail. Feel free to share this pose in your social media and make other aware about it.
Originally published at http://www.bitfolio.org/what-is-tron.