TRON is one of the most exciting crypto projects out there. TRON has become the face of decentralizing digital entertainment, as it aims to offer complete control of the content to its owners.
This means, in TRON’s ecosystem, you can freely publish and share your content with other people. Since you own the data that you create, you will be compensated as a content creator. You’ll be paid with Tronix (TRX),the primary cryptocurrency that powers the TRON blockchain.
TRON is the brainchild of Justin Sun, one of the well-known figures in the crypto space. Before TRON, Sun founded Peiwo App – the largest audio content community in China. For this, he received the Forbes “30-under-30” in Asia in 2017. Sun also served as the chief representative for Ripple in China in 2015.
Currently, TRON has over 14 million users worldwide, with dual headquarters in Asia Pacific and the Americas.
In this guide, I’ll tell you how to buy TRX, its features and how it differentiates itself from other cryptocurrencies out there.
TRON is a decentralized cryptocurrency system based on a token native to it – TRX. Launched in 2017, the cryptocurrency managed to attract millions of users.
TRON is a decentralized platform that is focused on content sharing and social media, where developers can create and deploy smart contracts and decentralized apps (dApps).
TRON allows easy and cost-effective sharing of digital content on an independent decentralized platform with distributed storage technology. By eliminating the middle-man, TRON is trying to bridge the gap between content creators and consumers.
In 2017, the TRON Foundation raised over $70 million with its initial coin offering, before China outlawed the digital currency. The system has been accused of plagiarism several times (including the white paper), but has denied all allegations and continued its march in the crypto industry.
TRX switched its protocol from an ERC-20 token on top of Ethereum to an independent peer-to-peer network.
TRX’s price is nowhere near as high as Bitcoin. But what separates TRX from BTC is the not-so-volatile pricing.
In the past four years, TRON’s price has seen its fair share of ups and downs. 1 TRX in BTC is currently 0.0000017 BTC, which roughly translates to ₹2.18.
Price projections will see it rise in the coming years, with an expected high by 2025. In the past year, TRX’s price has hit a few highs. It currently ranks 15th on CoinMarketCap, with a trading volume of over ₹112,000.
|Market Cap Rank||#15|
|TRX Price||1 TRX in INR: ₹2.18
1 TRX in USD: $0.029
1 TRX in BTC: 0.0000017 BTC
One of the differentiating aspects of TRON are the extra low transaction fees. TRON’s founder and CEO, Justin Sun, was part of Ripple before inventing TRON. This means that the ecosystem has a great team behind it, and that’s definitely an important aspect when it comes to choosing a cryptocurrency.
One of the main reasons why investors are so attracted to TRX are the ultra-low transaction fees. Whenever you make a transaction, the fee you’ll pay is around 0.00040 BTC. Cryptocurrency transactions have always been low on fees, but this is as low as it gets.
This is one of the leading features of the TRON ecosystem and its crypto token. The low transaction fees will be a massive boost for investors who are trying to move a larger cache of TRX.
Compared to Bitcoin’s high transaction fees (around ₹440 right now), TRX is a much better crypto alternative to use.
TRON’s team is built of people who have vast experience in the industry. Their experience is the driving force behind the rising price of TRX and the ultra-low transaction fees.
TRON has recruited some of the most talented programmers in China, and has attracted interest from business goliaths such as Jack Ma and Warren Buffet.
In 2018, TRON acquired BitTorrent, the largest peer-to-peer (P2P) file-sharing network. TRON has also partnered with Samsung and online merchants like PornHub, where they offer token-based services.
Sun’s business network played a prominent role in boosting TRON’s visibility during their ICO in 2018. The list includes Dai Wei (founder of OFO Bike) and Tang Binsen (founder of Clash of Kings) to name a few.
TRX is praised as one of the best-performing tokens in the industry. Its market cap volume is stable and will continue the trend with new investors backing it up. Projections place TRX as one of the most valuable digital assets in the future.
TRON and its crypto token TRX are based on a decentralized blockchain-based platform. TRON adopts a 3-layer architecture which consists of the core layer, storage layer and app layer. TRON protocol adheres to Google Protobuf which supports multi-language extensions.
The core layer of TRON includes different modules. These include account management, smart contracts and consensus as well. This layer is responsible for sending instructions written in Java or Solidity, to the Tron Virtual Machine (TVM), where the logic is executed.
The consensus mechanism is based on Delegated Proof-of-Stake (DPoS) with many innovations made to meet its requirements.
TRON’s storage protocol segments the blockchain data (transaction records in blockchain) from the state data (status of smart contracts). These data are stored in block storage and state storage.
The blockchain storage uses LevelDB developed by Google that has proven a hit with many companies and products.
The state storage protocol has a full-node memory with KhaosDB. It can store new forks generated within a certain period and also supports witnesses to switch from their own active chain into a main chain quickly.
In this layer, developers can create a diverse range of decentralized applications and wallets.
You can buy TRX from many crypto exchanges in India. Many exchanges allow you to make INR deposits using different payment methods including UPI, bank transfer and net banking. And, if you have other cryptocurrency, you can use them to trade for TRX.
Here’s what you need to do to buy TRX:
There are plenty of trusted exchanges you can register in India where you can buy/sell TRX. The best TRX exchanges will have no trading fees and of course, will be properly licensed and fully legal.
Registering at the top exchanges is quite easy. All you have to do is, sign up for a new account, complete your KYC verification and deposit funds to your wallet.
When you buy TRX at an exchange, you will need to store it. Cryptocurrencies are most commonly stored in virtual and physical wallets, but you can also store them at an exchange.
There are two types – hot and cold. Hot wallets refer to those you can access with a user and password online. These are properly secured with advanced algorithms, but there is a low risk that someone can crack the code and access your TRX.
Cold wallets, on the other hand, are physical devices that allow you to keep your crypto coins offline. These come in different shapes and sizes, including USBs, portable HDDs or SSDs. These are more expensive than hot wallets which are usually free, but they offer a more secure way of storing your virtual coins.
You can also store your coins at some exchanges, which is similar to having a hot wallet. Some of the top wallets where you can store your TRX coins include Exodus, Trezor Model T, and Ledger Nano X.
Unlike Bitcoin, TRON can’t be mined. It is earned by partnering in the hashing algorithm and staking the coin. TRX uses the DPoS protocol, while Bitcoin and many other cryptocurrencies use Proof-of-Work (PoW) mechanism.
In the TRON ecosystem, 27 users do all the staking. They are called representatives and generate blocks and package transactions for the whole network.
As such TRON mining is a non-existing concept – this digital currency is earned through participation.
The 27 TRX representatives stake their part in TRON and earn TRX in return. They participate in decision making and generate blocks and package transactions for the whole network. These users exercise their voting rights related to TRON establishment and protocols, getting 16 TRX per block in return.
A new block is generated every 3 seconds. You can buy TRON via card or bank transfers, but you can’t mine it.
To sell or trade TRX in India, you have to register at a licensed exchange. You can sign up at a trusted exchange and swap fiat currency or cryptocurrency for TRX.
Before selling the coin, you should take a look at the pricing. TRON has the lowest transaction fees among cryptocurrencies, but each exchange swaps coins for a price. Make sure that the trading fee is not too high when you’re selling your TRX at Indian crypto exchanges.
You should also check for the asking price and compare it to others. Just like when you’re swapping INR for other currencies, you should pick an exchange with the best rate.
The cryptocurrency trading landscape in India is rather a grey area, especially when it comes to laws and regulations. Regardless, trading TRX in India is not illegal. However, profits gained from cryptocurrency are not taxed since there is no law that states it.
So if you’ve done your research and want to buy TRON, you can register at a trusted exchange and buy TRX in a few minutes.
TRON White Paper
TRON Source Code
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