TRON Coin Overview From Godex

TRON Coin Overview From Godex
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Finding a cryptocurrency that is extremely fast, minable, and has no fees is a complicated task. Most digital coins end up lacking at least one of those features. Not all cryptos were created equal. It’s especially true when it comes to TRON (TRX). 

Before you conduct ETH to TRX exchange or any other, you must get to know in-depth the digital coin you buy. In this article, you will learn about TRON fundamentals and its prospects as your future investment.

What Is TRON? 

TRON is a decentralized financial ecosystem powered by distributed ledger technology (DLT). The platform was founded by Justin Sun in 2017. Since then, TRON has gained worldwide recognition partnering with tech giants like Samsung, BitTorrent, and Opera.

With its 97 million accounts and a daily volume of almost $2 billion, TRON is one of the most used crypto platforms on the market. The TRON platform is capable of 2,000 transactions per second (TPS), which makes it one of the fastest cryptos.

TRX is the native token of the TRON network. You can stake your TRX tokens and earn monthly rewards using crypto wallets like TronLink. The platform offers annual staking rewards of up to 7%.

TRON’s official cross-network scaling solution allows data and assets to be transported across multiple networks securely, openly, and with unlimited scalability. TRON network has a special Bandwidth feature that helps transfer assets on the mainnet without gas fees.

TRON Network Structure 

TRON is a decentralized platform that runs on a delegated proof-of-stake (dPoS) protocol and supports the creation of smart contracts and dApps. This is how TRON works with its three-level ecosystem:

  • Storage Layer. This is where all the blockchain data is securely stored. It’s also used as a segmentation tool for data within the ecosystem.
  • Application Layer. This is where dApps and other items are created.
  • Core Layer. This is where the processing of instructions occurs (programming is done in Java or Solidity).

Staking TRX allows users to participate in the governance of the TRON platform. Users can also utilize TRX as a payment for the content they want to access.

With dApps and smart contracts, TRON users can create cryptocurrencies and NFTs. The TRON network allows for the integration of cross-blockchain projects. 

Projects established in other networks can migrate to TRON and take advantage of the network’s fast transaction speed and zero fees. For example, Ethereum gaming projects that are currently stuck due to high transaction fees can move to TRON.

TRX Performance

As of today, TRX is in a bear market and its price stands at $0.06 per token. Back in 2017, the coin was traded at the price of $0.0014 apiece. In early 2018, the TRX price went from $0.002 to its all-time high of $0.22 in less than a month. It happened during the first major crypto craze. The price plummeted to $0.03 the same year.  

TRON’s price is highly dependent on the crypto market trends. If you look at the TRX price chart, you will notice that a partnership with Samsung or Justin Sun’s dinner with Warren Buffett had little influence on its price when those events occurred. However, if you look at the second spark in the price of BTC in April 2021, you’ll find that the TRX price experienced significant gains in the same period.

In April, TRON decentralized autonomous organizations (DAO) announced that it will manage and raise $10 billion for the USDD Fund. It’s a crucial step forward for TRX since it will help preserve the token’s price and make more people believe in its future. “The number one priority is just to try to stabilize USDD. We want to keep USDD stable and win people’s trust,” stated Sun.

Future Prospects for TRON 

The main goals of TRON are to make sharing of digital content sustainable and easy. For that reason, TRON continues to collaborate with various organizations, venture capitalists, and anonymous crypto swaps.

Recent news of a collaboration with Suriname governance officials proves that the TRON blockchain becomes increasingly acceptable. TRON will work with Suriname to promote and develop blockchain technology on a country level. Unlike other coins that get banned from various platforms, TRX is gaining more recognition for the advanced technologies it provides.

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