What is Tron & Should I Own It?
Tron is a decentralised platform using blockchain technology where users can develop apps and share media content. Tron was created in 2017 with the aim of providing a platform for content creators, rewarding them for their innovation and work.
Content creators often have to go through media outlets to publish their work or for their app to be used. Tron cuts out the middle man and allows content creators a platform where they reap the benefits themselves.
The Tron network has a native cryptocurrency called Tronix, which is abbreviated to TRX. Users of Tron are rewarded in TRX for their content and can take advantage of no transaction fees.
How Does Tron Work?
The Tron network is made up of three layers. The core layer handles the consensus protocol and smart contracts, the storage layer deals with data and the application layer is where content creators can develop their decentralised apps (dApps).
To process and validate transactions to the blockchain Tron uses a proof-of-stake consensus method. This requires block validators to stake some of their own TRX tokens before they can be selected for the task and the higher the stake posted the better the chance of validating the block.
Transaction block validators are rewarded with TRX tokens.
Unlike some other blockchains TRX can not be openly mined as the full supply of coins already exists. Once validated and added to the blockchain transactions are anonymous although the transaction history can be traced.
There are a number of wallets created by the network’s community for storing TRX tokens, which can be bought and exchanged like other digital currencies on a crypto-exchange.
The Tron cryptocurrency can have value in storing. As well as being useful as a currency to stake and earn more TRX, holding on to your TRX can also provide what is termed Tron Power.
Similar to other native cryptocurrencies TRX offers holders voting rights around issues of blockchain and network governance. Tron Power moves this up a notch, with users who hold on to their Tron TRX tokens for longer being afforded more power.
What Are the Use Cases for Tron
The primary use case for Tron is as a place for content creators to develop apps and share media, while earning tokens for the content they create.
Tron can also be used to run apps which have already been completed, helping to bridge the gap between content creators and consumers. Two industries where Tron’s blockchain methodology could be particularly beneficial are the online gaming and gambling markets.
Tron have also launched a number of business partnerships. One sees bike sharing company oBike use Tron to launch their oCoin tokens, while Samsung mobile users can access dApps on Tron through the Samsung app store.
This provides excellent exposure opportunities to content creators, while still allowing them to benefit from the rewards in digital assets when creating new content on Tron.
A link with online payment service Metal Pay means potential users can now acquire Tron coins on Metal Pay’s website or via their app.