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What is Tron cryptocurrency?

01 may 2018, 12:57

Tron is a decentralized blockchain based system that is designed to cater for the entertainment industry. It is a content sharing platform that enables stakeholders in the industry to create their content, monetize and share without involving middlemen thereby saving cost and maximizing their profit. The network has an internal digital token, Tronix.

The Tron ICO was held in September 2017 raising the sum of $70 million. The fund is being used to develop the project founded by Justin Sun, the CEO and has been described as a free global content creation ecosystem in which entertainers can create and share while dealing directly with consumers.

The team announced on April 18 that the scheduled TRX migration to the Tron MainNet will take effect from June 21, 2018. With the migration, the project would move from the Ethereum platform on which the ICO was held to its own network. The migration will be automatic in exchanges.

Main Features

By building the platform on the blockchain, the network plans to make entertainment cheap for consumers while ensuring that creators and artists gain maximally through the determination of their own charges and elimination of middlemen who would ordinarily be the distributors of such works. It is interesting to note that the network is designed to make it easy for users to build their own entertainment decentralized applications, as well as commercialize it in an ecosystem that is scalable with all the support mechanisms in place.

It may be safe to say that Tron will be an entertainer’s dream in which the cost of production and marketing of creativity in the industry would be realized efficiently and cheaply.

How it is different from bitcoin.

It is an entertainment ecosystem where entertainers would interact with consumers of such services. Tronix as a digital currency serves the Tron ecosystem. Bitcoin is a peer-to-peer cryprocurrency that was designed to break national barriers and limitations in funds and value transfer. BTC can rightly be described as a currency meant for world use.

Where to get it

The network token Tronix cannot at the moment be purchased with fiat. However, one can get them using the more popular Bitcoin or Ethereum at exchanges such as Bitfinex which would swap bitcoins for TRX. The consumer can then use it to pay for their entertainment choice at the network. The payment goes to the entertainer’s account from where it could be exchanged for another cryptocurrency or used to purchase services.

Where to Store it

TRX can be stored with a multipurpose wallet like MyEtherWallet which supports diffent digital currencies.

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