What is TRON?
TRON (TRX) is a highly ambitious project created by former Ripple representative, Justin Sun. The Tron Foundation is trying to bring the internet to a decentralized state. As you may or may not know, major corporations receive a majority of views on the internet and have huge control over what happens.
This creates a state of censorship and loss of free thought to a degree. TRX is aiming at creating a web 4.0 that will give you ownership of your data and create a truly decentralized internet. TRON will be run as a non-profit foundation. They want to start doing business differently, which is highly interesting. The TRON Foundation want to focus the control on creation with people and move away from centralized data.
TRX, which started on the Ethereum blockchain and launched its own blockchain in late May, has positioned itself as a competitor to Ethereum.
The TRON 20 token
This TRON coin will let you be an individual content owner. This will be the token that individuals send to each other to buy or sell their digital assets to others. This will create value in the TRON economy.
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The TRONIX coin is the basic unit of the blockchain. These TRON coins are going to be used to access and exit the network. These will be the TRX tokens that will be on the actual coin exchanges. This will give you things like voting rights in their super representative elections and higher status in the ecosystem.
6 Different Phases of TRON
- Exodus – The first stage which is peer-to-peer storage and distribution. This is where users and creators can publicise and disseminate their data.
- Odyssey – This stage is content empowerment. Different economic incentives will start to be introduced.
- Great Voyage – This phase introduces “fan finance” and achieves a significant transformation from the “fan economy”. This is where content creators can introduce their own cryptocoin on the network.
- Apollo – Content producers will move forward and issue their own tokens. This again will be used to sell and buy digital entertainment on the network.
- Star Trek (Monetizing) – Building of a decentralized gaming platform. Developers will be able to build games on the network.
- Eternity (Conversion)– Developers will be able to achieve crowdfunding for game development. Community investors can contribute to the game content creation.
TRON a scam? Probably not
Here is a list of reasons why TRON is probably not a scam.
Investors behind TRON
- Bitmain – One of the largest mining pools.
- Weixing Chen – Competitor of Uber
- Mingshan Yin – Owner of $2 billion dollar motorcycle company
- Wei Dai – Chinese bicycle company owner worth $3 billion.
- Zag S&W – 3 decade old company focusing on commercial law.
- Gifto – $100 million market cap blockchain company producing digital gift system.
- Obike – Bike company worth an estimated $3 billion.
- Uplive – Everyone around the world can use this to broadcast and view videos in real time using a smartphone.
- Baofeng – Chinese software company providing hardware for the platform.
- Game.com – Blockchain gaming platform rolling out blockchain dog game with Tron.
- Very solid team with many developers, investors, and advisors (much like Cardano). Apart from their team, the CEO, Justin Sun, is the protegé of Jack Ma, the founder of the Alibaba group. This alone can be a very big thing considering they have the right players and the money.
- Partnered with Gifto. This is digital and virtual gifting on the blockchain, which is very hot right now. Also partnered with MLG Blockchain which is trying to introduce TRON to the west to get people familiar with it.
- The CEO created a social app called Peiwo in China and has 10 million users currently. They are currently in the process of integrating TRON into the app. Let’s be real here, China is not going to be anti-digital currency. They have been heavily involved as the rest of the world plays catch up.
- Data creators, which are the users, will have the fundamental ownership of data. This was proposed by Dr. Tim Berners-Lee when the internet was born. This was the original intention for the creation of the internet.
- The users on the TRON network will be entitled to proportional profits according to rules. A value network has the greatest advantage that may digitally capitalize anything in social and media networks. This means users will be paid to use this network.
- Users will be paid based on the time they spend and data creation on this network. Basically, participants will earn more for their time invested in the network and content creation.
- TRON wants to provide services to the public free of charge. They are operated by a non-profit organization and is designed to serve the masses who enjoy content entertainment throughout the world rather than for the purpose of gaining profits. All participants will benefit from its prosperity.
- Contents should come from people rather than capitals. This system will then reward participants for their contributions. They want cultural and creative industries to pursue the quality of art and contents rather than the capitalists.
- Their network will also include decentralized infrastructures such as distributed exchange and autonomous gaming.
- There are rumors of a TRON coin burn in the next couple of months. This would reduce the total supply (100 billion) and make the token more appealing.
- Market supply of the TRX coin is 100 Billion. Some people do not like the fact that there is a lot of supply here. On the contrary, if you want mass adoption, you are going to need a ton of supply to keep the price low.
- Whitepaper plagiarism – TRON’s whitepaper seems to plagiarize from filecoin and IFPS.
- No product/overvalued – TRON has grown to an incredible 19B market cap in January 2018. There is currently no product to back this valuation.
- Last step scheduled for release in April 2023 – September 2025. This isn’t a really a con, but some impatient people may deem so.
Where to buy TRONIX
If you choose to invest in TRON (TRX), you can find it on Binance. I recommend them because I personally use that exchange. If you need additional help with this, check out my guide on how to buy ALT coins,
*NOTE* If you are looking for a cryptocurrency exchange providing the best crypto-to-crypto rates on the market, check out Changelly. Note that exchange times may vary depending on network congestion.
TRON has amazing potential to be a major disruption in the Asian market. They have been aggressively growing, recently hitting a 2 billion market cap, but this number doesn’t come close to what it can be worth in a few years. I honestly see this value hitting 10b minimum over the next year.
TRX has come a long way from its Ethereum days and is hoping to make major moves in the future with the platform. TRON is aiming for its “independence day,” or in other words, the total departure from Ethereum with the TRON mainnet launch. According to the TRON Foundation, this token migration is scheduled to happen sometime in mid 2018 (at the time of writing).
Update: TRON discontinued their ERC20 services on June 25 as part of their move to the Genesis Block on what is being referred to as TRON Independence Day.
TRON already has an established user base from the app Peiwo that they will be integrating with which is great. They have growth 600% in the past 2 weeks and backed by a professional team and big names and investors in the industry. TRON will definitely make an impact on the Asian market very soon. Let’s just see if this project can expand globally.
If anyone has any recommendations to add, potential problems, or cons about the project, please leave a comment down below.