fbpx

Serious Altcoins 101: TRON (TRX) explained

TRON is a blockchain project that has been featured in the headlines of both crypto and mainstream media outlets. TRON has secured quite a few backers to support the project, currently ranked 17th by market capitalization.

But what has made TRON popular among crypto enthusiasts?

What Is TRON (TRX)?

TRON is a blockchain platform that aims to decentralize the web.

By focusing on the entertainment industry, TRON brings content creation on the blockchain where creators are rewarded in TRX.

Starting on the Ethereum network with TRX as an ERC-20 token, TRON launched its own blockchain two years after its 2017 token sale, with the project receiving $70 million in contributions from investors.

However, some don’t consider the blockchain network’s tech unique.

TRON uses the Delegated Proof-of-Stake (DPoS) consensus mechanism for its blockchain network capable of running smart contracts and deploying decentralized applications (DApps).

While all these technologies have been pioneered by other blockchain projects, TRON’s popularity among crypto users could be credited to the steps the organization took to achieve its ambitious goals.

In addition to targeting the Asian market, TRON gained widespread popularity among crypto users when the non-profit TRON Foundation acquired BitTorrent, a pioneer in peer-to-peer (P2P) networking.

It’s also important to mention Justin Sun, the Chinese entrepreneur who founded TRON, who has become a prominent member of the cryptocurrency community.

A Brief Analysis of the TRX Price

Let’s now take a look at the TRON (TRX) price.

After the project’s token sale in September 2017 – despite bullish conditions – the TRX price remained stable until the end of the year.

However, between December 4 and December 21, the TRX price surged from $0.002 to $0.068, resulting in a growth of 3,300% in a little more than two weeks.

TRX continued to grow in January 2018, right until reaching $0.25. However, with the crypto market’s crash, TRON’s price started to fall, dropping to $0.037 by early April.

On April 10, TRON entered into an uptrend, increasing the TRX price from $0.035 to $0.097.

However, the TRX bull run did not last long as the digital asset’s value started to fall after, which continued until the year’s end.

Starting 2020 with an uptrend, the TRX value increased from $0.013 at the beginning of the year to $0.026 by February 15.

After the general market crash in March, the TRX price fell to $0.0085. However, the cryptocurrency has been on a stable uptrend since.

As a result, by trading at $0.0168 at the time of writing this article, TRX managed to increase its value compared to the year’s start by nearly 30%.

TRON in the News

TRON has been featured in the news quite often.

Some news stories were positive for the project, including its acquisition of the decentralized social media platform Steemit in February and Justin Sun’s nomination for the Nobel Prize in Economics last year.

However, others have painted a negative (or at least controversial) picture of TRON.

While TRON supporters celebrated the acquisition of Steemit, many of the social media platform’s users opposed the move and initiated a hard fork to create Hive.

After securing a lunch with prominent investor Warren Buffet, Justin Sun canceled the event last year after he allegedly encountered complications with the Chinese authorities. However, after rescheduling the event, Sun and Buffet finally had their dinner in February 2020.

TRON received a great level of criticism, and some have even accused the organization that it was operating a scam.

However, a June report by Flipside Crypto praised the crypto project, concluding that TRON’s operation is legit.

According to the report, TRON has a “very healthy and active ecosystem” while stating that it is “more real” than 90% of the cryptocurrency projects the organization has examined.

Trade with AAX

AAX is the world’s first digital asset exchange to be powered by LSEG Technology. Offering OTC, spot, and futures, it provides a highly secure, deeply liquid and ultra-low latency trading environment; and a meeting point between crypto and global finance. 

Open an account with AAX, or download the app, and experience the next generation crypto exchange.

Choose a language