The upstart of cryptocurrency has been on the rise for over the past few months. Just like other alternatives such as Ethereum, Ripple, and Stellar, the recent to emerge is Tron. Thanks to its connection with China’s most powerful tech entrepreneur, Tron might be the next intriguing challenger when it comes to bitcoins.
Let’s have a look at some of the things you should know about Tron.
- Meteoric Rise
Same as Ripple, Tron and its tronix coin have increasingly become popular since the middle of December 2017. Earlier in November 2017, the coin’s value was less than a penny, but witnessed a surge in mid December with a value of about 26 cents. With the surge, it became the 6th biggest cryptocurrency globally.
- Exactly What is TRON
Tron is another bitcoin alternative which was originally envisioned as a remedy to a particular problem prior to attracting the attention of investors eager for the next huge cryptocurrency boom. Tron was designed as a blockchain-based ecosystem for digital content. This implies that digital media creators who use Tron are in total control and ownership of the data they created, plus how it was distributed to their audiences.
- What is TRX?
TRX refers to the coin used for exchanges within this digital network. Just like other cryptocurrencies, TRX makes international transactions cheaper, fast, and convenient. This is an advantage for content creators who live in countries that don’t allow transactions in the local currency.
- How TRON Started
Tron was founded by Justin Sun, a 26-year old residence of Beijing, China. According to his Twitter account, he was the only millennial to attend Hupan University, which is an elite entrepreneur leadership program based in China. This program was founded by a billionaire business magnate by the name Jack Ma.
- More about Tron’s Founder
Jack Ma is the founder and executive chairman of the tech conglomerate Alibaba Group. He happens to be one of the most influential people in China and, possibly by extension, the world. Although Ma doesn’t openly back Tron, Sun’s reputation as Ma’s protégé makes the TRX coin’s future quite promising.
- How to Purchase TRX Coins
Same as with other upstart coins like Stellar and Ripple, Tron is not available on CoinBase, which happens to be the most popular exchange form. That is not expected to change anytime soon since the site announced late last year that it was not ready to add new alternative coins to the exchange.
- TRX Trading on the Binance Exchange
Nearly 90% of a;; TRX trading are carried out on the Binance exchange, which temporarily suspended new registrations due to overwhelming influx of new users. That means those people who were not already on Binance were out of luck.
- Previously Available Alternatives
The only TRX exchanges options left for new users include Liqui, Bit-Z, and Gatecoin. Unfortunately, there is none that can handle more than 5% of trading. Additionally, all the three have mixed negative reviews from users, including delays in cash-outs and high transaction charges.
The best option for new traders was to wait for Binance to start making new registrations. Another alternative was to check out whether another major exchange will add TRX to its offerings.
- Price of Tron
Tron coin started trading from the middle of September in 2017. The price of a single Tronix stood at $0.0021 on December 5th 2017. As of 5th January 2018, a single coin was trading at $0.21, which marked a remarkable increase of about 1000% in just only one month. The price of Tron is based on Ethereum, though Tronix (TRX) is its official name. It is currently trading at $0.158866, with a market cap of $10,445,152,346.
- Caution when Trading with Tron
Although you can now buy TRX using Bitcoin or any other cryptocurrency, you should exercise extreme caution when making transactions. This is mainly because the nature digital coins are volatile. They can either surge or plummet very rapidly.
- What’s Next With Tron
In reference to Sun, they are very confident that TRON will reach a target of one million wallets registered users within a year. They will reward the first one million registered users with considerable TRX token simply by becoming members of the Tron platform.
- Tron’s Future Prospects
Seemingly, Tron has an awesome long-term potential. This is mainly because its purpose is a relevant issue to date and which will hopefully continue to be. Additionally, the people behind it are great performers. It is also a roadmap unlike other trading platforms that span for years without offering much space for growth and development.