From mid-December to early January, Tron (TRX) experienced 2,000% growth – yes, growth in just three weeks! Almost everyone has heard of the Tron coin, but do you know what Tron really is? Or are you still wondering to yourself, what is Tron coin about?
Here, we will cover everything you need to know to be able to thoroughly answer the question, “What is Tron coin?”. Besides the basics of TRX coin, we will also introduce you to:
- TRX development team
- Several potential uses
- The advantage of using this coin
- … And of course, TRX security
So, what is Tron coin?
To understand what the Tron coin is, we need to start at the bottom. Tron is a decentralized entertainment and content sharing platform that uses blockchain and peer-to-peer (P2P) technology. You can think of it as the next generation social media outlet where you can create and share content with anyone, anywhere in the world. Tronix is the basic unit of account on the Tron blockchain. The currency is used to pay you for your content, and is often called its ticker symbol “TRX”.
People who enjoy social media, online games and other forms of online entertainment, will love Tron.
By using the Tron cryptocurrency ecosystem, you can not only share content with other people, but you will also be compensated as a creator of the content and data that you generate. Such a model operates in direct opposition to traditional social media companies, such as Facebook, which monetize user data. Often they do this without the user’s knowledge, reaping the benefits only for themselves. When you use the Tron cryptocurrency, you are in control of your data and you will be compensated for your own content.
What is Tron Coin: The Tron Partnership
TRX already has several major partnerships, such as those with oBike. Southeast Asia’s largest bicycle-sharing company (oBike), based outside Singapore, is launching its own token, oCoin. This token was launched this year on the Tron network in January. oCoin has real-world utility as a ride-buying tool on the oBike platform. The company empowers users to earn oCoin by simply choosing to ride an oBike.
Other major partnerships include semi-conductor giant Bitmain, a leader in the production and design of ASIC chips used to mine Bitcoin. Bitmain’s S9 Antminer is one of the most well-known products used by the bitcoin mining community. So, if someone asks you what TRX coin is, don’t forget to also mention their large network of partners.
Zag- S&W, a partner of Tron, is a leading international law firm with a focus on corporate and commercial law. This is a promising partner because the firm is part of the Legal 500 which has an extensive network of some of the largest companies in the world. The partnership will offer comprehensive support in transactions, operations, digital asset risk management and legal adaptation across jurisdictions. As more and more exchanges add Tronix to the brand list, the need for legal support also grows. So that this partnership becomes very strategic.
This is not a surprising move from the non-profit behind Tron.
What is Tron coin: The Tron Foundation
The Tron Foundation is a non-profit organization based in the strong industrial center of Southeast Asia in Singapore. This foundation is generally engaged in operating the Tron crypto network with the principles of openness, fairness and transparency in supporting the Tron development team.
The team behind the Tron Foundation holds regulation and compliance with the law the highest values. They are approved by the Accounting and Corporate Regulatory Authority and are under the supervision of the Singapore Company Law.
Well, still curious to know more about Tron coin, right? Let’s learn more this time about its founder, Justin Sun, to help you understand this coin better.
What is Tron coin: Justin Sun
The leader of the Tron Foundation is a young man named Justin Sun, who has a really cool background for someone of any age, especially at the age of 27 *. For starters, he found the Peiwo application which already had 10 million users. Justin Sun has led Peiwo to become the first streaming application to accept cryptocurrency. The Peiwo app is one of the leading members of the online audio content community.
Forbes lists Sun as “30 under 30” in Asia. So, if someone asks about Tron coin or what is the reason for choosing Tron coin, make the success and background of its founder one of the supporting factors. In addition, Justin Sun is also a protégé of Jack Ma, who everyone knows that he is the founder of the Ali Baba group. Jack Ma chose Justin Sun personally to study at the prestigious Jack Ma Hupan University campus which has a lower or stricter admissions number than Princeton University. Justin Sun is also a graduate of the University of Pennsylvania. Although the relationship between Ali Baba and Tron is still unclear, several high-end developers from Ali Baba chose to move to Tron. This made their relationship even more cloudy.
Apart from Jack Ma, Sun surrounded himself with more high-end mentors including Feng Li and Tim Berners-Lee. For those of you who don’t know, Feng Li is a cryptocurrency advisor to Ripple and leads investments on Coinbase. Tim Berners-Lee is known for his inventions, especially if not the World Wide Web.
Outside of this exclusive team of mentors, the number of influencers with weight in the crypto world who believe that Tron coin will be successful continues to increase, including Hacker Noon.
How to use TRON?
The biggest advantage of using TRX coin is that you empower content creators and artists or artists around the world to take ownership of the content they create.
Tron leads a movement that some people call the we third generation or third web. While it may sound like something in the future, this third-generation web, or web 3.0, can empower people to use the internet for what it was originally created for – as a decentralized open network.
During the period of the dot-com bubble, the internet has taken a path contrary to its decentralized origins. The social media giants in Silicon Valley are building on the infrastructure they have been given and transforming it in a way that the tech giants or Tech Giants can make money from user data. Cambridge Analytica is the case and the point of this system. However, Tron will put power back into the hands of the users, so they can take control of their data.
By using the Tron crypto, you are guiding the internet back to its original path. You put data back under your control where you have the option of not disclosing or monetizing the data for your benefit. So, one answer to the question what is Tron coin is, something that will take the internet to its original purpose.
From a developer’s point of view, Tron is also something special because at the moment TRX is being built in a way that allows the use of any high level language for smart contracts or smart contracts. This means that future developers can use any programming language they wish to build on top of this open software design.
One of the biggest products developed on Tron so far are cryptopuppies (“puppies” which means puppies). Not long after the cryptokitties first launched, Tron tried to commemorate the next Year of the Dog in the Chinese calendar. The Tron dog is still being sold for around $18.23. This is just one of many examples of successful products on the network.
How Do The Transactions Work?
To help you fully understand what Tron coin is, I will give you a glimpse into how TRX coin transactions work.
Like many other digital currencies, TRX coin transactions take place on a public ledger. In this public ledger, the history of each transaction can be traced all the way back to the first transaction. The transaction model that Tron coin uses is similar to the transaction model used by Bitcoin. The only difference is that Tron has improved the Bitcoin model by providing an additional security system. The model that TRX uses is called UTXO.
In the UTXO model, there is a basic output which is an amount of money sent to the user’s TRX address along with a set of rules that will reveal that specific amount. The end result is an output called UTXO.
But to really understand what TRX is, you don’t need to know too much about the UTXO model. It’s for developers and nerds who likely know a lot more than necessary.
You have to focus on the big picture, stick to the general uses that Tron provides for people who want to regain control of their data and still use social media.
What Potential Does TRON Have?
Since you already have a pretty solid picture of what Tron coin is, now is the time to discuss its potential. Justin Sun’s relationship with Jack Ma raises a question about whether there will be a merger or merger of the two entities in the future. News of events like this would be a big deal and would certainly launch Tronix on a path that is clear and guaranteed to be its success. Tron is still relatively new and is still in the process of getting started. Still, we can’t be overly optimistic.
Tron crypto will probably fail to thrive because of the way Justin Sun handles communications, which sometimes infuriates investors. Sun has a reputation as providing the latest news or updates notifying that a major announcement will be announced in the future. This is understandably annoying. People also saw Sun as a young man who was too turbulent and perhaps too naive to run a blockchain that had as much power as Tron.
A negative view of Tron and Justin Sun’s other reputations emerged in early 2018, when news broke that Tron used some Ethereum code and violated Ethereum’s copyright license. Since then this has been corrected. At the same time, there were also rumors about Justin cashing out his own coin which was worth an estimated $1,214 million. After that, this news proved to be a rumor as well.
Some argue that there was a black campaign created to tarnish Justin Sun’s reputation. Sun’s reputation is often bombarded when he starts learning about the Tron coin and learns that this coin is only just in the first year of the road map that stretches to 2023. In other words, it’s a very young period for Tron, so news like this will also disappear over time. Look at Jed McCaleb from Stellar. People suddenly forgot all about Mt Gox when news of Stellar’s partnership with IBM broke out. So, now is another young day for Tron.
Is TRON Safe?
If you are using the Tron platform, the reputation of this platform is quite good until now. Their budget seems to be prioritized for security, this is what we see from the latest news that Tron employs a security engineer, Jorge Quo. He has received recognition from among Google, Qualcomm, Huawei for his achievements. Quo will handle all the research and development for Tron’s security. He will assist in answering all security-centered questions related to the topic of what is Tron coin.
When we talk about handling TRX itself, you have to be smart.
As with any security passcode, you have to handle whatever way of storing your coins is very sensitive. You can choose to store your coins in a wallet or wallet, like for example myetherwallet.com, but if you choose to use a wallet, make sure that you write down your private key manually. If you don’t write down your private key, you can lose your coins for good.
Since cryptocurrencies are decentralized, sites like myetherwallet.com don’t store your data at all. They do not have a backup of your username or username and password. You cannot get an email sent to you to reset your password when you forget your own password. You must have the private key that was given to you when you registered. That is all. It is the only way to get into your account.
Like any other digital asset, Tron can be exploited, and its security can be breached. This is a risk that we cannot help but accept in this age of digitization. You can follow basic security techniques such as securing your private keys using a hardware wallet. Techniques like this can increase your ability to protect yourself.
However, you may be your biggest enemy when it comes to the abuse of TRX. Like any other digital currency, a person can do several illegal things to avoid being taxed or to trade illegally. (Note, though, that Justin Sun’s TRX will be locked until 2021, so he can’t touch his supplies like a c-suite executive on Wall Street).
How Can TRX Coin Be Abused?
Like many other coins or assets in general, TRX can be used for embezzling money or tax evasion. In fact, as many as 36% of Bitcoin owners are planning to commit tax fraud this year, according to an article by Motley Fool.
As regulation of cryptocurrencies increases, the room for criminals to use cryptocurrencies illegally is narrowing. Concepts such as KYC (Know Your Customer) or knowing the identity of your customers are increasingly being applied to identify and verify people using digital currencies. KYC is good for identifying asset owners, and it benefits the owners themselves by ensuring the legitimacy of the platforms they use.
Insider trading can take place on Tron just like it is in any other coin. Suspicion of insider trading is rife in crypto. No outrageous rumor about Tron and insider trading has ever surfaced given that there are rumors that have been proven false about Justin Sun raking in the multi-billion dollar TRX for himself. Sun taking the money for himself shouldn’t make you think that Tron is a bad coin if you still want certainty about the Tron coin and everything related to it.
Overall and across all aspects, TRX coin is solid. The technology and people behind Tron coin present little concerns. The TRX coin team is gradually being built with developers from Ali Baba and other tech giants. While Justin Sun is young, it only means that he is in the same generation as cryptocurrencies – he understands an audience that is fresh and young. This coin is definitely worth paying attention to.
With energetic youth leadership within Justin Sun, this coin is on the way. The founder is someone who has the most connections in the crypto world. The fact that he can call Jack Ma, founder of the Ali Baba group, and also founder of the World Wide Web, as people with whom he is associated shows just how strong his position is today. Think about this when you are trying to describe what Tron coin is all about.
Have you ever heard sayings, show people around you and I will show who you really are? This saying applies to mentor relationships in the business world as well. Justin Sun’s first network as well as his vision for the future are strong assets. The project is still very new, and we’re excited to see what the future holds for Tron!