Tron coin Trx Review
Tron is an amazing Cryptocurrency project created by Justin Sun in 2017, the project aims at providing a completely decentralized media platform for all and sundry. TRON’s Token (TRX) appreciated over 3300% in value within a period of 15 days back in December 2017.
This review highlights all you need to know about this incredibly ambitious project. Here we will walk you through its ups and downs while providing our honest opinions. Please make yourself comfortable as we furnish you with all you need to know about Tron.
What is Tron?
Tron has described their project as “a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology.”
What they are basically trying to say is that they are creating a decentralized entertainment platform which gives content creators complete control over their works (contents). This can be likened to a decentralized aggregation of App stores, Youtube and Netflix.
But how exactly does Tron work?
Tron coin Trx Review
How it Works
Tron is apparently a very complex project, we will try to point out its key features and I suggest you read its white paper to avail yourself of more technical details.
First off, we will be discussing TRON’s tokens.
The TRON project consists of three different tokens, they are: TRONIX, TRON Power and TRON 20 Token. Let’s quickly look at them one after another.
- TRONIX (TRX) – This is the most popular of all TRON’s tokens; it is used as a means of payment in Tron’s platform and also features in exchanges.
- TRON POWER (TP) – This is similar to Steem Power. It is basically an untradeable/locked up Tronix, users who own Tronix can voluntarily lock them up to receive Tron power and other privileges within Tron’s ecosystem which include voting rights. Tron Power is considered a long-term commitment.
- TRON 20 Token – This is similar to NEM and Waves. It allows content creators to create and issue their own token.
Content creators are allowed to create and publish their contents on the Tron platform, making them available for public purchase. These contents could be images, films, music, apps etc. interested users can then purchase this contents using TRX with no extra fees attached.
Additionally, Tron offers incentives to content creators to get them creating more contents using Tron’s platform, while also inviting more content creators to exploit the opportunities TRON provides.
Furthermore, other Cryptocurrencies can leverage Tron’s platform to host their own coins. Its Users would be able to easily transfer between these coins using TRX as an intermediary currency.
Tron coin Trx Review
What is TRON Bringing To the Table? (What It Has To Offer)
- Internet censorship and control: It is no longer news that certain governments try to control the platforms and sites visited by their citizens. Let’s put Nigeria aside, our government has no interest in shutting down certain sites – at least for now. However, China has disabled its citizen’s access to Facebook, snap chat and a couple of other social sites. The government of Iran has shut down Telegram and Instagram. Imagine if those platforms were hosted on a decentralized platform like TRON’s? That would make them immune to centralized regulations.
- Exorbitant channel fees: I know of people around me who have developed apps and wish to monetize them, but the high cost of publishing them coupled with unbearable commissions charged by app stores and Google play has militated against their plans. With TRON however, content creators and developers will have total control over their contents and customers, eliminating the need for middlemen and price control agents. Thereby monetizing their contents at reduced costs.
Is TRON’s Value Likely To Appreciate within the Foreseeable Future?
When making an investment, it is important that you weigh your chances of making profits, it is against this background that we shall try to analyse the possibility of a rise in the value of TRX.
Before we go ahead, it is important to note that investing in cryptos is different from traditional investments. For example, when you invest in shares from a company, you are simply putting your money because you believe in the company’s growth potentials, and when it eventually grows, your shares appreciate as well.
In the world of cryptos, however, your Tokens are not shares; the company can increase in value, enriching its staffs and CEO while the value of its tokens depreciates.
The values of Tokens are affected by the forces of demand and supply and that applies to TRON as well. Here is how I propose we evaluate TRX chances of appreciating in value.
- Demand – ask yourself this question, will there be a rise in the demand of this token?
- Supply – Does the token’s supply outweigh its demand? For instance, if you stay in Lagos and your household comprises of 10 people, and a bakery close to you supplies 1,000 loaves of bread to your household for breakfast, after eating one apiece to your satisfaction, of what value will the remaining 990 loaves be? Will you still want bread for lunch? What happens when a trader passes by with cakes, will the 990 bread lying in your household be of more value to you than the cakes? I bet you will buy the cakes for lunch. Why? Because the bread has lost its value due to its overwhelming quantity.
What Are the Sources of TRON’s Demand?
To access Tron’s platform, users are required to hold Tron tokens. Apparently, the whole point of visiting the platform is to buy contents you love at lower prices. An app in the app store might cost your N3,600 Naira ($10); however, you can get that very app on Tron for just N500 Naira ($1.60). To do this, you will need TRX.
What this basically implies is, more contents listed on Tron is tantamount to more users visiting its platform which will in
turn drive up the demand for TRX.
More demand = increased value.
Increased value = increased price.
Increased price = profit for investors.
What is The Current Status of Its Supply?
To guide against the inflation of its Tokens, Tron has fixed its token supply at a maximum of 100 billion TRX. Its ICO saw the sale of 40% of its tokens while the remaining 60% is set to enter the market at some point.
Here is how Tron plans to distribute them.
- TRON ecosystem/foundation will receive 35% — This is scheduled to be released in on the 1st of January 2020.
- Private offering will take 15% — No details have been made available to this effect.
- Peiwo Huanle Technology Ltd will be getting 10% — TRON’s CEO Justin Sun is the founder of Peiwo. This harbours some unanswered questions though.
At the time of writing this article, TRON had a circulating supply of 65 Billion, which implies that all tokens available at this time are already in circulation.
It is safe to say that we no longer expect any tokens to hit the market until 2020 (when the tokens reserved for the foundation will be released.)
Furthermore, Justin Sun recently announced on Twitter that Tron has put plans in place for a coin burn, scheduled for the first quarter of 2018. This will obviously decrease Tron’s circulating supply while increasing the tokens Price/value.
Let’s take a look at the brains behind Tron.
The TRON Team
A detailed review of TRON’s team members can be accessed on their official website. However, we shall be highlighting a few for the purpose of this review.
- Justin Sun
Justin Sun is the CEO of Tron, he formerly worked for Ripple, serving as their chief representative for Greater China Region. He is also the founder of a Chinese social media platform (PEIWO) which has over 10 million users.
His reputation has seen him gain global recognition, having been listed twice as one of Forbes 30 under 30 (2015 and 2017).
- Lucien Chen
Lucien Chen is Tron’s Chief Technology Officer. He is well experienced having been involved with a variety of first tier internet companies.
- Deuce Yu
Deuce Yu is TRON’s project supervisor. His vast experience in the gaming industry will be of immense benefit in the later stages of TRON’s project’s roadmap.
- Charles Zhang
Charles Zhang is TRON’s operation supervisor. He co-founded Elegance Space and once served as the secretary general of their branch in Chicago.
His business knowledge goes beyond Cryptocurrencies — to say the least. He has been a guest lecturer at Peking University for over a hundred times.
Such is the reputation he has built in the business world.
An aspect that makes Tron stand out from other cryptocurrencies is its extensive roadmap. The roadmap is a 6 stage, ten-year plan intended to place Tron at the very top. It can be seen here
Where to Buy and Store TRON — Tron Trx Review
Like other major Tokens, TRON’s TRX can be purchased in exchanges. We, however, advice you buy Tron on Binance because it offers the best prices and liquidity.
We strongly advise against storing your TRON or any other cryptocurrency on exchanges – for security reasons. Your safest option will be storing them in a hardware wallet, and since TRON is an Ethereum-based token, it can be safely stored in a Ledger Nano S hardware wallet.
Another option (though not as safe as the hardware wallet option) is MyEtherWallet.
The following video explains the process of downloading and installing MyEtherWallet.
Tron looks a decent platform by all indication. It however is not flawless and has raised some red flags over the years, while these red flags are worth putting into consideration, the fact that its Token is ranked 13th among all Cryptocurrencies only indicates its potentials.
We however advice you do not consider this review to be a financial advice and suggest you do further research before investing your money.
That is all we have on TRON, please endeavour to check back frequently as we provide you with more top quality Crypto-related news and reviews. Please Support our course by hitting one of the social media icons below. Thank you.