Which Cryptocurrency exchange offers the best condition to invest in Tron (TRX) tokens?
The Best Exchanges to buy and hold Tron (TRX)?
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Tron is a blockchain-based protocol that pursues “web decentralization” by building a scalable, performance-driven, free global content sharing platform powered by smart contacts. Its self-proclaimed mission is to bridge the gap between content creators and content consumers by eliminating intermediaries, and more specifically, Tron aspires to become a complete operating system that supports all kinds of custom decentralized applications or dApps.
History of the Tron Project
The Tron protocol originally started as a decentralized application on the Ethereum blockchain. The project was founded in late 2017 by Chinese entrepreneur Justin Sun, who raised $70 million through an initial coin offering during the height of the cryptocurrency bubble.
As Justin Sun was already well-known in the FinTech and crypto industries, the Tron project had no difficulty gaining public attention. Justin Sun, a disciple of Ma Win (the founder of Alibaba), was very famous in Asia even before he founded the Tron Foundation.
Justin Sun previously served as Chief Representative of Ripple in Greater China, which greatly improved Tron’s reputation and brought him closer to those who would later be of great benefit to the Tron ecosystem. What’s more, Sun further expanded Tron’s active user base by integrating Tron into an app called Peiwo, which he founded, just a few months after the project was launched, which now has around 10 million active users in China. It’s called Snapchat.
Unlike many other Ethereum-based projects that rely on ICOs, Tron is not built by a decentralized network of anonymous developers, but by a dedicated in-house development team of renowned technology developers.
Controversy and success
By 2018, Sun managed to get Tron into the top 10 by market cap through aggressive and sometimes controversial marketing. At the peak of the crypto bubble in January 2018, Tron’s native token, Tronix (TRX), had a market cap of over $15 billion.
This remarkable success provided the Tron Foundation members with the motivation and resources to launch their own blockchain. Later that same year, Tron migrated from the Ethereum network and ERC20 token standard to its own Turing-complete blockchain that supports smart contracts. It also has its own technical TRC-20 token standard. After the migration, the Tron Foundation acquired BitTorrent, the world’s largest peer-to-peer file sharing system, and launched the BitTorrent Token (BTT) on the Tron network.
The important role it has played in the history of Tron is again notable. First, Tron is accused of plagiarizing the white paper. In 2019, researchers at Digital Asset Research (DAR ) discovered several instances of text and code copied from other notable projects such as IPFS and FileCoin. Tron was also accused of violating the EthereumJ (Java Implementation for Ethereum) open source license by copying code without providing proper citations.
In September 2020, The Verge published a long-form article about Justin Sun and Tron’s acquisition of BitTorrent. Reporter Chris Harland-Dunaway, who wrote the Verge article, is said to have spoken to 18 BitTorrent insiders. They described Justin Sun as a narcissistic leader who doesn’t care what anyone says, and does everything he can to achieve his goals.
To make matters worse, in May 2018, a cybersecurity testing service called Hacker One reported a serious flaw in Tron’s protocol design. In other words, according to the report, a single computer could paralyze Tron’s entire blockchain simply by sending a large number of customized requests to disrupt the network. A single PC can effectively conduct a distributed denial of service (DDoS) attack across an entire network.
Tron’s Blockchain Architecture
The Tron Virtual Machine (TVM) is a lightweight, reliable and scalable Turing-complete virtual machine that runs on the Tron blockchain. It is said to be capable of processing 2000 transactions per second compared to Bitcoin 7 and Ethereum 50.
However, Tron makes up for the shortcomings in terms of speed and transaction throughput. Like Binance SmartChain, Tron is a centralized blockchain, allowing it to achieve high speed and low cost by utilizing a Consensus Mechanism (DPoS) that relies on a total of 27 validators or ‘Super Representatives’.
Super Representatives represent specific validator nodes elected by the community to approve blocks and secure the Tron blockchain for 6 hours. TRX token holders who freeze their accounts every 6 hours will be able to vote for a selection of super-representative candidates, and the top 27 will be considered validators for that round. The Tron blockchain does not charge any transaction fees. Instead, Super Representatives are incentivized to exclusively secure the TRON blockchain through block rewards or newly issued TRX tokens.
Blocks on the Tron blockchain are created every 3 seconds, and 32 TRX tokens are rewarded for each block created, expanding the Tron supply by a total of 336,384,000 TRX per year. To receive a portion of the block reward, Tron users must either stake TRX coins or freeze their account on the network.
What is the Tron blockchain used for?
Tron’s original promise was to “decentralize the internet” and bridge the gap between content creators and content consumers by eliminating intermediaries.
Tron wanted to achieve this by using its blockchain platform as a decentralized and decentralized storage facility that makes content hosting much more efficient and cost-effective. The idea of Tron was that anyone could host entertainment content on the platform and let content consumers pay for access directly to media creators via TRX tokens.
However, it is difficult to see that Tron achieved its original goal today. Digital entertainment media hosted on the platform is virtually zero, and the project appears to be slowly transitioning to a standard centralized ecosystem hosting decentralized applications. Nevertheless, there is relatively little activity in terms of DeFi on the blockchain.
Where to buy and store Tron (TRX) tokens?
You can buy Tronics (TRX) tokens on almost any centralized cryptocurrency exchange, including Phemex.
If you want to keep TRX tokens in your wallet and use them for your daily activities, you can use TronWallet or TronLink developed by TRON’s official community. If you want to keep your TRX tokens in cold storage, you can use other commonly recognized hardware wallet brands like Ledger, Trust Wallet, Cobo Wallet, etc.