What is TRON (TRX)? Beginners Guide.

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Tron is one of the most talked about altcoin in the past year. Also, it is the best performing altcoin since the end of November. So what is Tron and what is its mission? Why so many people are willing to participate in the journey that Tron represents? It is believed that all altcoin projects have misinterpreted the use of a native cryptocurrency, but in this case, TRX looks like is working for the Tron Foundation’s projects. Moreover, their community is as large as Ripple’s, so it is safe to say that the project is half community driven. In this article, we will look at the key things you should know about TRON and it’s cryptocurrency TRX. 

Who is Justin Sun?

Justin Sun. Image source: https://medium.com/@TronDotLive/justin-sun-forbes-30-under-30-8d645a4b2124

Justin Sun is the famous CEO of TRON. He is a former chief-representative for Greater China of Ripple. Justin has a bachelors degree from Peking University and a masters degree from the University of Pennsylvania. Also, he was the first millennial student in the first batch of entrepreneurs at Hupan University. Also, Forbes China listed him in the 2017 Forbes Asia 30 under 30 entrepreneurs. Justin also founded Peiwo, an aspiring app that aims to become the Snapchat of China.

What is TRON?

Tron or Tron Foundation’s main goal is to construct a worldwide free content entertainment system on the blockchain. The Tron protocol, along with their platform, allows users to freely publish, store, share and own their own data or content. Moreover, the users can decide at what price, how and when they would want to sell this information about themselves. And above all, not only they want to make users solely the owners of their data, but also want to cut out middlemen such as Apple, Google, Facebook, Amazon, and Snapchat as well.

The problem

Currently, these dominant cooperations stated above, have control over the majority of user data. Tron’s main goal is to give the power of data back to the people and more essentially – give the ownership of the data back into the creators’ hands.

The healing

TRON aims to “heal” the internet and everything related to users’ data. However, this looks like a very long-term plan. Through many stages, TRON plans to fully develop their platform by 2037. It is very difficult to find a proper roadmap for the project. In this Reddit thread, TRON officials replied that “We haven’t provided any in-depth details on a long term roadmap as of yet.” However, we tried to put it all together.

The TRON Road-map

Exodus

This is the first milestone stage for developing TRON. In this stage, which was dubbed to be finished until December 2018, TRON aims to solve the problem of having big companies controlling users’ data. Exodus will be a decentralized peer-to-peer platform where all users will have the ability to upload, publish, share and store their personal data. In other words – a safe space where data is valued.

Odyssey

In the second stage, TRON aims to create a workspace for content creators. With Odyssey, users will be able to create, distribute and disseminate content while getting rewarded for it with TRX. The main goals for this stage are lowering the fees and royalties taken by third parties such as Google Play and Apple Store.

Great Voyage

In this stage, Tron aims to provide a similar blockchain platform to Ethereum. They want to enable users to make branded tokens, or other words Initial Coin Offerings (ICOs). To achieve this, Tron will have to develop its own blockchain application platform with a Turing complete language for smart contracts.

Apollo

At this stage, Tron should work similarly like Ethereum, hence, making its own tokens. It kind of supplements the Great Voyage stage. Tokens which everyone can easily trade and store. Tron admitted that they could face the same problems as Ethereum when CryptoKitties congested the whole network.

Star Trek

During this stage, Tron aims to develop a gaming and prediction platform. Initially, Tron was launched as a gaming coin. In Star Trek, users will have the ability to play games and receive awards in TRX. Ultimately, this stage is meant for gaming, maybe that is why they called it in the name of one of the best selling games “Star Trek”.

Eternity

This is the last stage of Tron roadmap, hence the name. The dubbed time of achievement – 2037. That is a long way to go, but Justin Sun claims that that is the date when all Tron TRX holders will meet their biggest profit gains, as the Tron platform will become the biggest gaming platform on a global scale. In Eternity, Tron aims to fully complete their gaming platform.

Tron Blockchain Characteristics

1. Scalability: TRON blockchain can be extended through the side chain, which means that not only currency transactions, legally binding contracts, and certificates, audio and video files can be stored in the blockchain database;

2. Decentralization: Without an agency, all nodes have the same rights and obligations, any node stopping working will not affect the overall operation of the system.

3. Trustless environment: All nodes in the system can be traded without trust. Because the operation of the database and the entire system is open and transparent, the nodes can not deceive each other;

4. Consistency: The data information between nodes is consistent;

5. Fault-tolerant: The system can accommodate 1/3 node Byzantine failure;

6. Scalability Account Model: UTXO Model + Account Abstraction. TRON has also made targeted improvements on the premise of UTXO’s easy-to-parallel computing model. To make data easy to manage and easy to program, TRON introduces the world state-lightweight state tree concept, each of which maintains a global world state, the global state has the features of quickly find, cannot be changed, easy to provide proof.
Taken from the Tron White-paper.

TRC10 and TRC20 tokens

These are the technical token standards issued by the Tron Blockchain. In the Network, every user can issue tokens at the expense of 1024 TRX. TRC10 is supported by the blockchain natively without the TRON virtual machine. A virtual machine is an operating system or application environment that emulates a computer system. TVM is a virtual machine built by TRON Foundation for the purpose of making the TRON’s ecosystem bigger and better. Currently, there are more than 1500 TRC10 tokens and growing. The most popular tokens are TronGameGlobalPay (GTP), Tronix (TX) and Leonardo (SAPL).

Top 3 TRON TRX10 tokens. Source: https://tronscan.org

TRC20 is used for smart contracts on the blockchain for implementing tokens with the Tron Virtual Machine. TRC10 tokens have almost 1000 times lower fees than TRC20 tokens. Also, they can be accessed via API. It is safe to say that TRC20 is not that popular since there are only around 24 o them. The most popular TRC20 tokens are 6KPEN_Token(6KPEN), DEXCOIN(DEX) and TronFun Token(FUN).

Tron TRC20 tokens. Source: https://tronscan.org

Tron dApps

Tron currently has about 107 active dApps. To be true, most of them are gambling dApps with an exception of games, high-risk games, and exchanges.

Top 10 Tron most popular dApps

Epic Dragons

The number one dApp at the time of writing is Epic Dragons, which is a fantasy game where you can earn TRX by playing it. It currently has about 4,7k daily users who circulate 565,600k TRX daily and 4,22m TRX weekly.

Epic Dragons Tron dApp.

GOC PLAY

The second most popular Tron dApp is a gambling site called GOC PLAY. With that, you can play all the traditional gambling games such as Dice, Blackjack, Roulette, Poker, and similar. It has a daily user base of 3,8k. Daily volume is around 3,248m TRX

GOC PLAY Tron dApp.

TRONbet

TronBet is the third most visited dApp on the Tron blockchain. It is basically a betting platform, where you can play dice. Similar to all the games which are available to play with Bitcoin back in the day. Not that you cannot play with Bitcoin anymore, moreover to point out that this is nothing new in the dApp space.

TronBet Tron dApp.

What is TronWallet?

Tron Wallet is a multifunctional crypto wallet, designed specifically for the Tron network. It gives you the possibility to interact quickly and easily with your account or to keep your TRX and other account data safe in a cold wallet setup. However, this is not meant for storing ERC-20 tokens, so the word – multifunctional, applies only to the functions you can do with the Tron network. That means you can store TRC20 tokens. It gives you the ability to vote for Super Representatives.

Super Representatives play a key role in governing the TRON community by ensuring basic functions, e.g. block generation and bookkeeping, and obtain corresponding earnings.
TronWallet is available for iOS and Android devices.

https://www.tronwallet.me

Tron reaches One Million User Accounts

On December 23, Tron reached a new milestone set by the CEO Justin Sun – One million users. This achievement took place only 6 months after the launch of mainnet.

At the time of writing, Tron already has reached almost 1,5 million users. To be exact, the project now has more than 1,447,405 total addresses.

As we can see the address growth chart is skyrocketing in the past days or even weeks. Guess it is safe to say that Tron is significantly growing in popularity.

This, of course, raised a lot of discussions in the crypto-space, as Misha Lederman, the co-founder of IamDecentralized.org compared Tron to Ethereum saying: “In comparison, Ethereum reached 1 million accounts on Jan 22, in 542 days or 18 months since ETH Mainnet Launch. Let that sink in for a moment…”
Many tweeters replied to this tweet saying that these two projects cannot be compared as Tron only had to copy the Ethereum white-paper and develop it further:

Nevertheless, the statistics show that these tweeters are right. TRX now can handle 2,000 transactions per second in comparison to ETH’s 25.

Source: https://tron.network
A Discussion on Twitter comparing TRON with Ethereum.

Plans to overtake Ethereum

Tron has long plans to overtake the third largest cryptocurrency Ethereum. Especially now during this year-long bear market. Research by Diar revealed that in the past months, most of the ICOs created on Ethereum, cashed out since Ethereum lost almost 90% of its value. Justin Sun responded very quickly tweeting:

Claims of plagiarizing white-paper and beef with Vitalik Buterin

Crypto Twitter (CT) always likes to analyze things and dig a little deeper into shady projects. This time Tron also fell into CTs hands. Tron was accused of white-paper plagiarism. The founder of Protocol Labs, Juan Benet, tweeted that at least 9 pages of Tron white-paper were copied from the IPFS or Filecoin papers. Juan Benet co-wrote these papers with the help of other Protocol Labs members. He tweeted:

Justin Sun replied rather calmly explaining that “Our original version of the whitepaper is in Chinese and we have a very detailed reference to the latest Chinese version. The English, Korea, Japanese and Spanish versions are translated by the volunteers. The translation missed numerous important details not just reference.”
However, the intent of these accusations is not clear, as all these papers are open-source, which means that everyone can copy them.

Moreover, Vitalik Buterin engaged with Justin Sun when Justin tweeted a wide comparison why Tron is better that Ethereum.

The raw statistics show that transaction-wise Tron is better than Ethereum, however, you cannot compare an asset with a $1,6b market cap to an asset with a market cap of $12b.

Tron Price

Tron chart. Source: coinmarketcap.com

Tron (TRX), unlike other cryptocurrencies this bear market, actually is performing seemingly well. Last year, September 12, the asset reached its all-time low and since then has constantly improved in price. When looking at Bitfinex price charts, we see an interesting picture.

Tron trading against Bitcoin has seen a bigger growth than against the U.S. Dollar.

TRX/BTC. Source: Tradingview.com

TRX/BTC has risen +145% since the all-time low in September.

TRX/USD has risen “only” 115% since the all-time low in September.

TRX/USD. Source: Tradingview.com

Today, at the time of writing, TRX is trading at $0.024562 with -1,82%.

How to buy TRX?

The cryptocurrency is available for purchase in almost all of the popular crypto exchanges.
Binance, HitBTC, Huobi, OKEx, Bithumb, Bit-Z, IDAX, DigiFinex, Bitfinex, Bittrex, KuCoin, and many others. Just log on to your desired exchange and start buying TRX.

Tron Markets. Source: coinmarketcap.com

Conclusion

Overall, Tron looks like a great project with huge ambitions. At the moment it really looks like it could substitute Ethereum. And that is the interesting part. Ethereum has a lot of work ahead in their Constantinople upgrade, but while they are doing that, Tron is building a new legacy. People always speculate whether the top 3 coins could ever be replaced. This could be the case if both teams keep the same pace as up til now.

However, in the long run, if we look at Tron’s lifetime goals of becoming a global gaming platform in 2037, a simple question bears into mind. Isn’t that too long? Or is it just a number which the developers set to calm themselves, just in case they fail at something? I mean, that is 18 years from now. Either they are very farsighted or very careful about the future.

In conclusion – whether to invest in this asset or not – it is up to you, as this is not a piece of investment advice, but just a simple break-down on the cryptocurrency. But in my opinion, Tron could be here to stay. 

Source:

https://tron.network
https://www.reddit.com/r/Tronix/comments/9wq0dq/tron_roadmap_questions_about_odyssey_great_voyage/
https://developers.tron.network/docs/super-representatives-1
https://cointelegraph.com/news/tron-reaches-one-million-user-addresses-in-six-months-since-launch
https://globalcoinreport.com/tron-trx-road-map-success/
https://globalcoinreport.com/justin-sun-just-tweeted-tron-trx-mainnet-is-alive/
https://o836fhe91.qnssl.com/tron/whitebook/TronWhitepaper_en.pdf
https://www.forbes.com/sites/jessedamiani/2017/12/14/crypto-watch-tron-trx-price-surges-over-500-in-a-week-outperforming-btc-ltc-and-eth/#4ff5a933350f
https://coincentral.com/trx-beginners-guide/
https://medium.com/@TronDotLive/what-exactly-is-tron-virtual-machine-tvm-1424ac17b2c7
https://diar.co/ethereum-ico-treasury-balances/
https://www.ccn.com/trons-whitepaper-appears-plagiarize-filecoin-ifps/
https://www.ccn.com/vitalik-buterin-continues-to-troll-tron-over-whitepaper-plagiarism-allegations/
https://www.forbes.com/profile/justin-sun/#1bc7c86d603f

Photo by Tatiana Fet from Pexels

A Christmas present! TRON reaches 1 million user accounts!

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On December 23rd, the TRON project reached 1 million user accounts, reports Cointelegraph. They refer to this TRON blockchain explorer website. It shows that in the past five days, TRON address count increased nearly 20k a day. Today it already is 42k more than 1 million. 

This has happened only six months from the official mainnet launch, confirmed

Misha Lederman who is the co-founder of IamDecentralized.org. Also, Justin Sun, the CEO of the company confirmed this fact, and the millionth user is:

Justin Sun earlier claimed that the millionth user would receive a gift worth $10,000.

What is TRON?

TRON is one of the largest blockchain-based operating systems in the world which offers scalability, high-availability, and high-throughput computing (HTC) support that serves as the foundation for all decentralized applications in the TRON ecosystem. Since July 24th, 2018, TRON acquired BitTorrent Inc. which is an Internet technology company based in San Francisco. Every month more than 170 million people use BitTorrent Inc. developed products. Its protocols move as much as 40% of the world’s Internet traffic on a daily basis.

Now TRON is one of the largest blockchain-based operating systems in the world with over 100M users. Today TRON is trading at $0.019714 USD with a market cap of $1,313,546,957 USD. Its all time high was in January 2018, when it reached $0.25 USD. 

TRON chart, from coinmarketcap.com

Comparing with Ethereum

Misha Linderman in his tweet compared TRON’s growth to Ethereum’s. He says: “In comparison, #Ethereum reached 1 million accounts on Jan 22, in 542 days or 18 months since #ETH Mainnet Launch Let that sink in for a moment…”

Many tweeters reacted pretty hard to a comparison like this. @035Ak said that comparing TRX with ETH is like comparing BTC with BCH.

Also, many pointed out that Ethereum developers had to develop the project from scratch as where the TRON project just took the base from Ethereum. However, the hardest striking bullet was the price comparison. @danmip13 tweeted: “Ethereum is worth $130, Tron is worth less than 2 cents. Let that sink in for a moment.”

Is that copying?

Everything aside, this is a question of ethics. Do people feel that in this era of blockchain, where everything is open-source, decentralized, where almost everyone can create their blockchains, needs to be such things as copying boundaries? If we’re honest, this is possible thanks to the Ethereum project. They developed a platform where everyone can join, create blockchains, smart contracts, etc. They who decide to “borrow” the code in the means of pushing an idea further and achieving better things for the wider public, I don’t see what the problem with that is. The same is with Bitcoin. There always have been, and still will be, people trying to improve Bitcoin by taking it in their hands and moving it in a different direction.

A Christmas present for Justin Sun and the millionth user!

Ironically, Justin Sun had tweeted that the best gift for him and his TRON team would be 1 million users.

With that fulfilled, TRON is quickly moving forward, announcing new partnerships every day and improving their platform. Also, the millionth user must be pretty excited, as all he had to do was start using the TRON platform.

Merry Christmas everyone! 

Source:

https://goo.gl/ee9A9u
https://goo.gl/nNxBwT

What is happening with the market?

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Lately, we have seen only red accents when looking at coinmarketcap.com, coingecko.com or any other cryptocurrency statistics website. Although today the market is looking a lot greener, the general perception of an incoming bull-run hasn’t changed much. There has been a lot of FUD in the crypto community as a lot of bearish tweets of getting out of cryptocurrencies and selling everything have become quite popular. 

On the other hand, the Bitcoin Maximalist camp is looking at this pretty positively, justifying that “many sh*tcoins are dying out,” which, in their opinion, is a particularly good sign. It leaves room for Bitcoin to grow. Whether this is true or not, no one knows, but the fact is that most of the ICOs and cryptocurrency projects from last year have lost 95-97% on average from their all-time high (ATH). 

Top losing altcoins

Source: OnchainFX

In the picture above you can see the top 15 of those coins which have lost the most value. As we can see Zclassic, GameCredits and Ethos are the top losing projects, having lost 99% in value. When looking into Zclassic twitter page, it was surprising to see only 1,862 followers. Their activity also is feeble. The last retweet (not even a post) was published on September 7. Also, there has been only 2 GitHub commits in the last 90 days. That all could lead up to an abandoned project.

However, GameCredits has working products like G-Nation which includes G-Play and G-Share. Their mission is to build a worldwide community for gamers and game publishers. However, looking at the price of GAME it looks like they are not doing that well. Especially, if users can purchase games with GAME, or earn it while playing. It looks like it’s not rather profitable for users to use it. Also, only 10 commits on GitHub in the last 90 days. On the other hand, their Twitter page is booming with followers (30k), and they are continually publishing their updates on the GameCredits Foundation. However, the fair point is that GameCredits are competing with an already established industry leader – Steam. Also, NEO (NEO) and TRON (TRX) are entering the blockchain gaming industry, and those are huge companies. How is that going to work out for GAME – we’ll see.

Speaking about Ethos, they have plans to build a universal wallet for all the cryptocurrencies available — kind of what Coinbase has now. Moreover, their internal token – ETHOS, was supposed to be a facilitator of the platform, by mainly reducing fees and allowing users to access certain services on the platform. Ethos also has lost 99% from their ATH. They claim that 60k users are using their platform with almost 1000 joining in every day. However, the thing is, they are planning to implement a fiat gateway with multiple features, which would lead up to thinking that their token might be dying out.

Bitcoin likes bear markets

Overall, the picture looks dreadful. The question is, whether the investors, who helped these projects to raise money, will ever get their return of investment. That is a good question which possibly is asked multiple times during the day. Especially after these bear moves, the market was performing in the last couple of days. These lows don’t necessarily mean that the market is dying out. Cryptocurrency markets have experienced multiple bear markets, and there is no sign that this should be the last one. The history shows that each one of the previous bear markets leads to even higher prices and larger market caps. Whether this is also going to be like that, we can only wait and guess.

The fact is that by each of these bear markets, the bitcoin price has retreated to a previous all-time high. As we can see in the picture below – this looks exactly the case. Now the question is – whether it might fall even lower – to a different previous ATH. Bitcoin price could fall to a $2000 mark or even lower – to a $1000 mark. Because if we remember, the rise from $1000 to anywhere around $4000 was pretty quick, so we wouldn’t be surprised to see even lower price setbacks.

The market

When looking at how this past year has been treating us – the picture is not so confident as we intended it last year. This was supposed to be the year of privacy coins, but that seems to be postponed till next year. The good thing is – this year has boosted the Bitcoins dominance over other cryptocurrencies. It survived the lowest point of 32% in January when the bear market emerged. Now resting at 53-54% for quite a while. It almost looks like it soon could reach the highs of December 2017 when it was around 67% continuing in a pace like this.

Source: Coinmarketcap.com

A few things that fall into our eyes are that Ripple has overtaken Ethereum in market dominance by almost 3%, which has happened only a couple of times in the history of Ethereum. Also, we can see that Bitcoin Cash is losing dominance pretty steadily and Litecoin somehow stays stable around its 1,5% market dominance.

Source: Coinmarketcap.com

The overall cryptocurrency market cap also had dropped quite significantly from its peak in January when it was $829 billion. Currently, it has suffered a severe drop from $210 billion to $130 billion in these last days. It was going sideways for about three months and now seeing this big of a decline, still kind of draws the descending pattern.

So when bull?

This is probably the most common question among crypto-supporters, and no one can quite answer it. The fact is that after a month we will have suffered a year-long bear market. Is it going to continue? The most realistic outcome in our mind would be that Bitcoin keeps loosing price, but gaining dominance. This bear could stop at $1100, and it also could stop at $2000. By all means, this is just a speculation. The price will rise when people start buying Bitcoin. What will be the most appealing price for people to start buying it? Also, at the moment, assets on this market are not individual. They all fall under Bitcoin, and if Bitcoin price ascends, altcoins follow. So we all have to wait for Bitcoin to make a move. 

Source:

https://messari.io/onchainfx
https://www.tradingview.com/
https://twitter.com/WhalePanda
https://zclassic.org
https://gamecredits.com
https://gn.org
https://twitter.com/gamecredits?lang=en
https://www.ethos.io/token/
https://goo.gl/eN7R95

Photo by Pexels.com

TRON Foundation releases TronWallet

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On July 31, Tron Foundation tweeted that their new TronWallet is now available on all Android devices and iOS versions are going to be available soon. 

TronWallet is the result of a TRON Programming Contest. They didn’t win, but they raised $200K USD from Tron Accelerator to continue their blockchain research and development.

“With today’s release, TronWallet makes it easier for you and your friends to unleash the power of the TRON Network and its applications with a fully decentralized p2p wallet for iOS and Android”, says in their blog post, “TronWallet is a beautiful, simple yet powerful p2p crypto wallet dedicated to TRON users”. Some of TronWallet features include: fee-less sending and receiving of TRX tokens, open source, fully decentralized, push notifications, local secret encryption + PIN and a few more about which you can read in their blog post.

The TronWallet is an open source project initiative from Getty/IO Inc.

Getty/IO Inc. for the past 9 years have developed over 100+ mobile and web apps for companies around the world. TronWallet team is formed with people from USA, Canada, Brazil, Belgium and Chile.

Source:

https://goo.gl/exX6rn

Photo by Tron

TRON launches mainnet, starts coin burn

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Yesterday TRON announced their plans of burning tokens. In a twitter post by Tron Foundation, they posted a picture which was designed in a weird manner and a few twitter users didn’t get it. “Wait … what? And what does the diamond skull mean? And the rocket ship… and… is this some kind of Dan Brown-style puzzle?” says @BitcoinGent.

The picture was supposed to explain how TRON burns their tokens. In reality the picture consisted with a few graphical elements and three general sentences about coin burn. First that coin burn refers to removing an amount of coins from the total supply, second that TRON will be sending those tokens to a unrecoverable address and thirdly, they explained that burning coins encourages a fair distribution of crypto and helps to control inflation and reward token holders.

TRON has a total of 100 billion tokens of total supply. So by saying that they are burning 1 billion tokens, basically means nothing. As a few users in twitter said – investors have been requesting the token burn for quite a while, so now, when TRON comes out loudly saying that they are removing tokens to control inflation and to reward holders, a few users say that they are using this only for their PR campaign. But they are not only burning the tokens. They will put 33,251,807,524 tokens on lock until the 1st of January 2020.

A lot of Twitter users are claiming that the TRON price after the burn will go up, but in my humble opinion, I highly doubt it. The amount being burned is too small, and judging by my previous experience you have to have quick fingers and have to be right on time to actually gain some profits from these kind of actions.

Source:

https://goo.gl/uQKgjK
https://goo.gl/cCW6Qy