With its mainnet test launch just around the corner, TRON and its native cryptocurrency Tronix (TRX) is making waves in the cryptocurrency community.
Whether the buzz around this innovative platform caused you to only learn more about it or already made up your mind to invest in its disruptive solutions, you may have just fulfilled a portion of TRON’s objective to expand its user base.
Therefore, to give the TRON team its dues for not just running an efficacious outreach campaign but also backing it by seemingly potent solutions, we have put together a guide for those who are either interested to know more about TRON or want to go ahead and purchase some of its native cryptocurrency.
By going through the following information that describes what TRON does, what it plans to achieve in the future, as well as the procedures to procure its cryptocurrency, you will get to obtain all the information that you need to know without having to hop from one place to another.
So without further ado, let’s get started and learn more about TRON and the purchasing methods associated with it.
What is TRON (TRX)?
First things first, since there seems to be immense confusion between TRON, Tronix, and TRX, let’s go ahead and clear that up in order to eradicate any ambiguities.
“TRON” is the platform that is built around the development of decentralized applications (DApps) that are powered by blockchain technology.
These applications aim to provide cross-platform compatibility and an ecosystem for its solutions in entertainment mediums such as social networks, online gaming, online gambling and leisure activities.
“Tronix” is the name of the platform’s native cryptocurrency, which goes by the ticker of “TRX”. The cryptocurrency will function as a medium of remuneration and exchange over various applications.
The tokens on the TRON platform, creating a decentralized economy with support through businesses and solutions from different walks of life.
To give this explanation some context, think of it as working like the platform “Ethereum”, its native cryptocurrency “Ether”, and the cryptocurrency’s ticker “ETH”.
The aforementioned example and subsequent comparison with Ethereum is profound, because along the way, you will notice many instances of this comparison between these two platforms.
The TRON network was founded by Justin Sun, a young yet experienced individual who made the list of Forbes Asia 30 under 30 entrepreneurs in 2017 and served as the chief representative of Ripple for the Greater China region.
He was also the mind behind Peiwo, an audio live-show based mobile app that boasts of 10 million registered users and is one of the most used apps in China in its segment.
The TRON Foundation was established in Singapore in July 2017. As the organization behind the TRON network, it went on to receive investments for the project from industry giants such as Bitmain and Qtum Foundation.
Making use of this early funding, the TRON network went ahead with its development plans, unveiling its initial coin offering (ICO) on the Ethereum blockchain on August 3, 2017.
Despite significant accusations of plagiarism made against TRON’s whitepaper, the ICO successfully completed on September 2, 2017, while reaching its $70 million goal. The TRON team then disbursed the ERC20 based Tronix (TRX) to all the investors who had taken part in the ICO.
The Tronix token then went live for trading on various exchanges all over the world in December 2017. It was by the end of the month, December 29, that TRON launched its own open-source protocol to put things in motion for it to shift its home from Ethereum to its own mainnet.
Even though Ethereum had been the main platform that helped Tronix start the ICO and collect the funds that it needed in the first place, the Tronix team soon started a bullish run of claims that put Ethereum in the ground in terms of comparison.
In hindsight, it was bound to happen since both TRON and Ethereum go after the same market of DApps. With Ethereum currently facing scalability issues that TRON claims to not ever have because it has built the platform in such a manner where around 10,000 transactions can be completed within a second, which when compared to Ethereum’s 25 transactions per second – that too in an ideal situation – seem to be enough to leave Ethereum far behind in the race to be developers’ go-to platform.
Furthermore, TRON supports Java as a programming language for developers, which makes it adoption easy throughout the development sector.
In comparison, Ethereum has its own programming language by the name of Solidity, which developers need to learn before they can make use of Ethereum’s complete solutions (if they are not using a third party compiler).
This trend of making comparisons between the two blockchain networks reached an all-time high when Sun tweeted on April 6, 2018, about the glaring differences between TRON and Ethereum.
The tweet featured a specially made infographic which outlined the aforementioned key elements of contrast among the two blockchains, along with many other points.
The message also attacked Ethereum team’s lack of experience with mobile-based application development as compared to TRON’s team of individuals that are all seasoned professionals from organizations such as Alibaba and Tencent.
The comparison did not stop there, since Sun also mentioned how Ethereum does not reward developers that make the blockchain network more and more usable by people around the world, whereas TRON has a rewards program in place for developers who intend to use the platform and contribute to its ecosystem.
In response, Ethereum co-founder Vitalik Buterin took a jab at TRON’s plagiarized whitepaper, which went on to show the growing tension between the two networks.
However, despite these controversies, TRON went on to become one of the fastest cryptocurrencies to join the “Top 10 by Market Value” club of global cryptocurrencies, where it currently stands on the 9th rank with an overall market cap of over $4.94 billion while being traded at $0.075 apiece.
With the launch of its test mainnet scheduled for May 31, 2018, TRON is well on its way to demonstrate its capabilities to an even wider audience.
The network will go through extensive testing until June 24, 2018, after which it will launch its Genesis block on June 25, 2018. The event will be followed by TRX token migration from the Ethereum blockchain to its own TRON platform.
Seeing that TRON has a well-planned approach laid-out in front of it with a team that seems capable enough to pull it off with elan, the cards seem to be in its favor.
Now it just remains to be seen whether or not it can fulfill the expectations that it has built for itself.
That being said, if TRON does stay true to its promises, then it could really become the primary platform for entertainment and leisure apps as well as a go-to solution for businesses related to the industry.
Therefore, those who have a few funds to set aside and check this in a few months could go ahead and buy some TRX for themselves.
Get a TRON Wallet
The first step that you should take while on the quest to buy any cryptocurrency is to ensure that you have a safe and secure wallet where you could store the information for your digital assets.
This is so that you do not have to rely on exchanges which are always prone to hacking attempts no matter how capable they seem from a security perspective.
It is prudent to note that storing your cryptocurrency in a software or hardware wallet does not take it off of the blockchain but rather secure the access information from malicious hackers and harmful entities. Still, it is the most secure method of making sure that your cryptocurrency is safe.
Depending upon the method which seems the most accommodating and easy to use for you, you may select a software wallet that you can either access through a desktop client or a web-based application, or a hardware wallet where you could store your digital currency information – which in this case happens to be for TRX.
For now, TRX remains an ERC20 token until it gets to migrate to TRON’s own blockchain after the Genesis block event on June 25, 2018. Therefore, it could be held in any of the following wallets easily.
Once TRON migrates TRX to its own blockchain, it will most likely be providing native apps to support it, and this list will get updated accordingly.
Exodus is a software wallet in the form of a desktop client that offers various security options for the digital assets which have their information stored within it.
It also offers the facility to exchange tokens from within its interface using exchange services by ShapeShift.
It supports TRX for storage as well as sending and receiving, but they cannot be exchanged from within the application. Even with this limitation, Exodus is one of the best options to store TRX due to its security capabilities.
One of the most popular wallets to hold ERC20 Tokens, MyEtherWallet provides full support for Tronix. Even while being a web-based application, it remains one of the securest solutions to keep your TRX safe.
Using MyEtherWallet is easy and only takes a few minutes to set up. The best part about this solution is that you can access your funds without being restricted to a single device.
- Ledger Nano S
Ledger Nano S, Ledger’s latest flagship product, does not only hold older cryptocurrencies secure within its device to provide complete access to the user through its clients and applications, but it also offers support for ERC20 tokens such as TRX.
By using Ledger Nano S, users can make full use of its support through different applications to send TRX to other addresses right from the wallet’s graphics interface whenever they connect it to their computer.
Once again, it should be noted that the aforementioned recommendations are for TRX’s status as an ERC20 token. Once it migrates to its own blockchain, TRON as well as other service providers, will be announcing updated support options for it.
Find an Exchange to Buy TRON (TRX)
Since TRX is a relatively new cryptocurrency, it is currently only listed on a handful of exchanges on which it started from December 2017.
At the moment, two of the most popular exchanges that hold TRX are Bittrex and Binance, with only the former providing support for fiat deposits and that too after extensive verification.
Several other exchanges offer TRX for trading, but we are not listing them here either due to their obscurity or their lack of optimal support for traders outside of their own region.
Bittrex is one of the most popular cryptocurrency exchanges throughout the world and remains a safe and reliable option to trade in new and old coins alike.
Users who can complete the exchange’s requirements for verification and subsequent procedures for fiat deposits can directly buy Bitcoin (BTC), Ether (ETH), or Tether (USDT) and trade them for TRX accordingly.
Alternatively, those individuals who already hold cryptocurrency in another exchange or wallet can deposit it to their Bittrex account and then move forward with purchasing TRX.
While Binance does not entertain fiat deposits of any kind, it still offers support for a slew of cryptocurrencies and remains one of the largest, most trusted, and widely used exchanges in the world.
Users can deposit their cryptocurrencies from another exchange to their Binance wallet, and then easily proceed with purchasing TRX in exchange for an available trading pair.
In addition to the above, starting at Coinbase also remains an unconventional but widely used option.
By using Coinbase’s app, users can buy BTC or ETH with fiat deposit or credit card. Once they have purchased either of these cryptocurrencies, they can transfer them to their Bittrex or Binance wallet and purchase TRX accordingly.
As explained earlier, while Bittrex and Binance remain secure exchanges with their own wallets, it is often recommended to have your cryptocurrency safe in a third party wallet service, since exchanges are a prime target for hackers and you may end up losing your funds in case of an unforeseen event.
By using the aforementioned methods, users can easily procure TRX for themselves. However, it goes without saying that any individuals should be mindful of investing only their spare funds into cryptocurrencies and by no means any amount which they cannot afford to lose.