Ever since its launch in 2017, Tron has gained steady momentum. Whether it is support from the communities and developers, adaptation by major businesses, or its unique use cases, Tron has everything going for it.
If you are just curious about this exciting cryptocurrency or are planning to invest in it, here’s all that you need to know:
- What is Tron?
The Internet as we know it today is rife with data manipulation, the selling of personal data, restrictive geographical boundaries, and censorship. It is also rampant with middlemen who eat away the profits of digital content producers.
Tron is one of the largest blockchain operating systems in the world that was built to solve this very problem. It was created by Justin Sun in 2017 to help decentralize the entertainment industry and the process of content distribution.
Amongst the fastest-growing blockchains, it has a transactional value of more than 2.8 billion and over 75 million accounts.
- What is TRX?
TRX or Tronix is the native cryptocurrency of this blockchain. Just like other virtual currencies, TRX transactions also take place on a public ledger. These TRX tokens are utility tokens that are used as a medium of payment for all the transactions on the blockchain.
The smallest unit of TRX is known as SUN. So, 1 TRX= 1,00,000 SUN. If you plan to invest or trade in TRX, know the conversion rates of TRX to INR.
- How can you use Tron crypto?
The concept of TRX on the Tron blockchain is similar to that of Ether on the Ethereum blockchain. TRX supports the programs on the Tron blockchain. It is used as a reward for content creators for curating original digital content.
Content consumers can also use TRX to pay content producers directly without any fee for intermediaries. With more and more vendors and businesses accepting TRX as a mode of payment, you can also buy goods and services with it.
- What are some special features of Tron?
Here are some features that differentiate Tron from other altcoins:
- Tron works on a proof-of-stake consensus mechanism. This means it is more energy-efficient as compared to other cryptocurrencies.
- It has often been rated as the fastest blockchain that can handle the largest number of transactions per second, much more than Bitcoin. If you wish to trade in Bitcoin, get to know the Bitcoin to INR
- How is Tron mined?
Tron cannot be mined like other cryptocurrencies. This is because the Tron protocol utilises the proof-of-stake mechanism and all its tokens have been already mined in full.
However, people can still mine Tron, albeit in different ways. For instance, you can mine it by mining Ethereum on its blockchain. Once you have mined Ethereum, your rewards are exchanged and you are paid back in TRX coins.
- Where can you buy Tron?
Since Tron cannot be mined, you need to buy them from exchanges that support this currency. Some of these cryptocurrency exchanges are:
- Binance
- Coinbase
- KuCoin
- HitBTC
- Gemini
- Huobi
- Is Tron a good investment?
According to the forecasts shared by different platforms, the TRX/USD price is expected to rise to about $ 0. 142 by the end of 2022. The same sources are predicting its prices to rise to $ 0.393 by the beginning of 2027.
Another factor that affects its prices is that it doesn’t have a maximum supply of tokens. This makes it inflationary.
Keeping all these things in mind, you will have to decide for yourself ultimately. Like all altcoins, Tron is also a speculative investment. You need to keep in mind your investment objectives and risk appetite.
The bottom line
As a crypto exchange platform, we urge you to educate yourself about Tron and stay updated with the latest price trends and news. As mentioned above, there are several factors that will keep helping Tron evolve and innovate for the better.