- Has a market cap of over $5,5 billion.
- High throughput with the ability to manage 10,000 transactions per second (TPS).
- Almost zero transaction fees.
- TRON project has a diverse use case and can be used for file sharing, streaming content, deploying dApps and deploying smart contracts, video hosting and social media networks.
- A large amount of tokens are in the hands of a few investors taking away the decentralised part of the project.
TRON (TRX) in a nutshell
The TRON network is a full-fledged blockchain that runs using the Proof of Stake (PoS) consensus model. TRON has focused on the entertainment industry and wants to build a decentralized content-sharing network where artists can deploy their content and share it with their users bypassing the traditional industry. The native token TRX is used to pay for transactions and for staking and governance purposes.
Over the years, TRON has managed to stay alive thanks to a robust marketing effort and its significant acquisition, notably that of BitTorrent, the popular file-sharing network.
The initial total supply of TRX was 101.88 tokens but the team carries out regular burns to make TRX a deflationary cryptocurrency. The project plans to move towards a fully decentralized ecosystem in the future.
The distribution mechanism is explained below.
Private Sale: 25.7%
Public Sale: 40%
TRON foundation and Team: 34.3%
Has TRX Token been audited and doxxed?
Yes. The TRX token was audited Least Authority and has been doxxed. The team behind the TRX Token publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 4
Exchanges & Swaps: 5
Overall Rating: 4.25
Detailed Review of TRON (TRX)
The TRX token is used inside the TRON ecosystem that allows users to deploy decentralized applications (dApps) and run smart contracts. The TRON network was originally built to provide a decentralized network for content creators and artists from the entertainment industry but has branched into a fully-functional blockchain network.
Initially, launched in 2017 as an ERC-20 token running on the Ethereum network, TRON launched its own mainnet in 2018. The network is managed by the TRON foundation which also provides grants for developers choosing to build on the TRON network.
The TRON network supports Solidity and is fully compatible with the Ethereum network. It works through a three-layer architecture consisting of a separate storage layer, an application layer, and a core layer. The network is secured by a delegated Proof of Stake system which is a modification of the Proof of Stake consensus model and consists of 27 Super Representatives that are responsible for validating and securing the TRX blockchain.
The native token TRX is used for payment for goods and services, for voting to elect the Super Representatives, and for paying transaction fees inside the network. The TRON network charges very less fees as compared to other rival networks like Ethereum and does not charge any fee for some activities making it a highly popular blockchain network.
The TRON network acquired BitTorrent to expand its content outreach and launched a new token called BTT. The TRON network has also launched other tokens such as JUST (DeFi solution for TRON users) and SUN (for stablecoin swap and self-governance).
The TRON network also supports a sidechain known as DAppChain that allows developers to exploit the TRON network’s advantages but at lower costs and easier deployment.
Where to Buy TRON Token?
The TRON token can be bought on almost all popular exchanges such as OKEx, Binance, Digifinex, Coinbase, Nominex, WazirX, Gate.io, FTX, Huobi Global, KuCoin, Bithumb, Kraken, Crypto.com, Gemini, Bitfinex, Coinone, Poloniex, Phemex, LBank, Upbit, Paribu, CoinDCX, LATOKEN, and BitForex.
You can buy TRX either through cash via P2P (peer-to-peer), credit or debit cards, or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase TRX directly through supported decentralized exchanges such as PancakeSwap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing TRX (for example BNB/TRX). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the TRON token. You can also use TRX for purchasing other altcoins through the decentralized route as explained above.
What Can you do With the TRON Token?
Deploy dApps or issue tokens: The TRX ecosystem supports the building of dApps and can be used to run decentralised applications and also issue tokens. There are two denominations of tokens: TRC-10 and TRC-20 that can be deployed on the TRON network.
Hodl as a long-term investor: The developers of TRX have plans to include the token as a form of payment on NFT marketplaces all over the world. You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked.
Swap TRX to other tokens: You can use TRX and directly swap to other altcoins on a decentralized exchange. The process is quick and simple as you can see from its description below.
How to Swap TRX to other altcoins
Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of TRX you wish to spend (factoring in transaction fees) and swap it for another crypto token. You will receive the tokens in the same wallet.
How to Buy TRX?
In order to buy TRX, you will need to use a centralized exchange or a decentralized exchange. Decentralized exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above.
For purchasing TRX on a centralized exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy TRX. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralized exchange.
Steps to open an account on a centralized exchange:
1. Go to the exchange site where TRX is listed and click on the Register button.
2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account.
3. Click on the agree to terms and conditions button and wait for the verification mail or message.
4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users.
5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy TRX.
6. Most exchanges support multiple payment methods including credit/debit cards, bank transfers, third-party payment processors, and P2P transfers.
Upcoming Events/Future Roadmap
The TRX token has plans to launch an NFT marketplace that will incorporate the ability for its users to access and mint exclusive NFTs. It has started a collaboration with APENFT to launch a $100 million fund to support NFT projects. This will be an important breakthrough for the TRX coin and will help in generating more rewards for its users. The developers also plan to enable an entire social gaming network for their users and a more enhanced gameplay experience.
The all-time high price of one TRX was $0.23 on January 5, 2018. It is currently trading at $0.08 at the time of writing (Source: CoinGecko). The all-time low price was $0.0018 on November 12, 2017. Comparing the all-time low and all-time high price, we get returns of about 4606% which are very impressive returns. The TRX token is slowly establishing its position as a leading cryptocurrency. The TRX price can be checked on sites like CoinGecko and CoinMarketCap.