What is Tron Coin | A Detailed Insight into TRX
What is Tron Coin?
Tron is a blockchain project that aims to decentralize the entertainment ecosystem. The coin was originally an ERC-20 token running on Ethereum Blockchain. In June 2018 the community said goodbye to the original token by migrating the network to its Mainnet. This means that Tron now has its blockchain and addresses, and the old token has ceased to exist. The community called this event as Tron Independence Day.
Tron at a glance
Founder: Justin Sun
Founder’s profile: Facebook, Twitter
Whitepaper: Tron whitepaper
Block Explorer: Explorer 1
Tron Social Profiles: Twitter, Telegram, Reddit, Medium, Youtube, Github
Tron for Dapps
Essentially created to streamline the decentralized application ecosystem, Tron features a lot of Dapps such as Epic Dragons. Even though the Tron blockchain is in its initial stage, it still records a million transaction on a daily basis as per the data provided by Tronscan. This shows the potential the coin is likely to have when Dapps and Crypto adoption increases over time. With the capacity to perform 2000 Transactions per second (TPS), Dapps and users can be assured regarding their transactions smoothly getting confirmed.
Team and Community
Tron community and its team are highly active. The community was the fastest growing back in 2018. As at the time of writing this post, the project has two headquarters. One in Beijing and the other in San Francisco. The founder is usually active on his Twitter profile and is quick to respond to any uncertainty surrounding the project. Even though the founder has been criticized for exaggerating the project to manipulate its price, the coin remains one of the solid and trustable projects in Crypto sphere.
Several influential people back the Tron Coin, and the Tronix project itself, including the founder of Bitmain, Jihan Wu. Justin, Tron founder himself was a former Ripple (XRP) representative in China. Besides Wu, Tron has backing from the founder of BTCC.com exchange, namely, Yang Linke.
In addition, Tron has also support from several Crypto enthusiastic, including businessmen such as Yin Mingshan. We should also pay attention to the fact that Tron started with a successful ICO raising more than $50 million for the project from investors.
Tron Price Predictions and Performance
When we talk about what is Tron Coin, we can’t ignore the fact that when it begins trading on various Crypto exchanges, it initially suffered a lot of criticism. This was mainly due to the rumor that the coin whitepaper was plagiarized from another whitepaper. Although the founder cleared this accusation in a statement, it still held the price from reaching new highs. For the first few days of trading the coin struggle to reach a cent. However, with the backing of influential persons and the founder’s commitment, the price of the coin started to surge and went to an all-time high of $0.20.
As of now, the price is down to 3 cents mainly because of a sharp decline in Cryptocurrency volumes and Bitcoin price. For the future, the Tron looks an interesting buy as the team constantly focus on the bridge the gap between consumers and inventors. Tron has also outperformed many cryptocurrencies among top 50 within a year of its existence. Hence, it would be feasible to say that Tron looks promising for future investment.
Can Tron Hit $1, $10 or $100?
This is one of the favorite questions people ask about Tron. We all know that Tron is an Ethereum competitor, and this is the main reason traders, and its user hopes TRX to achieve such a price. But let’s talk about stats and predict if Tron can ever reach $10 or even $1 in the future. Tron is among the top 15 Cryptocurrency at the time of this post with a valuation of 2 cents.
For the sake of this question, let us assume that Tron suddenly pumps to $1. The next thing you will see Tron doing is taking over the Ethereum market cap. This situation is quite unimaginable unless there is some increased activity on Tronix blockchain and its environment. But of course, this certainly does not mean that Tron cannot hit $1.
As a fact, Cryptocurrency prices are aligned with the overall market sentiments. We know that when Ethereum was over $1000 back in 2017, Tron was actually doing pretty good and was worth around $0.25. After that, the price plummets but was back again at $0.10 after its Mainnet launch in Jun 2018.
This only signifies the active development around the coin. Besides, Tron has a multitude of Dapps running on its Blockchain, and the active users on these platforms are constantly increasing. With such factors in light, it seems quite reasonable that Tron will surely reach somewhere close to a dollar in the next few years. Aside from this, you can check the latest Tron price here, or well bookmark it for future reference?
In conclusion, Tron coin, which was a target of criticism by many Crypto traders, now stands among the top 15 coins as per market capitalization at times of this post. Tron is backed by several investors and does not consist of a small team to deliver the project. It already has several partnerships with institutions and developers to integrate Tron in their platforms.
Whether Tron competes with its rival or remains behind is something we will see in the future. But for now, the coin posses a lot of potential in the long run.
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Disclaimer: This is just an informative post and not trading advice. Trading Cryptocurrency involves high risk, and you should be cautious before making a decision.