A Beginner’s Guide to TRON Cryptocurrency

Since the release of Bitcoin back in 2008, tons of cryptocurrencies have been added to the market. Differing in value and application, some of these virtual currencies include Ethereum, Litecoin, Ripple, and Monero. However, the one we are interested in talking about is TRON (TRX). As usual, we’ll begin with the first obvious question:

What is TRON?

With the official name being Tronix, this cryptocurrency is an open source blockchain protocol. It was designed as a decentralized platform where entertainment content can be shared using blockchain and peer-to-peer network technology.

According to TRON’s whitepaper, this cryptocurrency was created to become an asset for mankind. The way it intends to achieve this lofty goal is by mitigating the complete control of the internet held by a few, such as Amazon, Google, and Facebook by allowing you (the user) to be in complete control of your data pool.

For you to gain a better understanding of this cryptocurrency, it is important that you understand the technology behind it.

The Technology Behind TRON

As I said earlier, TRON uses a blockchain based peer-to-peer technology. In the simplest terms, it means that there is no need for a middleman in your transactions. Another way of understanding the technology behind TRON is through its distributed storage facility.

This means users from different part of the world can access entertainment content without using the conventional Google Play or Apple Store. Consequently, users can receive payments directly from consumers.

That’s not all, TRON has the capacity to support different blockchain networks and smart contract. Some of these include; Ethereum, Bitcoin, EOS, Qtum etc. This innovative technology, combined with Peiwo App has made TRON the first smart contract blockchain protocol with over 10 million wallet holders across the planet.

The Advantages of TRON

Users of TRON get to enjoy some of the advantages outlined below. These are;

Data Liberation

As a TRON user, you would have the basic ownership of entertainment content and other data related content. There would be no need for other middlemen.

Personal ICO

You’ll have the privilege of giving out digital assets.

Gaming and Market Forecasting

The distributed digital asset that comes with TRON gives investors access to market forecasting and gaming.

Buying and Storing TRON

Now that you know enough about TRON, you must be wondering where to buy it, right? You can have access TRX in Binance and Liqui. However, you’ll be required to trade them for Bitcoin or Ethereum.  Other exchanges where TRON is tradable include Bitstamp and Coinbase.

To store your TRX, consider using a hardware wallet like Ledger Nano S or Trezor. These wallets are most appropriate for an ERC-20 Token, which TRX is.

On a Final Note

I know it’s still too early to say this, but TRON appears like a winner. Its native, Tronix token shows great promise of becoming a viable cryptocurrency in the future. It experienced a recent upswing which is a promise of good things to come.

Is it a good idea to invest? I can’t answer that question for you, I am not a financial advisor. Do the analysis and figure it out on your own.

 

Posted by cryptoblogng

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