This is Everything You Need To Know About the TRX – Tron crypto Coin which is based on a Smart Contract & runs on proof-of-stake principles.
What Is TRX TRON?
Lets get started with Everything You Need To Know About TRX Coin. TRON is a decentralized, open-source blockchain-based operating system with smart contract functionality, and proof-of-stake principles as its consensus algorithm. Tron has a native cryptocurrency known as Tronix. Tronix is represented by the symbol TRX.
How Does TRX Work?
The network works on the principle that all data on the network is free and and completely decentralised. This means that content creators are able to gain TRX token or other tokens which are underpinned by TRX, as a reward for their content.
It is possible for creators to create their own tokens which can be used within their own Dapps on the network as long as they are underpinned by the main TRX token.
When was The TRX Coin Launched?
Tron and its subsiquent TRX coin was established in March 2014 in Singapore. In 2017 the oversight function was delegated and had since then been overseen and supervised by the TRON Foundation, a non-profit organization in Singapore. The Tron Foundation was also established in the same year, 2017.
Last year, (2021) Justin announced that the Tron foundation was to be dissolved. He further said that Tron will (going forward) be maintained by the community. Sun remains the ambassador of the coin.
Tron was initially an Ethereum-based ERC-20 token, but in 2018, Tron changed its protocol to its own blockchain. That very tear, Tron acquired internet’s largest decentralized file-sharing site, Bittorent, to further their interest in the gaming space.
Who Owns TRON TRX?
31 year old (in 2022) Justin Sun is the founder of the Tron blockchain on which TRX runs. Currently, Justin Sun is urguablly one of the most influential people in the NFT space.
He is also an ambassador, Permanent Representative of Grenada to the WTO, and a Geneva-based Chinese-Grenadian diplomat, entrepreneur, and business executive.
Sun studied at Hupan University in China. In 2015, aged 25 then, Sun was named CNTV’s most noteworthy new entrepreneur. He was also named in Forbes China 30 Under 30 for three consective years.
Last year, 2021, Sun was the underbidder on the historic $69M auction at Christie’s New York of the Beeple non-fungible token (NFT) collection and remains an influential person in the NFT space.
Why Was TRON Created
TRON was invented to level ground in the media space. It was intended to help reward content creators more for their work. It was intended to cut out middle men like YouTube, Facebook and Apple etc who control the media space and earn much higher than the real media creators. By cutting out the middle-media-man, it was intended to let viewers directly reward content creators via the Tron network using the TRX token. This way, the media would befully owned by its rightful creator
How Are TRX fees calculated?
One of the unique and most interesting features of the TRX coin is that there are no Network Fees for using TRX! Yes thats right, there are no transaction fees for TRX. Currently, the network is able to support upto 2000 transactions every second without charging any fees.
Of course, and quite understandablly, trading TRX on an exchanger will attract some fee as a commission for the exchange connecting you with a seller.
At the moment, TRX can only be purchased as a trade for other coins such as Bitcoin or Ethereum. By purchasing TRX, you will innevitably pay two fees. One, while purchasing these coins (Bitcoin etc), the second for the trade of the aquired coin (in our case bitcoin) to TRX.
Is it worth buying TRX?
The outright answer is a huge YES! TRX has been performing extremly well. Compared to some of the other blockchain ecosystems, in the last 12-month period, the value of TRX has increased by over 299.2%, which shows that the cryptocurrency definitely has potential.
Tron has gained attention from experts in the crypto market and has secured a high market cap of $6,244,315,295. Its certainly one project I wouldnt hestate to recommend to a crypto investor.
How Is TRON Created?
Most cryptocurrencies use either proof of stake or proof of work approachs. Many years of testing have proven that these approaches are extremely reliable and provide effective results.
The Tron ecosystem, however, is developed on a different approach. Tron is based on the delegated proof of state approach. Generally speaking, TRX can not be “mined” like most coins are.
Technically, the Tron network involves a total of 27 nodes that are considered super representatives. These nodes form a critical part of the network and allow for a consensus to be achieved.
Representatives rotate frequently. Those who are chosen to be the super representatives for the following six hours gain an opportunity to earn tokens in the network throughout the period of time.
This is an alternative form compared to mining, which is found in Bitcoin and other cryptocurrencies that uses a proof of work concept. When a super representative creates a new block on the Tron network, they are awarded a total of 32 TRX tokens.
Can I mine TRX Coin?
No! That is not how Tron works! Due to the use of a proof of stake system, Tron works quite differently from other coins like Bitcoin and similar cryptocurrencies. Tron is not mined like other cryptocurrencies. TRX Coins have already been created on the network. Instead, users are able to rather earn Tron by becoming representatives. Once a user is selected as a super representative for a period of six hours, they are able to earn 32 TRX per block that they produce.