TRON (TRX) Review – A Short History

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TRON (TRX) Review – A Short History

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TRON is a blockchain-based, decentralized protocol project with an internal TRX coin that aims to be a content distribution platform for the digital entertainment industry [1] . On June 2020, TRON’s team launched of its mainnet, in other words, its own proprietary blockchain, to which it migrated all the TRX (ERC-20) tokens that previously circulated on the Ethereum blockchain. This event is referred to as the TRON Independence Day.

TRON Foundation was established in September 2020 by current CEO Justin Sun. Its landing page describes the aim of the protocol as the construction of a global and free entertainment content ecosystem, in which creators have the power to freely publish, store, and own their content, interacting directly with consumers thanks to the decentralized issuance, circulation, and trading of digital assets [2] .

Project faced criticism for plagiarism in early 2020 because their whitepaper features open source code from Filecoin and IFPS whitepapers with no citation. Justin Sun has since responded that this was just a mistake made by volunteer translators. [3]

In March 2020 Justin Sun announced the purchase of decentralized apps store named CoinPlay.

Contents

TRON Review [ edit ]

Tron is designed to ultimately make entertainment content both easier to sell and cheaper to consume. In theory, this goal is achieved by putting the content on a blockchain and the creators and consumers in a network of peers, eliminating the middleman. [4]

The network has built a set of consensus mechanisms, which can use minimum cost to solve identification and personal credit issues in online transactions. It also uses point-to-point transactions to avoid traditional centralized settlement structure. The network can play the host role between users and developers, to ensure authenticity and compliance of info credit.

As explained in their website, the Protocol offers “scalable, high-availability and high-throughput support that underlies all the decentralized applications in the TRON ecosystem”. The network incentivizes users to build their own decentralized entertainment applications (Dapps).

Uniqueness [ edit ]

  • Data release: free and uncontrolled content, including characters, images, audio, and video, can be uploaded, saved and distributed.
  • The provision of content: digital assets to get through the delivery and distribution of content cost to stimulate the creation of environmental content.
  • Personal ICO: a person can freely distribute digital assets in the form of ICO, while others can enjoy the benefits and services caused by continuous data development by buying digital assets.
  • Infrastructure: with distributed digital assets will be equipped with a full set of decentralized infrastructures, including distributed exchange, offline games, prediction, and game system.

Technical analysis [ edit ]

Tronix TRX Coin [ edit ]

The network’s native token is the Tronix (TRX). Tronix can be used by content consumers to pay for the content they want to access on the network. These coins would then go to the content producers’ accounts, where they can be exchanged to other cryptocurrencies, or used to pay for blockchain services.

In February 2020, TRX was ranked 15th on the list of largest cryptocurrencies by market capitalization. (See also, Tron Surges: Ethereum Tops $1,000 As Bitcoin Price Falls.)

Tron Exchange [ edit ]

One can purchase Tronix on exchanges, such as Binance, OKEx, Huobi, Bittrex and etc. by exchanging them for other cryptocurrencies like ETH or BTC. Tronix (TRX) purchase with fiat currencies is not possible at present.

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TRON Wallet (Tronix) [ edit ]

TRX Coin is a cryptocurrency, which token is based on the ERC20 Ethereum Standard. Thus, TRON is unique enough and it can be stored on most cryptocurrency wallets that support ERC20 tokens. Before start working, it is important to review all the information about storage and choose the most suitable wallet. Actually, there are no official Tron wallets.

TRON (TRX) Price [ edit ]

The BitcoinWiki provides a relevant TRX Price and market capitalization of the project:

Tron TRX Coin – Roadmap [ edit ]

The road map is divided into six stages, each with its own name.

  • The outcome of the first step is considering the release of the data. At this point, the project provides users with a reliable and completely free platform that they can use to publish, store, or distribute data. It is designed to help users distribute and store data for distributed and peer-to-peer content.
  • The second stage, Odysseus, is dedicated to the expansion of rights to content. At this stage, the economic mechanism will become competitive due to the environmental content, empowerment, blocking technology and economic incentives. Users will get a fair return on the content they create and distribute, encouraging them to distribute the system [5] .
  • The third stage (Great Voyage), a personal ICO, looks at how blockchain-project solves major problems such as dividend payments, supporter management, and income measurement. It also helps to turn into “fan Finance” from “fan economy”.
  • Stage four, Apollo, focuses on the free movement of Tron value, allowing each content producer in the system to create their own tokens. To make this possible, the project must create a decentralized trading platform, which also enhances the economic viability of the system.
  • Next-the fifth stage, Star Trek, monetizing traffic. If in 2020 the global gaming market will be more than $ 450 billion, the project hopes to take advantage of these figures, creating a decentralized platform of online games. With the help of TRON, the developers are free to create this online gaming platform that allows you to predict the market functions and is a fully stand-alone game.
  • Finally, stage 6 (Eternity) transforms traffic by offering an online gaming platform. Developers will be able to freely create their own gaming platforms through TRON. With the help of the project, they can easily manage their game, allowing regular people to invest in games that they are interested in, and talk about the future of the gaming market [6] .

Criticism [ edit ]

Plagiarism in whitepaper. The whitepaper of the project appeared in English, Spanish and Russian translations in early January 2020. The document stated as foundational beliefs that the internet is not the free, decentralized territory it used to be, and that users should have a right to own and control their own data and to disclose information freely and voluntarily [7] .

The whitepaper was widely accused of plagiarizing Filecoin and IFPS whitepapers. [8] Vitalik Buterin, creator of Ethereum, pointed out the whitepaper’s plagiarism on Twitter on April 6th, 2020.

Justin Sun attributed the lack of citation to translation issues, saying “Our original version of the whitepaper is in Chinese and we have a very detailed reference to the latest Chinese version. The English, Korea, Japanese and Spanish versions are translated by the volunteers. The translation missed numerous important details not just reference” [3] The latest coin news is available on the special resources.

Perspectives [ edit ]

TRX reached its highest market price at $0.30 on January 5th, 2020. Tron’s market cap peaked at $19.7 billion on the same date. It has fluctuated between 1.5 billion and 3.5 billion between February and April 2020.

The digital entertainment market is estimated at about 1 trillion U.S. dollars, of which most part is occupied with online games like a casino. The TRON platform can be compared in terms of volumes with such a company as Ali Baba, which is a world leader in the field of Internet Commerce. Since most of the TRON investors are from China, there is no doubt that this platform will get a lot of popularity there.

In April 2020 the price of one coin is $0,027 and the market cap is nearly $2 billion.

TRON mainnet [ edit ]

On June 2020, TRON officially activated its mainnet, migrating from Ethereum blockchain, and completed coinburn of 1 billion TRX. Right after that Freewallet released the first TRX wallet for mobile and added TRX to Multicurrency wallet.

After mainnet launch TRON acquired BitTorrent, the pioneer in distributing computing, thus expanding its ecosystem with 100M new members.

SunNetwork [ edit ]

The founder of the Tron decentralized applications platform, Justin Sun, announced the launch of a new protocol called SUN Network, and also named the estimated launch date for the token Tron-USDT. The launch of the SUN Network test network is scheduled for May 30, 2020, the official launch of the protocol is scheduled for August 10. From September 15, Tron will begin optimizing it to simplify interaction with previously integrated modules.

TRON (TRX) Review – A Short History

TRON is one of the largest blockchain-based operating systems in the world.

High-throughput

High throughput is achieved by improving the TPS in TRON, which has surpassed Bitcoin and Ethereum, to a daily-use practical degree.

High-scalability

Applications are given a wider variety of ways to be deployed in TRON because of its scalability and highly effective smart contract. It can support enormous numbers of users.

High-availability

More reliable network structure, user asset, intrinsic value and a higher degree of decentralization consensus come with an improved rewards distribution mechanism.

What Is TRON (TRX) Cryptocurrency? | A Guide to the Decentralized Web

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.

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.

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.

What Is TRON?

TRON is a blockchain-based operating system and decentralized application (dapp) platform. Founded by a non-profit Singapore-based foundation, the Tron Foundation, the project team initially sought to tackle the global entertainment industry – currently valued at $1 trillion. However, they’ve expanded their vision greatly, tackling the entire dapps market.

According to its initial 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 allows creators of digital content to cut out middlemen such as the Apple Store and Google Play Store. Content producers are thus able to obtain funds directly from consumers.

Currently, a lot of user data and traffic is controlled by a few corporations like Google, Facebook, and Amazon. TRON attempts to mitigate this control by placing ownership of the data back into the creator’s hands.

In this TRON guide, we’ll cover:

How Does TRON Work?

Key features of TRON

TRON wants to “Heal the Internet” through the following features:

  1. Data liberation: free and uncontrolled data
  2. Enabling content ecosystem where users can obtain digital assets from content spreading
  3. Personal ICO with the ability to distribute digital assets
  4. Infrastructure to allow distributed digital assets exchange (such as games) and market forecasting.

This is a long-term project with a set of phases that began with Exodus in 2020 and will ultimately lead to Eternity in 2023. Below are the key features of each stage.

  1. Exodus: The free platform for peer to peer distribution, storage, and content.
  2. Odyssey: Economic incentives put in place to encourage content creation and empowerment
  3. Great Voyage: Individual ICO capabilities
  4. 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.

A More In-Depth Stage Review

TRON is particularly ambitious. Its scope includes the implementation of many blockchain technologies that are still technically experimental today including something similar to the entire Ethereum platform. The team is trying to accomplish this over the next 8-10 years.

Exodus

Presently, we are occupying the first phase Exodus. Exodus aims to provide simple distributed file sharing built on top of something similar to IPFS. Therefore TRON is not technically leveraging any blockchain technology in its current platform. However, this is set to change with the advent of the 2nd phase.

Odyssey

Odyssey, the next stage, attempts to incentivize early adoption and creation of a proprietary community of content creators and consumers with something akin to a proof of stake model.

The scale of reimbursement for creation is linked to a metric with a related tipping scheme as opposed to simple views or clicks. Views and clicks are not ideal as they can be reproduced en masse by click farms or bots.

Users will ultimately transact (potentially through unidirectional payment channels like µRaiden) in TRX. This facilitates the exchange of value for services faster but will require some type of pay in/out of a TRX account if users don’t initially hold TRX.

Great Voyage & Apollo

The 3rd phase (Great Voyage) and 4th phase (Apollo) look to enable content creators to offer a stake in a potential personal brand through “individual ICO’s” or branded tokens.

For this, TRON will have to develop its own blockchain application platform similar to that of Ethereum with a Turing complete language for smart contracts. However, TRON admits it may face some of the same problems Ethereum, such as network congestion as a result of ICO launches.

A side effect could be that the network will not be able to properly vet/validate the trustworthiness of each of the vast number of unique tokens. Additionally, Tron’s whitepaper does not give detail to how Sybil attacks or exchange account hacks may be prevented on the network. It only briefly mentions the need for and planned implementation of a decentralized exchange for these tokens as an effort to mitigate some of these potential threats.

Star Trek

Star Trek is the fifth stage of TRON and seeks to emulate something similar to Augur with a decentralized forecasting and gaming platform.

Eternity

Eternity, the final stage, envisions the ability to fundraise and monetize based on community growth. Ultimately TRON’s core technology will be based largely on the adaptation of IPFS and the Ethereum platform. Much of what TRON is attempting to consolidate is being done by different projects and mutually exclusive entities.

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.

TRON Team & Progress

The date of ICO for TRX was between August 3, 2020, and August 24, 2020.

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:

  • Graduate of the University of Pennsylvania
  • 2020 Forbes China 30 under 30
  • 2020 Forbes Asia 30 under 30
  • founder of Peiwo APP (China’s Snapchat)
  • attendee of Hupan University founded by Jack Ma
  • 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 Supply

You are not able to mine TRX. At the time of writing, the circulating supply was 65,748,192,475 TRX with a total supply of 100,000,000,000 TRX.

On December 18th, 2020, Sun announced the TRON Foundation has locked up $34.2 billion tokens until January of 2020. Speculators often believe that the lockup of tokens will increase the value of tokens.

Trading History

Since its relatively new release in late September of 2020, TRX has experienced sharp price increases. Starting 3 months ago at around .002 cents, at this moment it is roughly .045 on December 19, 2020, 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.

Where to Buy TRX

You have the ability to trade TRX on exchange sites such as Liqui & Binance for either ETH or BTC. New users can purchase BTC or ETH coins on Bitstamp or Coinbase and deposit it to their respective wallets on Binance. Binance is often regarded as a top trading choice for its low trading fees.

Where to Store TRX

TRX is an ERC-20 token, so you can store it on hardware wallets that support the Ethereum blockchain such as Ledger Nano S and Trezor. You can also store it on MyEtherWallet (MEW). To check out more wallets, refer to our guide The Best Ethereum Wallets.

Conclusion

It will be interesting to see how this project evolves, potentially catering to a more focused use-case within the entertainment industry. There’s a large number of influential members in the Chinese business community backing the TRON team. TRON also has a strong development team to support these endeavors.

With a clear, long-term vision for TRX and the TRON platform, and with what seems like unlimited funding from investors, it’s not unreasonable for someone to be optimistic about this project. However, this is in no way financial advice.

Please be cautious when considering investing and do research thoroughly. For a more in-depth review, please follow this link to TRON’s white papers. For continual updates from CEO Justin Sun, follow him on Twitter.

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