What is Tron (TRX)?
Tron is a decentralised global entertainment platform that aims to offer scalability, security and privacy for content creators.
Tron is a blockchain network that aims to be a platform for creative people. With Tron, artists, writers, illustrators, film-makers, and musicians can release their work without having to publish on large centralised platforms such Amazon, YouTube, Apple, Facebook, and more.
This new cryptocurrency was created to challenge the world’s leading platform for global entertainment, and it has been thriving since its first deployment in 2017.
Here’s everything you need to know about Tron, the network and its native cryptocurrency.
- Tron was designed to primarily host entertainment content and enable direct, peer-to-peer interaction between creators and consumers by means of blockchain technology.
- The native currency on Tron’s network, TRX, is used to as a medium of exchange for content creators to access the facilites and applications on Tron’s network.
- Tron uses a Delegated Proof-of-Stake protocol (DPoS) to process transactions on the network. This enables the network to validate transactions, create new blocks, and earn rewards.
New to blockchain and cryptocurrencies? Read first about what a cryptocurrency is.
What is the Tron Network?
Tron is a blockchain platform for global digital content entertainment and was founded by Justin Sun through the Tron Foundation, a Singapore-based non-profit organisation.
The project offers security, scalability, and privacy. Furthermore, it aims to be a platform on which users can share digital content easily and inexpensively.
It also allows users to create their own personalised tokens on the platform, and allows initial coin offerings (ICOs) in order for the token issuer to raise funds, create collectibles, or set up a personal payment system.
Learn more: What are ICOs? Initial Coin Offerings Explained.
What is Tronix (TRX) and how does it work?
Tron’s native currency is Tronix (TRX), and it is a token that carries value, is tradable, and powers the token economy of the Tron Network.
Its most simple use case is a payment system in which audiences pay with TRX for the content that they want. The creator(s) of that content will also receive TRX from the audience.
What is the goal of Tron?
The goal behind the Tron (TRX) platform is to remove the middlemen of the content distribution industry, such as social media platforms and giant publishers.
An increasingly apparent problem is that these companies have an unfair advantage over the audiences, content creators, and advertisers.
Audiences have to agree to share some of their data in order to use the platform. This data is then sold to advertisers; a small portion of the ad revenue generated is rewarded to content creators.
On some platforms, audiences are still plagued by relentless advertising even if content creators have not attempted to monetize their content.
The Tron Network wants to return the freedom to its users so that audiences have more control over their data sharing policy, and content creators can enjoy a more proportionate share in ad revenue while keeping the ads to a minimum.
Tron allows anyone to share content with the world and be rewarded for it. Nobody apart from you will benefit from your contribution to the network. Content published on the Tron Network is also censor-resistant, which means no government bodies can shut down access.
Investment considerations with Tron (TRX)
With all that said, what are some things to consider before adding Tron (TRX) to your crypto portfolio?
- The Tron Network raises a futuristic vision and is built on solid infrastructure.
- The Tronix token has presented better performance in the market than other cryptocurrencies in bearish trends.
- Decentralisation of content on the Internet empowers users and prohibits different types of censorship (e.g. YouTube applied censorship on content about cryptocurrencies in 2019).
- Tokens are frequently burned in order to slow down their circulation a little, causing their price to rise due to increased demand.
- Not many projects can compete with Tron’s vision.
Tron is proof of a cryptocurrency project based on collaborative work, which opens up to all members from all nations to participate. This principle encourages the participation of users in the Tron Network around the world.
Buying TRX tokens is even easier than making a bank transfer (faster too) and you can do it from multiple platforms and crypto exchange companies that have a Tron wallet.
Looking to add Tron (TRX) to your portfolio? Buy Tron (TRX) in South Africa.
How to buy Tron Coin (TRX)?
Anyone can acquire Tronix in multiple ways, but the most common is through exchange companies. These platforms are made up of a market in which hundreds of tokens circulate and each one has value.
Start here: Buy Tron (TRX) and add it to your crypto portfolio.
However, big exchange companies are often criticized for not always supporting fiat currency payments, as not everyone has the other cryptocurrencies to exchange.
For this reason, Easy Crypto offers a local platform in several countries, with straightforward payment methods (using debit or credit cards, for example) to buy a long list of cryptocurrencies. Through a simple direct transaction, the acquired tokens will be sent to your own wallet.
Step-by-step guide on how to buy crypto
- Sign in to your Easy Crypto Account
If you haven’t already, login to your Easy Crypto account using your credentials.
If this is your first time – welcome! Click on the Sign Up button on the top right to create an account and proceed with the account verification process to get started.
- Select Tron (TRX) as the cryptocurrency you want to buy
Once you’re logged in, return to the homepage or visit our crypto live rates to select from the available cryptocurrencies to buy.
Aftewards, enter the desired amount and proceed to click the Buy Now button.
- Enter your wallet’s receiving address
Next, enter your wallet’s receiving address for the corresponding crypto you want to buy.
What’s a wallet receiving address? Your crypto needs a home! Before choosing to buy a cryptocurrency, make sure you download a crypto wallet software that can store it for you. Follow the instructions carefully on how to set up, receive, or transfer crypto.
Don’t have a wallet yet? Read our quick guide on setting up a crypto wallet.
Alternatively, you can also click on I don’t have an address! button and we can offer your other options.
- Select your preferred payment method
If you choose to pay with Account2Account or POLi pay, your order should be fulfilled shortly after payment confirmation – depending on the coin type and network congestion.
If choose Bank deposit, your order will be processed and delivered once we receive your payment in our account with the correct reference – this can take a few hours or even days if the payment was sent over the weekend, as banks only process transactions during business hours.
We’ve also got a handy YouTube guide for purchasing crypto on our platform. Check it out below!
Feel free to reach out to us with any inquiries and questions you may have! We are always ready to help.
Further reading: Explore our learning Hub for all things crypto.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated January 27, 2023