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What Is Tron?

What Is Tron?

Mon Oct 07 2019 05:00:00 GMT+0000 (Coordinated Universal Time)

Cryptocurrencies have greatly risen in popularity in recent years. It’s no surprise that new platforms have emerged to take their own slice of the profit pie. 

The Basic Foundations

Before getting into the nitty-gritty of what Tron is, here’s everything you need to know. 

What Is a Blockchain

Like other crypto platforms, Tron uses the blockchain which is a series of recorded transactions or ‘blocks’. The blocks store all the data from your first transaction to your most recent in the Tron platform. The data in each block are the date, time, currency, participant information, and the block-specific hash code that differentiates each block from one another.

Every block’s public data are visible to all who have access to it. However, its private data is secure due to public key cryptography. This leads to the existence of a public and private key that help protect your data. 

Every transaction made with Tronix (TRX) is encoded using your public key. This means that the transaction is secure at every step of the process including its online travel to your online wallet where your transaction data is stored. You can only access the specifics and vital information using your private key. 

While the public key encodes the transaction data so it can safely travel across the internet to your wallet, the private key decodes it safely when the data block has arrived in your wallet. The private key is what allows you to safely receive your crypto coin.

Additionally, like other blockchain platforms, Tron coin also makes use of decentralization. Instead of a central body that manages all stored data, Tron uses a vast network of computers with copies of the same chain worldwide. This is to prevent hacking and data manipulation as it travels across the internet. 

Editing a blockchain is difficult because a computer needs to compute for a solution to a complex computation which is incredibly difficult for a lot of computers. This is known as ‘proof of work’. The odds of a computer solving a calculation for a Bitcoin blockchain are 48.1M to 1. This means that all vital data are protected and all purchases go straight to the content provider.  

What Is Cryptocurrency

Cryptocurrencies are a secure, digital form of money used to make transactions. They also allow you to be anonymous because there is no risk of your personal information being exposed. 

The first was Bitcoin in 2009, created by a pseudo-anonymous body known as Satoshi Nakamoto. Since then, over 18 million bitcoins have come into circulation worldwide.

Altcoins also emerged following the rise in popularity of Bitcoin. In today’s crypto market, some of the thousands of currencies out there are Ethereum, Litecoin, and Namecoin. 

Tron: A History

The Tron platform was made by Justin Sun in 2017. It follows the great success of Tron Foundation’s earlier project, PEIWO, one of the most popular audio content libraries in China and among Chinese communities worldwide. In 2013, he was Greater China’s chief representative during his time at Ripple, a renowned currency exchange network.

Justin Sun earned his Bachelor’s degree in History from Peking University, the second-best school in Beijing. He then earned his Master’s in Political Economy from one of the eight Ivy League Schools in America, the University of Pennsylvania. 

At the age of 26 in 2015, he became the only millennial student in the exclusive Hupan University’s first batch of students. The first batch consisted mostly of working professionals from the previous generation. He was hand-picked by his mentor, Jack Ma. Jack Ma is known as the founder and executive chairman of viral online marketplace Alibaba.

In 2017, he was featured as one of the ‘30 under 30’ in an issue of Forbes Asia. Today, Sun is the CEO of PEIWO, Tron, and BitTorrent.

Tron’s Early Beginnings

There were many stages during Tron’s production. Some of these were to increase its userbase and future clients among content providers. 

The first was the Exodus. This was the initial platform that acted as data storage and a means of peer-to-peer interaction for Tron’s earliest users. Following Exodus was Odyssey. This focused on giving Tron coin its substance and providing early users with benefits.

Only in 2017 did Tron crypto release its first open-source protocol, soon followed by Odyssey 2.0. After Odyssey came the Great Voyage and Apollo. This was when the providers on Tron could start giving out coins for transactions. 

The next stage where Tron currently sits is Star Trek. This is the main gaming platform complete with decentralization and market forecasting. All users of Tron can upload related content for public consumption. 

Tron’s last stage is Eternity, to be released in 2020, where prospective sponsors can invest in creators to develop their ideas.

A Simple Guide on Tron and Tronix

Tron is a decentralized crypto platform that allows content providers and consumers to directly interact. It also has its own currency: Tronix, abbreviated as TRX. 

Unlike other platforms, Tron’s main focus is on the entertainment industry and the other subgroups that exist under it. This includes multimedia, mobile apps, and online casinos. You can play your favourite casino games at any online casino where Tronix is accepted. 

As of October 2019, there are over 3.7 million accounts associated with Tron and over 13.3 million blocks in the blockchain. In a single day, there can be over 2.2 million transactions due to its massive userbase’s incredible trust in its safety and efficiency.

You can gain access to all your favourite mobile apps and casino games by purchasing Tronix and using it where it’s accepted. One good example of where you can use Tronix is on Bitcasino where there are nearly 2,000 slot and table games for you to play.

Tron Performance

Tron is one of the highest-performing crypto platforms on the internet right now. Compared to two of its biggest competitors, Tronix (TRX) can successfully handle around 2,000 transactions with consistent ease every second. Meanwhile, ETH and BTC only handle 25 and 3-6 transactions per second respectively. 

Tron Wallet

Tron wallets are available online on your desktop and on other mobile platforms such as phones and tablets. Tron wallets mainly support TRX but can also hold numerous other currencies on TRON’s network. You can freely contact their respective developer through the wallet’s GitHub link if any difficulties occur. When using a mobile wallet on your iOS or Android device, the available FullNode and Solidity Nodes you need are available on GitHub here.

Some of the community-developed wallets available for use are the following:

  • Desktop/Chrome: TronLink Chrome, TronLink, TronPay Chrome
  • Android: TronLink App Android, Tron Wallet Android, iOS: Tronlink App IOS, TRON Wallet IOS.

There are also TRON-dev collaboration wallets such as:

  • Huobi Wallet
  • Trust Wallet
  • Atomic Wallet
  • BIXIN Wallet
  • Ledger Wallet Hardware.

Situations Where You Can Use Tronix

Tronix is usable in a great number of situations. Here are some:

  • Credit Card Payments (when applicable)
  • Tron ATMs for TRX online transfers
  • Gaining energy and bandwidth for freezing TRX.

You can also use Tronix to play any of the games available on Bitcasino. Some of these are the most popular slot games like Starburst, Gonzo’s Quest, and Mega Moolah. However, Tronix isn’t limited to slots. You can also use it with their table games. Some great examples are Golden Chip Roulette or Monopoly Live

There are multiple Baccarat or Blackjack games to choose from as well. If you want something fast, try a round of Speed Baccarat. You can also try a unique round of Blackjack with Dr Fortuno Blackjack. No matter what game you choose, you’ll have a great time. Now that Tronix is on Bitcasino, you have even more ways to have fun. 

In terms of game providers, OneTouch, Caleta, and Betsoft already have TRX as a viable payment option for their games. Other game providers will still continue to use their currently available payment options such as mBTC and Euros. 

The Final Verdict

The Tron crypto platform and Tronix are a welcome addition to the competitive crypto coin market in today’s day and age. Its specific focus on the entertainment and casino industries help it stand out and be a viable go-to currency for all game and multimedia enthusiasts out there. 

The minimum deposit on Bitcasino is 100 TRX and the minimum withdrawal is 200 TRX and unlike Bitcoin, Tron doesn’t have any fees for transactions. Some currency exchanges where Tronix is available are Binance and Liqui. Go ahead, make a deposit. 

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