Investors are clearly excited about cryptocurrency. But with so many digital coins flooding the market, the potential for long-term growth of most digital currencies will come to nought.
Among the emerging pile of virtual tokens vying for attention is Tronix, or as it better known, Tron Coin (TRX).
Launched in September 2017 as an initial coin offering (ICO), by the Chinese entrepreneur, Justin Sun, TRX has been attracting a considerable attention of late.
On January 4th, just four months after entering the market, Tron posted a 136% growth.
The altcoin has a market capitalisation of over US$5 trillion and Sun has already announced that US$34.2 billion worth of Tron tokens is locked up until January 2020.
One TRX in today’s value is the equivalent of US$0.067. However, the altcoin had been flush at US$0.20 before the plagiarism scandal surfaced.
The fuel behind the altcoin’s bullish run is arguably thanks to its founder and CEO. Sun has been featured twice in Forbes’ list of Asia’s most 30 influential people under 30 years old. He is also a protege of Alibaba founder, Jack Ma – and Ma has already publicly announced the eCommerce site will one day accept the digital currency as a means of payment.
The question everybody is asking now is whether Tron coin has a future, and if so, what does this crypto-coin bring to the table that other altcoins don’t offer?
What Is Tron Coin (TRX)?
The long-term vision behind Tronix is to create a decentralised platform that makes the global entertainment industry more efficient.
Tron’s whitepaper claims the cryptocurrency is designed to be an asset for mankind and not a profit making tool for traders.
Should the altcoin prove to be successful, the Tron coin will make it easier for consumers to access digital entertainment from other countries and disrupt the monopoly large corporations like Google, Apple and Amazon have on online consumerism in the entertainment field.
The overriding idea of blockchain technology is to hand ownership of the data pool to content producers, not the corporations that profit from other people’s work. The blockchain protocol used by Tron is designed to handle payments, development, storage and credit sharing for the global entertainment industry.
The blockchain protocol essentially gives users the ability to publish, store and own data in a decentralised platform that protects their identity.
What this means for consumers is that residents from Europe can purchase entertainment from Asia without purchasing restrictions or bank levies charged for overseas transactions. The current process of making payments is tedious and incurs unreasonable charges for admin and currency conversion.
Tron Coin’s Features
The blockchain technology that drives Tron has been trumpeted as the “next innovation in global entertainment.”
It aims to build a content subscription and push-based methodology that will enable content creators to reach a wider audience in a decentralised entertainment eco-system.
In other words, Tron will be a peer-to-peer version of the Google Play Store, Amazon and iTunes.
Blockchain eliminates the middleman that typically takes a cut of the producers’ profits. Furthermore, consumers will be able to access entertainment content from anywhere in the world through Tron’s distributed storage facility.
Some features that make Tron appealing is the consensus mechanism that resolves personal identification and credit issues in online trades, together with point-to-point transactions which give sellers the option to create transactions in several ways.
Given Tron supports multiple blockchains, buyers will have more flexibility and freedom when accessing digital entertainment.
If Tronix does find itself in need of support from within the entertainment industry, gaming companies will surely be the token’s closest ally.
Gaming companies will be able to issue games and trade than freely with other publishers regardless of the platform-specific currency they are using. Becuase Tron acts as a host, the blockchain verifies authenticity and credit compliance.
Why Is Tron Coin So Controversial?
In recent weeks, Tron has been hitting the headlines for the wrong reasons. Crypto-watchers have angled accusations of plagiarism at the Tronix team after comparing the company’s whitepaper with other cryptocurrencies.
In their defence, a spokesman for the company declared the original version of the whitepaper goes into more depth about the blockchain technology and the business model. The report said:
“Our original version of the whitepaper is in Chinese and we have a very detailed reference to the latest Chinese version. The English, Korean, Japanese and Spanish versions are translated by the volunteers. The translation missed numerous important details, not just reference.”
However, crypto commentators are not convinced.
One user on Reddit said: “Tron seems to have taken a marketing first approach, created massive worldwide buzz, and is now in the midst of an international hiring spree.”
The comments justify that a thin whitepaper has been thrown together by taking bits of other digital currencies until the company lands the developers that can deliver what Tronix promise.
Where Can You Buy and Store Tron Coin?
For storing, hardware wallet such as Ledger Nano S is the best options. You can also store TRX on mobile wallet, cloud wallets and desktop wallets, but digital wallets are more susceptible to hackers and malicious malware.
The Future of Tron Coin
Tron could be a game-changer for the digital entertainment industry.
It’s a long-term project which will take on some major players in the digital realm, but if Tronix can deliver on their promise to remove unnecessary costs associated with centralised channels, the tokens will surely get the backing of the general public.
Given the global entertainment industry has the potential to bring in an estimated US$1 trillion, there is plenty of potential for the value of TRX to soar.
However, Tronix has some pretty big promises to fulfil – especially in light of the recent accusations aimed at them. Will the recruitment drive resolve potential issues with plagiarism?
The biggest challenge blockchain developers face is whether their ideas can evolve from theory into practice.
At the moment Tronix are working with prototype coins and have released a virtual game – Tron Puppies – that you can buy with TRX. However, the company is still in the initial phase of development and cannot leverage any blockchain technology on its current platform.
The project’s founder, Justin Sun has acknowledged the goals the company aims to achieve is a long-term project.
Plans for the second phase, ‘Odyssey’ have not been announced yet, but will give us a stronger indication whether or not Tron will succeed. The ‘Odyssey’ phase will see Tron attract its early adopters and build a community of entertainment content creators.
Tron’s long-term ambitions make this a cryptocurrency worth watching, but the company still has a lot to do before they deliver on their promise.
Public perception is also important to survival – and Tron Coin is already having to bat away the dirt.