Whoever was active on Binance on 30 October 2017 and had at least 0,003 BTC in his account, was credited with 500 TRON (TRX). Nobody knew what it was and where it came from! Is this a risk tokens being distributed willy nilly? I have written an article on my blog that will help your ascertain the market value and fundamentals of TRON. If you are asking for a $1000US valuation, how will it get there based on todays prices and how it is better than other coins. I honestly believe it is a long shot but there are other cryptos that may have this upside.
Since when does TRON exist?
The ICO of the TRON platform ended on 2 September 2017 and raised a total of 70 million dollars. You could buy the token from the platform, Tronix (Trx), for $ 0.0019 at the time and it is now traded for 0.018 $. This is already a nice increase of 1000%! In order to bring the project more to the attention, they decided to keep an airdrop on 30 October next to the ICO .
“An airdrop is a growth strategy that is used to bring the altcoin to the attention of potential investors, while small numbers of the altcoin are given away for free to create a community, and ultimately the goal is to buy additional tokens.”
Binance traders got 500 TRX on the account to do their first trades. It is a smart way to get a big name recognition with a small amount. With us this strategy has worked in any case and now that you are reading this also with you!
What is the purpose of TRON?
TRON has been developed for the digital entertainment industry. Within this industry are online casinos, games and social networks. This industry has a worldwide market value of 1 trillion dollars. The TRON protocol enables everyone to publish, store and manage their data in a decentralized manner. They want the makers of documents, music tracks and games to be able to keep their management and distribution in their own hands. Nowadays this is no longer the case. There is always an intermediary involved who then requires a portion of the proceeds. By having everything in their own hands, makers can earn more themselves and the prices become more transparent.
The founder of TRON, Justin Sun, created the Peiwo application after his study. This is an app that is now one of the largest live streaming application in China. The platform has more than ten million registered users, of which around one million users are active per month. The Peiwo app will be the first application that TRON will use. It will mainly use the smart contracts of the platform to arrange the live shows. With this, TRON has already beaten the giant Ethereum in terms of the number of platform users .
When other applications will also use TRON, the platform can remove the barrier between applications. For example, if you have 1000 TRX on the Peiwo app and would like to buy something in the game application, you can easily transfer the money from the Peiwo app to the other application and make your purchases here. The identification does not have to be done again with the new app. This operation is only required once. The user information is on the blockchain and not in the application. Apps can therefore not resell your data to others.
Who is the initiator of TRON?
The CEO of TRON is Justin Sun . He used to be Ripple’s representative and, as mentioned earlier, he developed the Peiwo application (China’s Snapchat). At the moment, Justin’s team has more than sixty people, including Lucien Chen from Alibaba and Tencent van Wechat. In addition to TRON, Justin is also a consultant to Gifto, a donation platform for content creators .
Who are the investors?
Among the investors of TRON are a number of big names, including:
- Binshen Tang, the owner of the game Clash of Kings, this game play more than 40 million people.
- Jihan Wu, the CEO of Bitmain. People familiar with Bitcoin mining are sure to know him. Bitmain is the company that produces ASICs Antminers and is one of the largest mining companies in the world.
- Weixing Chen, the founder of Kuaidi (Chinese Uber)
- Linke Yang, founder of BTC China
What can you do with the tokens (TRX) on the platform?
- TRON’s official currency is Tronix. Tronix is there to replace all currencies that interact in the entertainment world. This makes it possible to swap money back and forth between multiple applications that are connected to the TRON network. Giving an example:
- When you play Call of Duty and have some money left after buying a weapon, it is possible to transfer this remainder to your FIFA account. With the TRX from Call Of Duty you can decide to buy the player Messi in FIFA. Are not you such a gamer? Then you can also use the TRX to make purchases on social networks or pay for a movie in the online cinema. All with the same currency and in a fast, safe and reliable way. Nowhere you have to verify yourself again and no data will be left behind with any party.
- The TRX token is a token that is based on the ERC20 protocol. This makes it possible to keep an ICO on the TRON platform and the tokens can be used to finance it.
The total number of TRX is 100 billion, of which 65.7 billion in circulation. There is a hard cap on the number and that means that there will never be more than 100 billion tokens in circulation. The number of decimals of the token goes to six. This makes it possible to transfer 0.000001TRX.
- There are rumors that Chinese authorities want to ban the buying and selling of a fraction of a cryptocurrency. Because of this you can not transfer 0.5BTC to someone. Because TRX has a large number of tokens in circulation, the value will not quickly get the value as that of one Bitcoin. When the rumors are true and China actually prohibits fraction payments, TRX can be a good way to implement micropayments. With the high number in circulation, 1 TRX will not just be worth $ 1,000 each. TRX will therefore be very suitable for both large and small payments. This keeps the token interesting to use for, for example, the payment at a music streaming service.
- There is also the rumor that Tim Draper has invested in TRON. Tim Draper is one of the first to invest in the companies Tesla, Skype and Baidu (Chinese Google).
- The last rumor that went around was that the fund that invested in Ripple would also invest in TRON. Update: Justin Sun has confirmed this rumor.
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