As cryptocurrency continues to grab headlines, with Bitcoin still leading the way, numerous smaller and cheaper projects continue to rapidly appear that are exciting investors and igniting a conversation about the blockchain technology that makes crypto work. One is Tron (TRX), a crypto coin that it’s founder has developed squarely taking aim at the worlds largest content providers such as Facebook and YouTube. Tron’s official cryptocurrency is called Tronix (TRX)
Among the thousands of cryptocurrencies available at the moment, TRON has gained considerable popularity in the last few months. Tron claims to allow users to freely publish, store and own data – which can create a decentralized content distribution platform.
Tron (TRX) is a blockchain-based platform, based on the same technology as another more well-known cryptocurrency – Ethereum – that seeks to decentralize the internet, or more specifically content-sharing on the internet. But unlike Bitcoin, it is attached to a new blockchain-based technology that aims to revolutionize the way people consume entertainment. This objective centers on ensuring that artists, creatives, musicians and the like can release and distribute their content without having to use a middle company, which as of today are primarily the four horsemen of technology that drive so much of today’s commerce and consumer behaviors, Amazon, YouTube, Apple, and Facebook. The company says this will allow it to undercut its centralized competitors which charge high fees by offering a decentralized platform that shares various entertainment content by leveraging a blockchain and peer-to-peer (P2P) network technology.
The TRON digital currency was created by 26-year-old Justin Sun, a self-proclaimed protegé of Alibaba CEO and billionaire Jack Ma. He already is experienced as he previously worked for another fledgling cryptocurrency, Ripple (XRP) He has deftly promoted TRON to both its loyal followers and investors, utilizing his 350,000 Twitter follower base, as well as to the wider cryptocurrency community. Forbes listed him in its 30 under 30 for Asia in 2015 and he previously worked for another fledgling cryptocurrency.
Sun confidently told his 16,000 viewers on Periscope on January 5. “We do not consider us the competitor of Bitcoin or Ethereum, we are far beyond that. We are building the next generation of the infrastructure of the decentralized internet.” His regular social media posts have made Sun one of the most vocal and high profile characters in the world of cryptocurrency. Later this month, Tron plans to open an office in San Francisco.
With the massive influx of cryptocurrencies vying for attention during this groundswell of notoriety, TRON is working hard to squash fears the project is a crypto cash-in. Sun has described Tron as a “project for 10 years” that’s aimed at the “long-term investor.
A market indicator of innovation, new cryptocurrencies such as TRON have struck partnerships with a series of major companies, including Chinese video hardware and software provider Baofeng (which Sun dubbed the “Netflix of China”), oBike, the largest bike-sharing company in Singapore, which will release “oCoins” on the Tron platform, with riders accumulating coins the more they ride. It also boasts investors such as Wei Dai, the founder of bike sharing company Ofo, and a team of developers from Alibaba and Microsoft.
TRX is mostly bought with Bitcoin or Ethereum, the number one and two cryptocurrencies, on the Tokyo-based exchange Binance. The coin began life in September of 2017, trading at just a tenth of a penny. Earlier this month, it had soared past the 30 cent mark, before dropping back to as low as 4 cents, because of a wider market crash founded on fears that South Korea would ban cryptocurrency. The wild swing volatility of cryptocurrency is due to the hype, potential, fear, and doubt that comes with such new powerful, disruptive technology.
TRON is capable of supporting blockchain networks and smart contracts including bitcoin, Qtum, Ethereum, EOS, and various other smart contracts. With this innovative technology, TRON has become the first smart contract blockchain protocol that possesses over 10 million wallet holders all across the globe.
Although it’s still in its early days, TRON’s native Tronix token has shown significant promise to become a viable cryptocurrency of the future. The recent large upswing in its value suggests TRX could have a pivotal role to play in the overall market.