What is Tron (TRX), Explained

What is Tron?

Tron is an entertainment platform. It is decentralized and based on the blockchain. Also, its code is open source. The main idea is to create a platform, where people who create content, can gain money for its “distribution”. For an analogy, imagine any social network where you can get money for writing a long text about anything, for taking a photo of your cute cat and posting it on your page.

The creators of cryptocurrency position the project as a new Internet, and and it's hard to dispute. The platform offers almost all the features that are used in the classic Internet:

• The ability to create your content and share it and any files;
• Making cryptocurrency payments;
• Calculations on a distributed basis;
• The ability to exchange messages;
• Creation and interaction with various applications and social projects.

As a result, TRON combines all the necessary functions of the Internet for users. The advantage of the platform is that any application operating in the TRON ecosystem is decentralized and not under the control of certain corporations or the government.

What was the cost of TRX and how much it is now?

At the time of its ICO 1 TRX was sold for $0.0019. Until December 2017, the Tron rate was in the region of $0.02-$0.03 But the most legendary was already in the first week of the new 2018, the Tron’s coin broke into the top ten of the top Coinmarketcap, ahead of stellar lumen, NEO and even litecoin. At this time the token was quoted at $0.10-$0.15, and one day reached $0.24. In the February 2018 TRX’s cost started to fall down and was trading within $0.04-$0.05. It was maybe tragedy for those who bought it for a higher price, but the initial cost increased by 20 times. Those who sold TRX during the pump period earned really much. Now (for the end of the March 2019) Tronix again came to the previous $0.02, but it became more stable.

Scandals connected with Tron

Since you have already become acquainted with the basic history of the ups and downs of the TRX, then let's look even further and consider the reasons for these changes associated with various scandals.

Active promotion and attraction of large investors to cooperation made it so that by December the TRX rate jumped six times ($0.06), and the market capitalization level exceeded $160 million.

In January 2018 the total cost of the project reached a record $ 2 billion, the token was quoted at $0.10-0.15, and one day reached $0.24.

The more painful was the grand collapse of up to $0.04, which already happened by mid-January. The reason was the accusation of the management of the project of deliberate discharge of a large number of coins. As it turned out, about 6 billion TRX tokens ($300 million in total) were sold from one account on the Binance Stock Exchange. And the most unpleasant circumstance in this whole situation was that the account holder was none other than Justin Sun. Where this information leaked to the network is unknown, but investors blamed for everything the first person of the company, its founder and ideological inspirer.

In response to the accusations, Justin has written a tweet, where he explained that he had nothing in common with the account from which the transaction was made and with the sale of coins. He suggested that someone intentionally linked his name to this account in order to harm the project’s reputation. The community was divided into two parts: those who believed Sun, and those who continued to consider him a fraud. Full confidence in the company could not be restored, but the collapse of the TRX course ceased.

Another incident involved plagiarism charges. Once Vitalik Buterin declared that the alleged Tron completely copies the technical documentation of Ethereum. In response to this, Justin expressed his gratitude for the inspiration that the wonderful work of the creator of the ether presented to him, but he completely rejected the accusations of the secondary nature of his project:

It seems to me that Vitalik perceives Tron incorrectly. Our programming language, consensus mechanism, and logic are very different from ETH. They work on the POW algorithm, we use DPOS. Ethereum requires developers to pay for Gas, but we don’t, they don’t hold a vote, and we are already working in this direction.

Where and how to buy Tron in 2019

For this you can choose between 2 variants:

• In the exchanger
• On the cryptocurrency stock exchange. On it, you can sell, buy, exchange TRX. It can be done for other cryptocurrencies or fiat money. TRON cryptocurrency can be purchased on most cryptocurrency exchanges, including such giants as Binance, OKEx, Huobi, Bittrex, Livecoin, Exmo and etc. On Binance exchange can be done only with cryptocurrencies. You will have to buy bitcoin or another cryptocurrency, and change it to TRX. On Exmo and Livecoin you can do your exchange with the help of fiat money: dollars, euros, rubles, hryvnia.