Even though thousands of different cryptocurrencies exist, the rankings are dominated by just a few well-known names. There are market leaders, such as Bitcoin and Ethereum, but a subset of additional cryptocurrencies is immensely popular.
Consider TRON as an example. Why has TRON become so well-known in this sector of the industry? What advantages does using TRON give its users?
Let’s learn more about TRON (TRX) and its features.
What Is Tron Crypto (TRX)?
Tron was first introduced in the year 2017 by Justin Sun. But the mainnet launched in May 2018. Since then, it has gained immense popularity. TRON has the world's largest circulating supply of stablecoins, surpassing USDT on Ethereum in April 2021.
Other initiatives, including decentralized apps, smart contracts, tokens, and Tron's delegated proof-of-stake consensus, were all the ones that laid the groundwork for Tron's fundamental building blocks. Many people agree that the project uses tried-and-true components, even though some have questioned the work's lack of originality. Because of this, we could also emphasize our products' design and user experience.
Tron distinguished itself from its competitors by developing a market strategy that was centered on the Asian region and highly dependent on the promotion of its founder and primary designer, Justin Sun. It should come as no surprise that a movie with a name like Tron, which was set in the future, has had some commercial success. There is a very engaged group of ardent fans.
Who Created Tron?
TRON (TRX) was created by Justin Sun, a Chinese entrepreneur and former representative of Ripple in China. Sun founded the TRON Foundation in 2017 to create a decentralized platform for the entertainment industry. TRON’s mainnet launched in 2018 and has since become one of the largest blockchain platforms in the world.
How Does Tron Work?
Even though Tron is now a separate coin, it was formerly an ERC-20 token based on Ethereum.
The Tronix network operates according to a few guiding principles, the first of which is decentralization. The data stored on a blockchain is entirely unrestricted and is not under the jurisdiction of any centralized organization. Content creators can receive TRX tokens from the platform as a reward for sharing their material.
In the Tron network, developers can generate their tokens if they choose. After that, users can use these tokens within their decentralized applications (dApps) running on the network. The original TRX token also serves as the basis for these freshly issued tokens.
Support for games on the Tron network is included in the plan for the next and final stage of the development of the network. These games would be completely decentralized, and players could provide direct feedback to their developers if they loved it.
The Tron network uses a consensus process known as delegated proof-of-stake. Transactions must be approved by one of this system's super representatives, who is also entrusted with tracking transaction history. Super representatives are selected once every six hours, and as a thank you for their services, they are rewarded with a TRX coin generated by the mechanism.
Currently, there are almost 91.08B TRX coins in circulation. Every three seconds, a new block is added to the Tron blockchain, and the people who contributed to the addition of the block are rewarded with 176 TRX tokens.
What Makes Tron Unique?
TRON is currently one of the most popular blockchains in use. Over 149 million users have accounts, and over 5 billion transactions have been completed using the platform.
The fact that TRON is primarily concerned with the entertainment industry provides it with a distinct advantage over other blockchain projects. The purchase of BitTorrent is also essential to its progress.
How Is TRX Used?
TRX, also known as Tronix, is the native cryptocurrency of the Tron blockchain network. It is used for various purposes within the Tron ecosystem, including:
Transaction fees: Like other blockchain networks, users must pay transaction fees in TRX to use the Tron network to send and receive transactions.
Voting rights: TRX can be used to vote for super representatives on the Tron network, who are responsible for validating transactions and maintaining the network.
Staking and governance: TRX can be staked to earn rewards and participate in network governance. TRX holders can also vote on proposals to improve the Tron network.
DApp usage: TRX can be used to purchase goods and services within decentralized applications (dApps) built on the Tron.
TRX Token Value
The primary advantage of adopting Tron is that artists and people who generate content from all over the world now have the choice to own the content they make. A further significant advantage is that users do not have to be concerned about the potential costs of conducting transactions when they develop and share their content.
TRON is also positively associated with Web3. This new network already has real-world value baked into it, which is the primary goal of the third generation of the web, which aims to enable people to use the internet in a decentralized and open form.
From a programmer's perspective, Tron is unique because it is currently being developed to support utilizing a high-level language for its smart contracts. In the not-too-distant future, programmers can create on top of the open-software concept of Tron utilizing any programming language they choose.
How to Buy TRX Tokens?
There are several ways to buy TRX. Here are the general steps you can follow:
Choose a cryptocurrency exchange that supports TRX: Many cryptocurrency exchanges support TRX, including CoinEx.
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including TRX, users can now trade easily and seamlessly. Here's a guide on how to buy TRX on CoinEx.
- To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
- After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
- After depositing fiat or cryptocurrency, go to the TRX trading page, choose a trading pair, and specify the amount of TRX to purchase.
- To buy TRX tokens, choose the appropriate trading pair, specify the desired quantity of TRX, and trade the paired token for TRX.