TRON TRX 101
With the rise and fall of the cryptocurrency market, we have been experiencing lately, to say the market is a “Nail Biter” is an understatement. Just about all cryptos are tied together and the altcoin created by Justin Sun’s Tron TRX is no different. Tron is a unique crypto for sure. When thinking about getting involved with any crypto it is always a good idea to do a little research on the project behind the currency so that you may expect to see what is coming. TRON has Justin Sun, and without a doubt, he has built TRON.
What is Tron?
According to the TRON website,
“TRON is a decentralized blockchain platform for supporting smart contracts and high throughput. We see TRON as a future operating system which will allow developers to deploy their own decentralized applications.”
This seems an awful lot like almost every other crypto blockchain out there available on the market today. So what makes TRON different from the Bitcoin or Ethereum of the world??
Tron is converting from an Ethereum blockchain based ERC20 token into a TRX Mainnet token on May 31st, 2018. This means that TRON is launching its own blockchain and will no more be relying on the Ethereum blockchain for its transfers. The TRON mainnet will have its own TRX tokens that are usable throughout the brand new TRON ecosystem.
How is the TRON blockchain different?
The TRX token runs off of the TRON blockchain will be built using a three-layer architecture. This is a next-generation blockchain different from the Bitcoin or Ethereum blockchain structures of the past. Using a core layer, a storage layer, and an application layer, TRON aims to make doing more on and off of the blockchain not only easier, but faster.
POW or POS?
Tron has elected to go with a Proof-of-Stake governing architecture. As Proof-of-Work requires high volumes of electricity, Mining equipment, and other resources, TRON has decided Proof-of-Stake was a better fit for their vision. Token holders of the Mainnet TRX token will have voting rights used to elect 27 Super Representatives. These super Reps will have the responsibility of maintaining the TRON mainnet network. Super reps will be eligible for TRX rewards after performing development, maintenance, and other TRON network tasks.
Holding TRX gives average users other benefits besides voting. TRX mainnet tokens may be used for crowdfunding, collecting airdrops, as well as owning the network equivalent of the entire TRX network of resources.
What else should be known about TRON?
Tron claims that after it’s mainnet launch, the TRON platform will be capable of over 10,000 TPS, (Transactions per second,) at a superior 0 transaction fee. 0. Let that sink in for a moment. TRON claims a 0 transaction fee. Pretty impressive for sure.
TRON has a circulating supply of 65,748,111,645 ERC20 TRX tokens each redeemable at a 1 to 1 ratio for TRX mainnet tokens. Tokens must be stored on an exchange from June 21st – June 25th (GMT+8) for the automatic token migration. If you have and TRX ERC20 tokens stored in a wallet, you may want to put them on a popular exchange for easy token migration.
TRX has a token cap of 100,000,000,000, with no more tokens being added to the 65,748,111,645 until Jan 21st, 2021.
1024 TRX tokens will be burned with a claim of over 100 million Dapps being used throughout the TRON ecosystem.
Developers contributing to the TRON network are eligible for some of the 2 Billion USD reward, with another 100 Million available to NODE rewards. TRON wants to pay you to help build the TRX platform.
Transfer your TRX
If you own the ERC20 TRX token, it is strongly recommended that you move them into an exchange wallet like Binance. Migration to TRX mainnet will be seamless and automatically done for you. If you missed the migration, however, do not fret. You may contact TRON support by email here trx@tron.network.
The price of a Tron token at the time of posting is $0.07 USD. TRX has a $7+ Billion dollar market cap with 660 Million in 24-hour trade volume. Tron is ranked number 9 when this post went up and has over 1 Million HODLers.
TRX is available on many major exchanges including BINANCE. Get your hands on some TRX today!
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Image Credit: https://descryptive.com/
Sources:
https://tron.network/trx?lng=en
https://coinmarketcap.com/currencies/tron/
https://tron.network/faq?lng=en
https://tron.network/about?lng=en
Posted from my blog with SteemPress : https://www.crypchronicles.com/tron-trx-101/