Recently, an altcoin known as TRON has exploded in value. Within the last week, the value of one TRX has risen from just over 4 cents to a high of 26 cents and back down to 17 cents. At this moment, TRX is the 10th largest cryptocurrency by marketcap at almost $11B, and I will go through what TRX is, where you can buy it, and my opinion on its future.
What is TRON?
According to the TRON official website; “TRON is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology.” The goal of TRON is to dismantle the current form of entertainment on the internet, which is inefficient, and to replace it with a decentralized system that does not rely on centralized platforms such as Youtube or Google Play. This system will allow users to be directly in touch with content creators, and creators will not need to use middlemen in order to raise capital. The official currency of the TRON network is called TRONIX (TRX) , which acts as a basic unit of exchange on the network.
Who created TRON?
TRON has many team members, all of which are part of the Singapore based, non-profit TRON Foundation. The fact that the organization is non-profit is great, as according to their website, all excess profits will be put back into the organization, and will be used for activities and events. None of the team members will partake in profit-taking. Since they are based in Singapore, they are subject to Singaporean law, which is good, as Singapore is a very stable country. The CEO of the foundation is named Justin Sun, who is an accredited businessman who has been featured in “2017 Forbes Asia under 30.” The rest of the team itself is very large, with around 20 people total. They specialize in many different fields from business, computer science, to marketing. They are also partners with several companies; the most reputable being Bitmain, a famous Chinese cryptocurrency ASIC chip company. The TRON network has many uses, including a decentralized method of storing and transferring data, a decentralize method of raising capital through ICOs, anonymous gaming, and decentralized exchanges.
What are the goals of TRON?
According to their official website, the TRON network has five core values which I will sum up here;
- The internet will be decentralized, and users will own their own data.
- Anyone who makes a contribution to the TRON network will be given an opportunity to make profits.
- All forms of contribution are of equal value. For example, time invested, quality of content created, and audience retention will be measures of the value of content created.
- The TRON network is created to serve the public, not to make profits.
- Creating content should primarily be controlled by the people, not corporations
Where can you buy TRX?
TRX can be purchased on many different exchanges, but the most popular by far is Binance which makes up almost 75% of the total volume.
My opinion on the future of the TRON network.
TRON definitely has potential for the future in terms of being widely used. A decentralized internet is something many different cryptocurrency projects are trying to work on Including Basic Attention Token (BAT) and Substratum (SUB). That being said, I think TRON will be competing with BAT in the future. BAT basically does the same thing as TRX, in the sense that users can easily contribute to their favorite content creators without the need for a middleman. BAT has a huge advantage, and that is its creator. The creator of BAT Brendan Eich invented Javascript, so if anyone knows how to revolutionize the internet, it is this man. TRON is less centralized since it is a non-profit, but BAT has a large team as well. BAT at this moment actually has a working product and browser that people use. TRON is working on its first stage of development, and the full product with all of its developments will not be implemented for at least another 8-10 years. I think the TRX token at the moment is very overvalued. A company with a barley viable product should not have a $10B valuation. That does not mean it will never revolutionize the way the internet works, but for now similar to many other high-marketcap coins, it does not have an actual product yet and has not actually done anything. I think people saw the >100% gains it had just in one day and decided to buy TRX as to “not miss out” on those profits. Overall, I have faith in the TRON network as it is decentralized, non-profit, partnered with large companies, and based in a stable country. I just think at this moment in time, the network has a long way to go before it deserves that massive of a valuation.
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