Tron is a blockchain-based decentralized platform that aims to build a free global digital content entertainment system with distributed storage technology, and provide later and cost-effective digital content sharing.
Tron Coin was founded in September 2017 by a non-profit organization in Singapore known as the Tron Foundation. It is headed by Justin Sun as CEO and has a dedicated in-house development team that includes renowned technology advocates.
The Tron network uses its own cryptocurrency called Tron (TRX).
One can buy Tron on an exchange like Bitocto by exchanging it for Rupiah (IDR), internationally Tron can also be obtained by exchanging it for other cryptocurrencies such as ETH or BTC. Tron can also be stored in digital wallets like Bitocto.
Tron can be used by content consumers to pay for the content they want to access. These coins will then go into the content producers’ accounts, where they can then exchange them for cryptocurrencies or other fiat currencies, or can be used to pay for blockchain services.
In February 2018, TRX came in at number 15 on the list of the largest cryptocurrencies by market capitalization.
The Origin and History of Tron as a Crypto Asset
The Cryptocurrency Tron — sometimes known as Tronix — was originally just a token used on the Tron blockchain-based entertainment system. The coin appeared on the market last year after its initial coin offering in August 2017 and in less than a year has grown to become the 10th largest cryptocurrency by market cap.
ICO (Initial Coin Offering)
The coin was offered at a price of $0.0019 and a sales target of $70 million was achieved. According to CoinMarketCap there are currently 65.75 billion Tron tokens in circulation out of a total of 100 billion.
Tron was first listed on CoinMarketCap on September 13, 2017 for $0.002. The trading volume for the day was $48,512. The currency’s high of $0.30 was hit during trading on January 5 2018, while the largest trading volume of $4,089,410,000 was reached the previous day. Most of Tron’s action is based in Asia, with the most popular transactions being the TRX and KRW (Korean Won) pairs, followed by TRX and BTC.
The main character
Tron is the vision of one man, Justin Sun, founder and CEO of the Tron Foundation. Sun was previously Ripple’s chief representative in China. Besides Tron, Sun is the founder and CEO of Peiwo whose live streaming app has more than 10 million registered users, mainly in China. This app is fully integrated with Tron.
Sun is a protégé of Alibaba founder, Jack Ma, and recently graduated from the exclusive Hupan University in Ma. With a postgraduate thesis he wrote entitled “The Birth of a Decentralized Internet”. Sun also studied at Peking University and the University of Pennsylvania.
Born in 1990, Sun has appeared on the Forbes “China 30 under 30” and “Asia 30 under 30” lists. Sun is very active in promoting Tron and has over 400,000 followers on Twitter.
Based in Singapore, it is a non-profit organization that is “mainly involved in operating the Tron network on the principles of openness, fairness and transparency”. Key figures include Sun with Tron’s CTO, Lucien Chen, technical director Keelson Yang and developer Xie Xiaodong.
Tron started its story on the Ethereum blockchain but is currently free. The main network Tron launched on 31 May 2018 and the migration of Tron tokens from ERC20 to the TRX Mainnet took place between 21 and 25 June 2018. Promised transaction speeds on the new network with Tron saying that tests have shown speeds of 2,000 TPS – well above Ethereum levels.
In addition to the claimed speed of its new base, Tron says the new platform will make it easier for developers to build decentralized applications as it is built using Java while Ethereum uses the more specialized Solidity programming language.