- It allows equal access to data for all the parties participating in a network without imposing any restrictions.
- Users will earn digital assets every time they upload digital content, and they will be encouraged to upload more to earn more.
- TRON gives more priority towards satisfying the needs of users than looking into the concerns faced by companies.
Though there is an innumerable number of cryptocurrencies available in today’s world, TRON has acquired a special place among the community interested in Cryptocurrency exchange development. TRON refers to an open-source blockchain-based protocol powered by decentralization spearheading the digital entertainment industry. It harnesses the power of peer-to-peer networks. TRON was introduced as an ICO (Initial Coin Offering) almost three years ago. It has an associated currency named Tronix (TRX). It is acquiring huge popularity as a well-performing digital currency in the market.
Advantages of TRON
It allows equal access to data for all the parties participating in a network without imposing any restrictions. Content enabled channels to empower the users to store and upload any form of data. Users will earn digital assets every time they upload digital content, and they will be encouraged to upload more to earn more.
Depending on the impact of the user’s contribution, the uploader will get some profits with a specific value. TRON gives more priority towards satisfying the needs of users than looking into the concerns faced by companies. Hence, by using the TRON cryptocurrency, users can keep their digital footprint undamaged. It also benefits developers as any high-level language can be used for creating smart contracts. Hence, developers can use whatever programming language they prefer to build on top of the open-software design.
There are benefits to reap from the efficient transaction system too. All transactions are executed on a public ledger, and it can be traced without facing any barriers. It uses UTXO. In a UTXO model, there is an existence of a basic output, which is nothing but an amount of money sent to a TRX user’s address alongside a set of rules to follow for unlocking that set amount. While other cryptocurrencies can easily be mined, TROX stands different from the pack as it can never be mined.
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The process to buy and store TRX coins during Cryptocurrency exchange development
Currently, on most of the operational cryptocurrency exchanges prevailing in the market, TRX cannot be bought directly using fiat currency. Hence users need to invest their money in other leading cryptocurrencies such as Bitcoin or Ethereum and exchange it for buying TRX. Some leading exchanges, such as OKEx, Bittrex, and Cryptopia, support the purchase of TRX by users. Users will have to set up a TRON wallet and ensure that it supports TRX coins. They are ERC 20 compatible and work with most of the Ethereum wallets such as MyEtherWallet, Mist, The Ledger, and Nano hardware wallets.
All these wallets will store the TRX coins of the investors safely and securely. While installing the wallet, a set of private keys will be shared with you. Do not disclose it to anyone, and do not forget the private keys too. Other popular hardware wallets such as the Ledger Nano S also support TRX coins.
How TRX stands out different from the other cryptocurrencies existing in the market
- It aims to tackle issues such as data privacy and the centralization prevalent in the entire world of the Internet as it is dominated by major technology corporations. They gather all the information from their users and utilize it to grow their business models to become a strong force. Hence TRX wants to challenge the present status quo.
- Content creators are awarded accordingly by TRX, as all the content has been monetized on the Internet. Hence, there is a fair share of revenue earned. This will ultimately challenge the current centralized content distribution strategy followed by platforms like Google and YouTube. Free content can also be published, and users have exclusive ownership over their respective content.
- It wants to eliminate the appearance of advertisements on social media networks, which is a significant source of revenue for the big tech companies, and also restrict access to the user’s personal data that the portals have now.
- Its transaction speed is superior to the likes of Bitcoin and Ethereum as it uses the Delegated Proof-of-Stake (DPoS). The transaction fee charged for users is almost zero.
- It provides superior throughput and high scalability for users.
- It not only possesses an infrastructure for the exchange of digital assets but also helps in market forecasting.
Risks associated with TRON
- Just like other cryptocurrencies, the TRON network can also be misused for financial crimes such as money laundering and tax evasion.
- Insider trading can also occur in TRON, where a few influential people take advantage of information specifically known to them and indulge in excessive gains. Rumors and fake news can also affect the reputation of TRON. There have been allegations that the company manipulates the price of its cryptocurrency.
- It is still a young cryptocurrency and poses huge risks to compete with the significant cryptocurrencies with a giant market capitalization out there.
- Though it generates a lot of hype due to its massive marketing outreach spearheaded by its founder Justin Sun, the actual TRON platform is still not being completely ready for use despite being launched close to three years ago.
- Though the likes of Bitcoin have a restricted supply, TRON is quite ambitious as it plans to have close to a billion coins in circulation. This might lead to a significant loss in the monetary value of the currency.
Despite some limitations, TRON is going places. They are hiring renowned developers from the top companies to establish the platform. While TRON has to improve the way it communicates with investors, the fact that it is a new project aiming to change the landscape of Cryptocurrency exchange development ensures an exciting future ahead.