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TRON (TRX) News

What is Tron (TRX)?

June 12, 2019 by TheCryptoToday Leave a Comment

TRON is an interesting and incredibly ambitious digital currency project attempting to provide a decentralized platform to serve us users properly.

In Their Words:

“TRON is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology.”

In Our Words:

TRON’s objective is to come up with an entertainment platform that grants content creators utter control over their content.
Think of a decentralized combination of Netflix, YouTube and the App Store.

Technology

The TRON project is one that is incredibly complex, as such, we will aim to highlight its key features but you are encouraged to go through their whitepaper and complete further research if you want to learn the more technical details as regards the project.

We will first discuss the TRON token.

The TRON Token

There are actually 3 different tokens involved in the TRON project: TRONIX, TRON Power and the TRON 20 Token; we’re going to quickly outline all three and their uses below.

  • TRONIX (TRX)– This is the token available for purchase/trade on the exchanges; it is required to access the TRON platform and is also used to buy and sell content upon it.
  • TRON Power (TP)– This is essentially locked up TRONIX; users volunteer to lock up their TRX and receive TP in return, as well as voting rights and other privileges in the TRON ecosystem. TRON Power is not tradable and would of course be a long-term commitment. TRON Power is similar to Steem Power used on the Steemit platform.
  • TRON 20 Token– TRON 20 Token allows content creators to create and issue their own tokens, similar to Waves and NEM.

The Platform

At its simplest, content creators will be able to list their content on the TRON platform and make it available for purchase; this content could be in form of music, films, images etc. These transactions will be completed using the TRX token and will not incur any fee charges.

The TRON ecosystem will as well incentivize content creators to encourage them to upload their content on the platform and help accelerate the TRON ecosystem.

Other cryptocurrency platforms will also be able to host on the TRON platform while offering their own tokens.

Users will be in the position transfer these tokens into any other on the platform using TRX as a bridge currency.

TRON Mainnet

On June 2018, TRON officially activated its mainnet, migrating from Ethereum blockchain, and completed coinburn of 1 billion TRX. Right after that Freewallet released the first TRX wallet for mobile and added TRX to Multicurrency wallet.

After mainnet launch TRON acquired BitTorrent, the pioneer in distributing computing, thus expanding its ecosystem with 100M new members.

IS TRON SOLVING REAL MARKET PROBLEMS?

  1. Problem – Censorship & Centralization

In many countries internet censorship and restriction is rife; government intervention means users are regularly unable to access particular websites.

In China, for instance, people are unable to access Facebook or Snapchat, while the Iranian government has prevented access to both Instagram and Telegram.

TRON’s Solution

The decentralized nature of the project means it should be free from censorship or interference.

  1. Problem – High Channel Fees

One problem experienced by content creators when trying to distribute their content is the high fees or commission rates charged by media platforms like the App Store and Google Play.

TRON’s Solution

Content creators will have utter control over their products as well as direct access to their consumers and, without the involvement of the middlemen, these costs are vastly reduced.

Token Economics

This is yet another incredibly important point that people often times overlook while investing in Cryptocurrencies – is the token price truly linked to the platform usage?

Investing in Cryptocurrencies is not the same as traditional investing, in which case you buy shares in a company. By investing in a cryptocurrency, you’re buying ownership. As the company makes increased profits, the share price will increase and your investment value will as well rise.

With the majority of cryptocurrencies, the tokens don’t represent shares.

As such, it’s possible for the company to be successful (i.e., the CEO and employees get rich) and yet the token prices may actually fall if they aren’t correctly linked to platform usage.

The ONLY factor determining token price is supply and demand on exchanges.

Obviously, supply and demand are affected by many factors but the price all comes down to the combination of these two. Because of this, it is essential to ask yourself the following two questions:

  1. Demand – Will there be token demand on the exchanges?
  2. Supply – Will there be excessive inflation hindering prices?

Let’s first look at demand:

What Are The Sources of Demand?

Users will be required to hold TRON tokens in order to access the platform and, on top of this, all transactions will also be completed using TRX.

As more content is listed on the TRON platform and users convert to the platform, the demand for the token will increase just as the price should.

The Result?

The price of the TRON token is sufficiently linked to the demand for the platform.

TRON has passed this test.

What Is The Likely Inflation Rate?

TRON generated a fixed supply of tokens (100 billion TRX) meaning a zero inflation rate but that doesn’t mean that new tokens won’t enter the market though.

A total of 40 percent of the tokens were sold during the Initial Coin Offering, meaning 60 percent of the tokens will enter the market at some point. So how will they be distributed?

  • 35% – TRON Foundation/Ecosystem– It was recently announced that all of these tokens will be locked until January 1, 2020.
  • 15% – Private Offering– No further details provided.
  • 10% – Peiwo Huanle Technology Ltd– No further details provided but the organization’s CEO, Justin Sun, is also the founder of Peiwo. A question could potentially be raised here about where these tokens have in fact gone.

Coin Market Cap currently lists TRON as having a circulating supply of 65 billion; this would mean that all of the tokens that could enter the market have already done so.

As a result, we can assume that no more tokens will be entering the market until at least January 1, 2020 when the Foundation’s lock-in period expires.

Sun also announced on Twitter that the foundation has (TRON Foundation) had a coin burn which took place on the first quarter (Q1) of 2018, which decreases the circulating supply and an increase in token was felt as a result.

TRON has passed this test.

THE TRON TEAM & ROADMAP

The TRON Team

TRON possesses what seemingly is an extremely solid and well-rounded team. As a project overview, we will be providing our opinions on a few key players and we recommend that readers check out the TRON website for additional details as regards the team.

First up is the organization’s Founder and Chief Executive Officer, Justin Sun; previously involved with Ripple as chief representative for their Greater China Region. Sun is as well the founder of Peiwo, A Chinese social media platform with more than 10 million users.

He has also twice been listed as one of Forbes 30 under 30 (2015 & 2017), a depiction of the strong reputation he has within the business world.

Lucien Chen, the organization’s Chief Technology Officer (CTO) boasts a lot of experience in a number of first-tier internet companies while Product Supervisor Deuce Yu has extensive experience in the gaming industry, something that could be very beneficial to the TRON project when they reach the latter stages of their roadmap.

A final member worth mentioning is the Operation Supervisor, Charles Zhang, who is the former co-founder and COO of Elegance Space and additionally served as the Secretary-General of their Chicago branch.

Charles offers a vault of business knowledge outside of the crypto space and has been invited to give lectures more than a hundred times by Peking University, depicting just how well respected he is within the business world.

The TRON Roadmap

Another outstanding aspect of the TRON project is their extensive roadmap; a detailed six-stage, ten year plan, as highlighted below.

  • Exodus – August 2017 to December 2018– Content distribution platform.
  • Odyssey – January 2019 to June 2020– Focus on economic incentives and content empowerment to encourage growth.
  • Great Voyage – July 2020 to July 2021– ‘Personal ICO’ implementation – content creators will be in a position to generate their own tokens and host their own ICO, capacitating them to further generate content.
  • Apollo – August 2021 to March 2023– Building the fully decentralized trading platform for tokens.
  • Star Trek – April 2023 to September 2025– Creating a decentralised gaming platform for users to create their own games.
  • Eternity – September 2025 to September 2027– Users will be able to build their own gaming platforms.

Market & Partnerships

Operating in an industry that was worth $1.8 trillion USD in 2016, the TRON project also boasts quite a number of impressive partnerships already.

Through these partnerships with companies such as Baofeng, Peiwo and Obie, TRON has managed to garner over 200 million potential users already.

When this is combined with the recently announced project with game.com, TRON Dogs- Similar to Crypto Kitties, then the potential number of users is thus far impressive for the platform.

A side note surrounding the TRON Dogs project is that 2018 is the Chinese year of the dog; this is rather trivial but may help to drive uptake and is an extra point worth taking into consideration.

Chinese Endorsement

Most recently, the parent company of the Peiwo APP (The first app to host on the TRON platform) was identified as one of Beijing’s high-tech enterprises of 2017.

The National High-tech Enterprise is a policy set by the Chinese government to promote the rapid development of high-tech enterprises. Nonetheless, there are strict standards for inclusion.

“After being included, companies will enjoy a series of concessions in technology research and development, tax relief and personnel policies so as to help enterprises devote more energy and ability to independent research and development and to enhance their core competitiveness.”

Extracted from Tron Foundation’s Medium Page.

Considering China’s negative stance towards cryptocurrencies, this news is somewhat surprising and is a good sign for the long-term potential of the project.

Possible Barriers to the Project’s Success

Overambitious?

There is no denying that this is an incredibly ambitious project; TRON themselves highlight nine different types of risks involved in the project and while a ten year roadmap will be applauded by many, you also have to question the likelihood of them reaching that goal without a few hiccups.

RECENT CONTROVERSIES

Copied Whitepaper?

TRON recently came under fire after analysis of their whitepaper found a large percentage of it to be copied, almost word for word, from the IPFS and Filecoin whitepaper. The diagram below shows just how much was alleged to have been copied and details the lack of references.

Sun responded to this by saying that the original Chinese version of their whitepaper featured a number of references but since the alternative versions (English, Korean etc.) were translated by volunteers, they had missed a number of important details as well as the references.

The TRON Foundation also released a statement saying: “The design of TRON is based on its own system and the realization of codes, some codes of Ethereum were used as reference, we didn’t note related license, from now on we will note the copyright ownership and promise this won’t happen again.”

While we are of course not in a position to say anything with outright confidence, this is something that would worry us.

TRON have since removed all versions of the whitepaper from their website and have promised the release of a new whitepaper some time soon. This is something we certainly look forward to reading.

Justin Sun Sells 6 Billion TRX?

TRON also came under scrutiny recently when a post on Reddit alleged that CEO Sun had sold 6 billion TRX, this was proven not to be the case but did create some fear.

The post highlighted a wallet that they believed to belong to Sun due to the high volume of TRX, as well as the wallet also being linked to a CryptoKitties account called ‘justinpets’.

The wallet in question had sold over 6 billion TRX for ETH over a three week period. Even Litecoin founder Charlie Lee got involved, calling out Sun over this on Twitter.

Sun would respond to the allegations on his personal Twitter account by stating that the wallet in question actually belongs to a private investor and market maker who buys and sells TRX tokens in order to provide liquidity.

He also said that when it comes to any form of registration, he uses his Chinese name of Yuchen, as opposed to Justin. Upon learning the facts, Charlie Lee would apologize and delete the tweets accusing Sun.

While the project has certainly had some flaws, this episode proved to be a poorly researched accusation as opposed to anything untoward on TRON’s behalf. An example of what many in the cryptocurrency space refer to as FUD.

WHERE TO BUY & STORE TRON TOKENS

Where to Buy TRON Tokens?

As far as our opinion goes, the best exchange to purchase TRON tokens from is Binance; it is also available on a number of smaller exchanges but in our opinion Binance will offer the best prices and liquidity.

Where to Store TRON Tokens?

TRON is an Ethereum-based token which means it can be safely stored on any ERC-20 compatible wallets.

Our favorite option is the Ledger Offline Wallet.

Our other favorite option is MyEtherWallet which you can download via the link below:

Download Wallet HERE (MyEtherWallet)

For instructions on how to download and install MyEtherWallet, check out the video below (not produced by us).

Product & Traction

Tron is designed to ultimately make entertainment content both easier to sell and cheaper to consume. In theory, this goal is achieved by putting the content on a blockchain and the creators and consumers in a network of peers, eliminating the middleman. [4]

The network has built a set of consensus mechanisms, which can use minimum cost to solve identification and personal credit issues in online transactions. It also uses point-to-point transactions to avoid traditional centralized settlement structure. The network can play the host role between users and developers, to ensure authenticity and compliance of info credit.

As explained in their website, the Protocol offers “scalable, high-availability and high-throughput support that underlies all the decentralized applications in the TRON ecosystem”. The network incentivizes users to build their own decentralized entertainment applications (dApps).

Conclusion

While there is no doubting the potential size of the TRON project, there are a number of red flags that have arisen over time.

We are looking forward to reading the new whitepaper when it is released in the hope that it can alleviate some of the worries people have around the project.

If the project hits all of its targets then it could become one of the largest on the market but, as it stands, there are at the moment just too many questions around the project to consider a serious investment.

On top of this, the project is already priced very highly in the market – number 13 – so the upside potential is relatively small when compared to the considerable associated risk.

Filed Under: Coin Guide, TRON (TRX) News

Justin Sun, TRON Founder, Reveals Plans and Progress for 2019

April 19, 2019 by TheCryptoToday Leave a Comment

During the second day of the conference in the TOKEN2049 in Hong Kong, Justin Sun, the TRON founder and CEO, has made announcements regarding his plans and progress for the upcoming quarters of 2019. He presented the progress report of his company as he spoke in front of the huge audience and has even revealed his better plans in the remaining months of this year.

A report from the CrytoGlobe highlighted the presentation of the TRON founder and everyone was just amazed at the TRON’s current status. These are some of the progress stated by Justin Sun during his presentation at the TOKEN2049;

  1. In the last 14 days, the average number of daily transactions was roughly 3.3 times that of the Ethereum.
  2. The number of mainnet accounts is 2.6 that of EOS, even though the EOS was launched one month before the TRON.
  3. More than 6000 of smart contracts have been established even though the TRON’s smart contract platforms were only launched in November 2018.
  4. 186 decentralized applications (DApps) according to DappRadar and 255 according to DappReview were established. The TRON founder was also confident that there will be more than 2000 DApps by the end of this year.
  5. The BTT token launched on the Binance Launchpad was sold out in only 40 minutes.
  6. BitTorrent has over 100 million active users per month, and he believed that it has over one billion devices in terms of installations that includes all users in 138 countries.

Plans for the Q2 and Q3 of 2019

Having known about the progress of the TRON, the entire audience was also excited as to the upcoming plans that Justin Sun is giving to the public. During his presentation, he further elaborated the better plans he had in mind and the CryptoGlobe has reported some of these important points.

  1. TRON is launching the BTT token in Bit Torrent Speed.
  2. The BitTorrent Live is finally been built that includes the basic view, broadcast, gift, and other important features to be implemented in only 10 weeks.
  3. Tether and TRON announced its collaboration with the aim of launching the TRON-based USDT.
  4. An improved Privacy Support is also expected to be announced this year which include shielded transactions similar to those which are offered in the Zcash.
  5. The BitTorrent FileSystem is expected to be announced in Quarter 3. This is the company’s goal to be the best-decentralized storage solution in the market.
  6. Improved scalability and speed through the TRON’s layer 2 solutions will be released in the Quarter 2. The founder aims to offer a continuously improved sidechain that will give users unlimited capacity expansion of the main chain.

Having all these announcements heard straight from the TRON founder, the audience was astonished by the statistical data presented by Sun. Moving forward, he also revealed that he is eyeing to launch the 2,000 DApps on its blockchain by the end of the year. Apparently, there are lots of upgrades that are in store for the market this year.

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Filed Under: TRON (TRX) News

Swarm to issue Free Tokens on TRON Blockchain

April 11, 2019 by TheCryptoToday 1 Comment

Swarm, a well-known blockchain technology company, reportedly made an official announcement on April 10, 2019, regarding its aim to bring free tokens to the TRON blockchain. A report from the Medium says that individuals and properly-licensed enterprises can now issue fee-free tokenized assets through their platform.

Having known for creating tools in reaching out to the broad array of assets, Swarm’s tokenization on TRON will now allow every customer to make and complete their transaction with fewer to lesser fees. Justin Sun, the TRON founder and CEO of BitTorrent, revealed on his official statement that Swarm is now becoming the preeminent builders of the digital investment infrastructure.

He further added that the company’s decision to adopt the TRON blockchain will pave the way as they aim to achieve decentralized finance in the digital investment community. A report from Medium further confirms that Tether will also launch the USDT-TRON, another stablecoin based on Tether technology through its partnership with Bitfinex.

How Swarm Offers Fee-free Token to TRON?

According to Philipp Pieper, the Swarm Co-founder and CEO, the company’s dedication to delivering fast and free solutions to its customer through decentralized infrastructure is a sure fit to Swarm’s free tokenization technology. Accordingly, properly-licensed asset providers will now be able to issue security tokens through this blockchain.

Further, it has been eyed that investors will be allowed to use the TRX and USDT-TRON to purchase more security tokens. This movement from Swarms generally aims to meet every need of people wherever they are in the world. The company’s CEO ended his statement by saying,

This is about opening the door for the massive and engaged TRON community to enter this rapidly growing space.

Swarm’s Different Significant Developments – Explained

The significant involvement of Swarm with TRON blockchain has greeted the investors of the digital currency community. With the Swarm and TRON collaboration, everyone is gearing towards building new opportunities with the intention of providing customers a faster speed and cheaper charges on their transaction.

In a report from the Tokenist, Swarm revealed that their company did experience great developments in the past couple of months. In October 2018, the company officially revealed its Market Access Protocol to the public.

Further, more of its developments happened after two months when the Swarm made an announcement about their company to support about 30 fiat currencies on their security token platform. It was also in the same month when the TAT, or better known as TheArtToken, raised more than $11 million using the Swarm platform.

Apart from all these developments, reports also revealed that some industries like fine arts and different real-world assets have also been tokenized, which largely include real estate, equity, and investment funds. Over the past couple of years, Swarm has proven its name in the digital investment industry.

Without a doubt, it has proven to be one of the most successful companies in terms of the digital securities sector. Founded by Philipp Pieper and Timo Lehes in 2018, Swarm dedicates its services like tokenization, sales, and asset management into a wide-range of a decentralized marketplace.

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Filed Under: TRON (TRX) News Tagged With: Swarm

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