The digital world is full of different cryptocurrencies, and more and more new cryptos come out every day. Some of them are useful and become a real trend, as some of them die as fast as they were born.
Today we will have a look at another cryptocurrency, available on the market since 2018 - Tron Coin.
The basics
To understand exactly what the Tron coin is, we will start from its basics.
Tron is a decentralized platform, used for content sharing and entertainment. It uses blockchain and peer-to-peer technology.
Actually, the Tron coin is considered to be the next-generation social media outlet, where anyone can create and share content. The unit of accounts in the blockchain is called Tronix. It is also the currency that pays users for their content. This is an opposition to how popular social media companies, such as Facebook (Meta), monetize the user generated data.
The Foundation
A non-profit organization, called the Tron Foundation, is based in Singapore and is mainly engaged in operating the Tron network with principles of openness, fairness and transparency.
Regulation and compliance are considered to be at the highest of values. They are approved by the Accounting and Corporate Regulatory Authority.
The founder
Justin Sun is the name of the leader of the Tron Foundation. At an early age, he has some impressive background. He is even listed as 30 under 30 in Asia from Forbes. Not only that, but Sun has surrounded himself with a wide team of all-star mentors.
Tron use cases
Tron crypto has some powerful use cases and one of them is that using it empowers artists and content creators all over the world, to have an ownership over their content.
Furthermore, Tron coin is leading a new movement considered as the third web, which is going to enable people to use the internet as a decentralized open network.
Right now, Tech Giants make money from user data, and Tron's purpose is to give the power back to the users, so that they can have more control over their own data.
Tron has a huge use case from a developer’s standpoint, too. It allows the use of any language for smart contracts, so in the future, developers could use the programming language they want to build on top of the open-software design.
Transactions
Another thing we’ll have a look at is how tron’s transactions work.
Tron coin transactions occur on a public ledger, where the history of each transaction can be traced. This transaction model is similar to the one Bitcoin uses. There is one difference - Tron provides an additional security model, called UTXO.
Potential
As we already had a look at what the Tron coin is, we have to look at its potential. As it is new and just getting started, we can’t be too optimistic.
Some investors have gone mad because of the way Justin Sun handles communication. His announcements usually announce that something will be announced soon, and that can sometimes be really frustrating.
Another negative part of Tron is its reputation of using some of Ethereum’s code, which violated Ethereum’s copyright license. Of course, that has been corrected.
Security
Tron’s platform has a good reputation. Anyway, if you are considering holding TRX, you have to be careful. As any other cryptocurrency, you have to be smart on how you hold your password and how you store your coins.
As we already have mentioned, Tron is decentralized, so many wallets don’t store information and don’t have backups of your username and password, so you really have to keep them safe. Of course, you have to be safe also when you buy Tron coins. Choose a reliable exchange and a trustworthy payment middleman, just like with any other digital asset.
With some fantastic use cases, Tron can be considered a cryptocurrency with great future, yet you should always be aware of all the risk, before you make an investment.
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