The Tron (TRX) cryptocurrency was founded in 2017 by Justin Sun and goes beyond the uses of conventional cryptocurrencies.
Sun first created the Tron network as an entertainment platform. However, over time, it has evolved into a competitor to Ethereum’s “world computer” ideal.
What is TRX?
The TRX cryptocurrency was created to execute code on the Tron blockchain. It is also a means for buying content for publishing on the Tron network. There are currently 99 billion coins in circulation, with the value growing as the network grows.
It is not possible to mine TRX because no work goes into validating transactions on the Tron blockchain. Instead, all coins were minted during Tron’s ICO, and those who invested during the ICO are now able to stake their TRX so they can earn more.
At the time of writing, TRX has a total market cap of $2.294 billion. Like many other cryptocurrencies, TRX transactions take place on a public ledger. It is on this ledger where every TRX transaction in history can be traced back to the first transaction. TRX’s transaction model is similar to Bitcoin’s, but it has improved the model by adding security.
Transaction speed and cost
The Tron network is able to process 25,000 transactions per second – quite a lot more than Bitcoin’s six or Ethereum’s 25. It is able to do this because of its use of DPoS (Delegated Proof-of-Stake), a consensus mechanism that allows a large number of transactions. DPoS is the democratic version of the Proof-of-Stake consensus algorithm.
It is not just the speed that makes TRX a go-to cryptocurrency. A major benefit of TRX is that its transaction fee is almost zero. In December 2018, Sun took to Twitter to announce the transaction fee had fallen to 0.1%, with the fee then reaching 0% the following week.
Tron is one of the top projects to promote the development of dApps. Tron’s dApps are currently blowing up and taking over popular platforms such as EOS and Ethereum, with a record $180 million spent weekly by users on Tron-based dApps in March 2019.
TRX is also leaving rivals such as ETH behind be continuously developing its technology to make it easier for developers to use. In March 2019, we reported that Tron’s dApps recorded a 207% increase in weekly transaction volume according to RatingDapp.
Here are some high-ranking TRX dApps that are currently on the market. The first one we will talk about is ‘Crazy Dogs Live’, which is the world’s first gambling game ecosystem built on the Tron network. It strives to create a secure, transparent, and fun-filled gambling platform. Tron is aiming to release more features in the future to help the whole ecosystem grow exponentially.
Another high-ranking game is TRONbet. To play this game, a user must have a TRONLink wallet and own TRX. This game is the world’s first trustless, high-performance, permissionless e-gaming platform on the Tron network. Tron wanted to create a dApp that removes poor player experience, nasty sign-ups, and shady house edges, and this is where TRONbet came in.
Tron is making waves in its quest to become one of the best cryptocurrencies out there, with Sun claiming it will be in the top-four coins in terms of market capitalisation by the end of the year. Similarly, if Tron keeps adding more popular dApps, then it could soon become a household name.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.