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What Is Tron (TRX) Coin? The Popular New Cryptocurrency
Have you ever wondered what it would be like to enjoy free, online entertainment forever? Ever thought that companies like Apple were charging too much for entertainment in their app store? Tron aims to revolutionize online content for the better by creating a completely decentralized content sharing platform. Sound interesting? Well, we’ll tell you exactly what the platform does, what TRX coin is and how Tron could change how we consume digital content.
- 1 What Is Tron Coin?
- 2 What Does The Entertainment Industry Currently Look Like?
- 3 Why Is Tron Needed?
- 4 How Can TRX Coin Used?
- 5 How Is The Tron Crypto Project Organised?
- 6 The Team
- 7 The Future Of TRX Coin
- 8 The Tron Coin ICO
- 9 Should I Invest In TRX Coin?
- 10 How Can I Buy Tron Coin?
- 11 Final Word
- 12 Resources
What Is Tron Coin?
The first thing to know is that Tron coin is also known as TRX. The two terms both mean the same thing and refer to the cryptocurrency of the Tron platform. So, what exactly is TRX coin? Well, it is a store and transfer of value that rewards content producers for the engagement that their media has on the Tron platform.
Sure, many content producers are likely to trade their TRX coins on a cryptocurrency exchange to get fiat and pay the bills. However, the flow of Tron coins is by no means one way. Regular content consumers on Tron are likely to want to buy digital items. One form of content is games and a lot of people like buying digital in-game items. TRX coin will be the cryptocurrency used to buy in-game items in games on the Tron platform. Users of the platform will likely want to tip their favorite content producers, in a similar way to Twitch donations.
In a nutshell, Tron is trying to create a completely free content platform built by leveraging the power of blockchain technology. The idea is to cut out the middlemen that dominate current content distribution platforms and reward content creators more. The idea is that this will put more money in the pockets of popular content creators and enable them to produce even more content people want to see.
When it comes to entertainment and content, decentralization means that content is not censored or controlled. What ultimately matters is how many people enjoyed the content. This is why with Tron every upvote/like that a content creator receives, they will be compensated with some TRX coins.
What Does The Entertainment Industry Currently Look Like?
Today, content creators have little choice but to go through middlemen like Apple, Google, and YouTube. It really doesn’t matter what type of content you create; you will be forced to use these big companies to monetize your content. What you get in return is a platform for your content to be showcased on and the hope is that you will get enough attention to make some money.
The problem is that all these platforms take a big chunk of the revenue that your content creates. The current model means that you are producing the content, putting it on a big companies platform, then they choose how much to pay you. Doesn’t sound particularly fair, right?
What’s worse, is that these big companies have the power to do what they choose. Rules can be made and any content that does not adhere to those guidelines can get demonetized. This means that creative freedom is stifled, as content creators are more likely to make content that is allowed to be monetized. This is a form of censorship and is seen by many as a huge issue on YouTube.
Ownership of content is also an issue. If you were to upload a video to YouTube, do you own it? Sadly, you will find out that YouTube actually own that content you spent hours creating.
Right now, content producers are getting a pretty bad deal. Control over content platforms has made a few people exceptionally wealthy. What’s worse is that this status quo doesn’t appear to have an end in sight and content creators are becoming increasingly dependent on these platforms to make a living.
Why Is Tron Needed?
The core ideologies of Tron are that:
- Freedom of speech should be preserved and that anyone should be able to publish content.
- Digital content should be completely free.
- Content should not be censored.
- Content creators should own the rights to their own content.
- Platform middlemen should be cut out.
Around the world, there are quite a few countries that heavily censor the content their citizens can view. It is Tron’s decentralization that means that content cannot be censored and that freedom of speech is preserved.
With the Tron platform, content creators are rewarded for the number of people that enjoy their content. This means the content that people like consuming can just be produced, without worrying if the content will be demonetized or not. This creates an environment where viewers get more of what they want and good content producers are rewarded.
A key example showing how censorship from big corporations can result in bad outcomes for content consumers is Season 4 of ‘Rick & Morty’. There is little doubt that the TV show is hugely popular and has a massive following. In early 2018, there were reports that the show could be canceled due to lack of monetization opportunities for the TV channel. With the Tron platform, such a situation would never happen; a show that popular would earn their producer more than enough TRX coins to produce another season. This is why Tron should result in the creation of more of the content that people actually want to see and actually remove the annoying roadblocks in the current entertainment industry.
How Can TRX Coin Used?
The Tron platform intends to host all the different forms of digital entertainment. This includes TV shows, films, games, apps, videos, social media and more. Essentially the platform can be viewed as a new decentralized internet.
Content producers will have the power to have their own currencies or just use Tron coin. However, those with their own currency will use TRX coin as an intermediary currency. For example, if I had $5 I wanted to buy gems with on Clash of Clans, my $5 would then be converted into TRX coins, which will then be used to buy my gems. One way or another, every purchase or transaction made on the Tron platform will involve Tron coin.
A great example of how TRX Coin can be used can be seen in the Peiwo app, which is the biggest audio content app in China. Also, funnily enough, it is also owned by the Tron founder, Justin Sun and has over 10 million registered users. The app now has full integration of TRX coin and allows users to tip their favorite content producers and send virtual gifts.
If you think that no one will actually use the tipping feature, think again. We challenge you to go to Twitch or watch a cryptocurrency live stream on YouTube and see how many popular videos you can find without Twitch donations or YouTube super chats.
How Is The Tron Crypto Project Organised?
The Tron foundation has been designed to ensure that funds raised during the ICO are used responsibly and in a transparent way. The idea behind the structure is to ensure that Tron keeps on making advancements over its 10-year long roadmap. The foundation has three different tiers to it:
Right at the top of the pyramid, you have the decision committee who make the final decision on all matters. All members of the committee are equal and they are responsible for reviewing and approving decisions made by the foundation.
The decision committee elects the CEO, whose job it is to manage everyday operations of Tron. Not surprisingly, Justin Sun has been elected to fill this position. The different departments under the CEO report to the CEO, who then must pass on proposals to the decision committee for approval.
The Tron team is surprisingly large for such a relatively young enterprise, with over 100 members. Check them out here, looking all dapper in their Tron shirts. With offices in Beijing and San Francisco, it has to be said the Tron army looks sharp and poised for expansion.
At the time of writing this article, another 20 positions are open. Interestingly, many of the roles are in human resources, public relations, and translation, all of which smacks of aggressive expansion and outreach.
Let’s turn now to the guiding brain behind the Tron vision and story: Justin Sun, Founder and CEO. Sun is no slouch when it comes to building stuff that works. Before Tron, he founded the Peiwo app, which continues to be the largest audio sharing service in China and possibly the world, with over 10 million users. He’s also an instrumental part of the meteoric rise of the tech-site colossus, Alibaba.com having mentored its founder, Jack Ma. He was on Forbes’ 30 under 30 list for three years running (2015-2017).
So these are the facts we can reliably lay down about Justin Sun. He has a solid track record with successful media sharing enterprises. He’s incredibly well-networked with some powerful online movers and shakers. He seems to have a strong commitment to team-building and mentorship.
All in all, the team is growing fast and will no doubt have some interesting challenges ahead as it works to assimilate a vastly increased scope of business. We can see that its structure is maturing to incorporate more outreach, internal management, and brand-awareness roles. It works under the leadership of a guy who, despite his age, is a seasoned entrepreneur.
In short, the TRX crypto team look like a dynamic outfit that is capable of succeeding.
The Future Of TRX Coin
Tron coin investors have a lot to be excited about. Not only has Tron already launched their mainnet, but Justin Sun has already shown his ability to make a significant number of partnerships. To date, Tron boasts a roster of partnerships including Piewo, Game.com, Odyssey, Gifto, Kitty live and many more. Through partnerships alone, Tron has generated reach in excess of 100 million users and counting.
Tron’s success is, of course, dependent on forging even more partnerships and getting their content and users on the platform. For Tron to be truly successful, it needs to become a home to exceptionally popular content that can be found nowhere else. Creating this ecosystem will act as a powerful driver for people to adopt Tron over the current platforms and is a move we have seen over the past years with Netflix and Amazon exclusives.
Tron is a long way from global domination right now. However, there is little doubt that the project is gaining traction and we cannot wait to see if this alternative to the internet is widely adopted.
The Tron Coin ICO
Tron held their ICO on the second of September 2017, when the cryptocurrency markets were taking off. Yes, the project has a 10-year roadmap and intends to fully fund the platform through funds raised at ICO, but the $70 million raised at ICO is certainly one of the biggest in crypto history.
40 billion troncoins were sold at ICO priced at $0.021 each. That represents 40% of the entire TRX coin supply.
Should I Invest In TRX Coin?
- CEO Justin Sun has already proven his leadership skills and his ability to grow and scale businesses.
- Most would agree that the digital entertainment industry is ripe for disruption.
- The value proposition for content creators is clear and with Tron they should be better off than they were in the traditional system.
- Censorship and controls by platforms regularly result in poor content being created. Rewarding content producers for the popularity of their work makes a lot of sense.
- Content producers should own their content and not the platform. The protections given by Tron should make content creation a more viable career for many.
- Troncoin makes a lot of sense. There is little doubt that the Tron platform needs a currency.
- The project has the potential to effectively create the next version of the internet.
- Justin Sun may be too inspirational. Justin has does have a massive following and has reached near cult status. To the Tron army, he is a man that can do no wrong which can come with its own problems.
- The platform needs more content on it to appeal to mainstream users. Tron needs to keep forming partnerships and onboarding even more users on the platform if they are to succeed.
- The project is a massive undertaking and it’s not certain how the likes of Apple and Spotify may react if they feel threatened.
- Uncensored content means that it is probably illegal to use Tron in some countries. It remains to be seen if this will prove to be a roadblock for user adoption.
How Can I Buy Tron Coin?
There are several ways to buy TRX coin. We go through our favorite ways in our dedicated buying walkthrough.
There is little doubt that the TRX crypto has attracted a lot of attention and has a huge following. We think the project has an exceptional amount of potential and could completely disrupt the digital entertainment market. What we love about the project is the ideology behind it; that digital content makers should be rewarded better and just focus on what people want.
Censorship in the entertainment industry happens all the time and has led to many millions of fans being disappointed when their favorite show has been cancelled. Tron provides us with another option, an option which allows content to be created just because that’s what people want. We think removing the constraints of censorship and monetization will lead to a better digital content experience for everyone.
Will Tron succeed? We don’t know. What we do know is that the project has the potential to add a lot of value and might just be the next big thing.
Below we’ve listed some key resources relevant to Troncoin.
? Best Free Wallets
As TRX coin is built on its own blockchain you will need a dedicated wallet to store it. We don’t think you should look further than the official Tron wallet:
- Offical Tron Wallet – Wallet types: Android, Web wallet, Chrome, Desktop & iOS.
? Best Crypto Tracking App For Tron Coin
Want to learn more about the Tron project? Just read the TRX official whitepaper.