One of the most exciting consequences of the meteoric rise of bitcoin has been the effect that it has had on cryptocurrencies more generally. Back in late 2017, when bitcoin reached new all-time highs and experienced a gold rush of sorts, there was a massive amount of investment pumped into hundreds of alternatives to bitcoin across the cryptocurrency space. The surging price of bitcoin had the knock-on effect of exploding interest in so-called altcoins – or alternative coins – which are digital currencies created by developers for specific purposes.
One of these altcoins is Tron, or TRX as it is known on the currency exchanges, which is a blockchain-based, decentralised platform focusing on the entertainment industry. The overall aim of Tron is to make it easier and more efficient for cryptocurrency users, developers and content producers to distribute multimedia applications and content to end users. Tron has been taking the industry by storm as of late, and the company’s charismatic CEO Justin Sun has steadily been increasing Tron’s presence in the cryptocurrency space since it was founded in 2017. Tron has put a lot of focus in the online gambling and casino gaming space, and looks set to prove a disruptive force in the industry.
However, before we go on to talk about Tron, the history of the company, and the reasons why it looks set to become the go-to cryptocurrency for online gambling, let’s take a few steps back and get a handle on what Tron actually is and how it works.
Bitcoin vs blockchain – what’s the difference?
Although you might be familiar with what bitcoin is, you might be less sure of how it actually works in the real world. Bitcoin is built using ‘blockchain’ technology, which, at its most basic level, refers to a list of records called ‘blocks’ that are linked using cryptography – hence the reference to ‘crypto’ in ‘cryptocurrency’. Each of these blocks contains a cryptographic hash of the previous ‘block’, such as a timestamp or transaction data, which is then verified down the chain of ‘blocks’. Because each block along the chain must be verified by reference to the previous block, it is immune to modification, as if any data along the chain gets modified, it will be immediately obvious. Additionally, the information contained in the blocks is verified on the open network of connecting blocks, meaning that the data can be verified in the open along the ‘chain’. This is why bitcoin and other similar altcoins are referred to as being an ‘open, distributed ledger’. The benefit of this is that information is essentially decentralised and can be securely stored on the blockchain and accurately verified in an efficient manner. For this reason, blockchain technology is being used by developers across the technology and fintech space.
Beyond bitcoin – altcoins and cryptocurrencies
Although it always seems to be bitcoin that gets all the attention in the press, bitcoin is just one among many hundreds of individual cryptocurrencies out there. In the industry, the word ‘altcoin’ – or ‘alternative coin’ – refers to any category of cryptocurrency that is not bitcoin. Altcoins emerged when developers took the underlying blockchain technology and developed new currencies using the bitcoin framework. Some of these currencies are general in nature, such as Ethereum, and can be used as the basis for any number of functions, while others – such as Tron – are developed for a specific purpose or task. Altcoins such as Tron are an exciting prospect for both users and investors because they have no limits on what sort of applications they might be developed for. This makes the altcoin space an incredibly exciting and innovative space to get involved in.
Ethereum and ether – a better bitcoin?
One of the major alternatives to bitcoin, which was developed with a view to making bitcoin more usable in the real world, is Ethereum. First launched in 2015 after years of development, Ethereum is an open-source, blockchain-based software platform that uses cryptocurrency as its basis. Through its own cryptocurrency ‘ether’, Ethereum enables ‘Smart Contracts’ and ‘Distributed Applications’ (or dapps) to be built on the platform, which can then run without any risk of downtime, fraud or third-party manipulation. In this sense, Ethereum is much more a fully fledged platform and inclusive eco-system when compared to its older brother bitcoin. As such, the potential applications and uses of Ethereum are essentially endless, limited only by the creativity of developers working on the platform.
Currently the second-largest cryptocurrency out there, second only to bitcoin, Ethereum has been behind many of the technological innovations using cryptocurrency that have come out in recent years. This is because Ethereum was created with functionality in mind from the ground up, rather than bitcoin, which acts more purely as a store of value. Additionally, Ethereum implemented many technological solutions to improve the processing times of transactions, meaning that on average, it takes about 15 seconds to acquire ether versus the 10-minute wait time of bitcoin. The majority of the altcoin market is facilitated by Ethereum, as not only do many altcoins use the Ethereum framework to build their product, but also altcoins can only be acquired using either ether or bitcoin. The technological innovations that have been facilitated by Ethereum and ether are directly connected to platforms such as Tron, so it’s good to understand how both of them work.
Putting Ethereum to use – dapps
One of the main uses of technologies such as Ethereum and ether is their use in creating ‘decentralised applications’ – or dapps as they are known in the industry – which are essentially digital applications or programs that run on the blockchain. In contrast to a traditional app, which is run in a centralised manner, usually from a large server farm somewhere, dapps are completely decentralised and run on the blockchain network itself. This means that the information can efficiently, securely and verifiably exist out in the open. This means that apps that run on this open, blockchain-based network – such as Tron – are incredibly secure and hard to interfere with. For platforms such as Tron, where user security is of the utmost importance, this is a match made in heaven!
What is Tron?
An offshoot of blockchain-based cryptocurrencies, Tron is essentially a decentralised technology platform developed specifically with the entertainment industry in mind. Much like Ethereum, it uses its own cryptocurrency, called tronix or TRX for short, to make it simpler and more efficient for developers and content producers to distribute multimedia apps and content to end users.
Although it can potentially be deployed in a wide number of multimedia endeavours, Tron has gained a particularly strong presence in the gambling sector, where its underlying technology can be used to make and distribute casino gambling-type games. When you add into this all the efficiency and security benefits that blockchain-based technologies bring, you can see why Tron has been making such steady ground in the gambling industry.
Based on this, we might describe Tron as a decentralised technology, a digital content marketplace, a mobile app marketplace, and a cryptocurrency in its own right.
The brains behind the product – who is at the helm?
Founded in Singapore in 2017 by a non-profit organisation called the Tron Foundation, Tron is headed by the charismatic CEO Justin Sun. With a high-calibre in-house team of developers and technology consultants, Tron has taken the cryptocurrency world by storm over the last two years. With a background in the PEIWO project – a Pacific Rim-based live streaming smart device app – Sun is among a handful of the most influential technologists coming out of China in the last number of years. With an unrivalled pedigree in the cryptocurrency space from his time as an executive at Ripple, Sun has capitalised on the market buzz surrounding Tron, delivering an innovative product and propelling Tron up the cryptocurrency rankings. Currently, Tron is the 14th most traded cryptocurrency by total market cap, having returned a return on investment of well over 1,000% for early investors.
How does Tron actually work?
The Tron platform and currency work in much the same way that all other cryptocurrencies do. The idea is to move information onto the open, verifiable and secure ‘blockchain’ so that it can be distributed across the network. This cuts out the traditional reliance on centralised powers or intermediaries that other platforms and currencies have. By cutting out these third parties, Tron can not only increase the speed and efficiency of the content delivery but also decrease costs.
Tronix (TRX) – how can we buy some?
In a system with no middlemen or intermediaries, how can we actually acquire some of the TRX cryptocurrency?
Through the Tron platform, content producers and end-users interact with each other directly on the blockchain network. All that users have to do is download a game or app from the developer directly. When it comes to individual items of content, such as a song or a video, users can buy it directly using the Tron network.
Putting Tron to use in the real world – what’s the catch?
Although you might understand the benefits of using a platform such as Tron and the technical aspects of how it works, you might still be asking yourself: how might it actually be put to use?
As discussed, one of the main benefits from both a cost and efficiency perspective is that a platform such as Tron allows for the whole infrastructure framework to be completely decentralised. But what does this actually mean?
A good way of thinking about it in the real world is to consider a large online casino. It offers a single point of contact for the delivery of content on that platform, with everything being centralised there from services to content delivery. To access this content, you need to access the platform and pay a monthly fee or send money to them for an individual transaction. If you want to access casino games on a different platform, you have to sign up for an account and send money to it in much the same way. Using a platform such as Tron, however, allows for serious efficiencies and benefits in comparison to this older model. Instead of individually signing up to platforms, you can have one account on the Tron network, and use the cryptocurrency from that platform to access content and games from a number of other platforms. Furthermore, given the nature of cryptocurrencies, you gain all the efficiency and security benefits associated with cryptocurrencies – a win-win situation for customers like you!
Tron Arcade – is this what the future of gaming looks like?
Coming off the back of the announcement of a $100m gaming fund, Tron looks set to cement its place as the preferred cryptocurrency of online gambling enthusiasts. Tron Arcade provides developers with a dedicated platform and, most importantly, a massive development fund to build native apps designed from the ground up for the Tron platform. Although mainly used by artists and creatives, with this fund Tron is hoping to increase the utility of the platform and the cryptocurrency itself for online gambling. This makes sense for Tron from an investment perspective, given its presence in the Asia-Pacific market, where online gaming and casino games are so popular. With this in mind, 2020 looks set to be a bumper year of meteoric growth for Tron!
Gaming with Tron – the future is now?
As you might have gathered by this stage, Tron holds a massive amount of potential for all you gaming and gambling fanatics out there. From the level of security it offers, to all the efficiency benefits of blockchain technologies, Tron is designed from the ground up for online gambling. But what are some of the popular dapps that Tron users can make use of?
· Tron War: A decentralised strategic investment game built on the blockchain that allows you to build an army and use it to win a lucrative war chest!
· Tron City: A gaming platform with investment cards giving users dividends from the profits of games.
· Tron Invest: A decentralised economic strategy game that allows you to create a business development strategy, compete with players on the network, and use the income received to generate more profit!
· Tron Auction: This takes the classic ‘penny auction’ format and reimagines it using smart contracts based on the Tron platform. Participants place fixed TRX price bets in a bid to become the auction leader.
· TARoll: This is a decentralised dapp that runs on the Tron smart contract system. It gives players a new return-on-investment model that offers players sustainable incomes of up to 150% returns within days.
· TronVest: This unique crypto exchange service allows you to amass dividends on every buy and sell on the exchange. The TRV tokens are TRC-20 tokens, which correlate with the price of smart contracts. Once you hold these, you accumulate dividends form purchases and sales on the platform.
· TRONbet: Combining exciting games with blockchain technology, this streamlines the arduous signing-up processes of conventional online casinos. This is the world’s first blockchain-based system, using the Tron network, which puts trust and permission at the centre!
· 888Tron: With over 163 games, and plans to expand to 2,000+ within a matter of months, 888Tron is one of the largest gaming platforms built on the Tron network. With sports betting and online gambling on offer, 888Tron wants to be the go-to destination when it comes to online gambling.
Tron’s performance to date – is it keeping pace?
In regard to its performance to date, it has been doing well overall. The price has gone up, as we might expect given the cryptocurrency market conditions at the moment, but what is more important is the level of investment in the underlying tech and the development talent on board the project as a whole.
· Market capitalisation of almost $1bn
· Daily trading volume of around $500m
· Ranked in the top 15 cryptocurrencies by market cap
· Return on investment of over 1,000% for early investors
· Predicted to generate over $5bn in gambling assets by year end
· Strong presence on the Binance trading platform
Tron in 2020: what are some of the predictions?
In terms of what we can expect from Tron over the next year, here are the predictions made by a number of prominent investors in the cryptocurrency space:
· InvestingPR: Expect TRX to hit the $1 mark within the next couple of years – a conservative but entirely realistic prediction!
· CoinTame: By the end of 2019, TRX looks to hit the $0.633 mark, with the possibility of hitting $1 by the end of 2020. Although one of the more ambitious predictions, it still looks pretty achievable given Tron’s track record to date.
· CoinSwitch: Although it has a massive amount of momentum behind it at the moment, particularly from a development perspective, the markets haven’t responded in any remarkable way. Expect conservative but steady growth over the next year, with the possibility of hitting $0.4 in the next six months.
Planned upgrades and projects for Tron – what’s in store?
The next major stage in the development plan for Tron is code-named ‘Star Trek’. This is in essence the gaming function phase for the Tron network and coin. Star Trek will look to implement decentralised gaming and market forecasting capabilities on the platform, which will allow anyone to offer content on the Tron platform. Following this, 2020 will see Tron launch the ‘Eternity’ phase of its development plan. In this phase, developers will be able to issue games they have developed across the Tron network. Additionally, game developers will also be able to use the platform to seek out investment so that they can generate funds to grow their product at an early stage of the development cycle. Given these two major infrastructural projects, it’s safe to say that 2020 looks set to be a busy year for Tron!
Looking forward: the future of gambling and the Tron network
As you have probably have guessed by now, the future of online gambling without question lies in cryptocurrencies. Given that for the foreseeable future, the majority of online gambling is going to be done online through platforms such as Tron and Bitcasino, it seems only logical that we need a currency that is built from the ground up with the digital environment in mind.
This is what makes cryptocurrencies so exciting in this space – with so many potential benefits on offer, it’s a wonder that more companies haven’t begun to support this truly groundbreaking technology! Thankfully, Bitcasino has been one of the earliest and most enthusiastic adopters of cryptocurrencies. Crypto support is built into Bitcasino, which means that you get all the benefits of cryptocurrencies from the get-go – from the fast processing times to all the added security benefits that blockchain technology brings.
If all this talk about Tron and cryptocurrencies has sparked your interest, and you want to see what the technology of the future looks like and how it can be seamlessly integrated into the online space, then don’t hesitate to head over to Bitcasino today and check out the level of crypto support on offer. Cryptocurrencies are the most cutting-edge way to play casino games online, so don’t delay and get playing today!
Words: Sean McNulty