Tron 101 – a global content entertainment system on the blockchain

Tron 101 – a global content entertainment system on the blockchain

Altcoin Blockchain Cryptocurrency
January 13, 2018 by Akshita Ghusingha
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Tron 101

Tron is a decentralised, blockchain-based ecosystem for digital content creation and distribution. It aims to provide “one-on-one interaction between providers of digital entertainment content and ordinary users”. It came on the market last year, in September 2017 but it gained prominence more quickly than other cryptocurrencies. This blockchain network has attracted a lot of attention recently, primarily due to its hiking value and its creator, Justin Sun.

What is Tron?

On Tron, digital media creators have complete control, ownership and distribution power over their content. It allows users to freely own, store and publish content on the network. So the need for a third-party such as Google Play or Apple store is eliminated. This blockchain uses Tronix (TRX) as its cryptocurrency for payments. It can be bought with real money, or exchanged with Bitcoin and other cryptocurrencies.

Price

Since mid-December 2017, the currency has experienced a tremendous price hike. From December 5th to January 5th, its price rose up by more than 100%. Its value, which was less than a penny one month ago rose to its highest at 26 cents last Friday. It already crossed its market cap at $10 billion. The currency reached its highest market cap at $14.1 billion, briefly making it the sixth largest cryptocurrency in the world.

Origin and Founder

The person behind Tron is Justin Sun, a 26 years old tech entrepreneur from Beijing. One of the reasons behind Tron’s fame is its association with Justin Sun. Justin Sun has twice been ranked under 30 most influential Asians under 30. As Forbes magazine has stated, he is “the next Jack Ma” of China. Just at the age of 26, he has done noteworthy works and shown fine leadership skills. He founded the famous Peiwo APP, represented Ripple from China and made his name in both Forbes and World.

Economic Forum

In fact, his association with China’s billionaire and Alibaba’s founder, Jack Ma as his protégé has earned him an excellent reputation. He attended an elite entrepreneur leadership program at Hupan University in China, which was founded by Ma. While Ma has not officially backed Tron yet, but Justin Sun’s association with him has earned the coin some credits.

Features of Tron

Tron’s main feature is that it is considered a ‘real cryptocurrency’. The work done by Tron – providing a platform to content creators is considered to be contributing to the blockchain society. Tron is also a marvellous social media platform, where users can freely exchange ideas and media.

Decentralised

It provides a completely decentralised platform to its users. The network is not owned or controlled by any agency or party, which gives complete freedom to content creators. Also, it eliminates the need for third parties such as Google Play or Apple Store, that charge fee or commission from the creators to distribute their content. This burns a hole in creators’ pocket as the fee comes from a part of their profit. Tron provides a direct link between content creators and viewers to resolve the issue.

Support other networks

Tron also supports various blockchain networks including Bitcoin, Ethereum, EOS, etc. This improves Tron’s utility and its ability to do cross transactions makes it better than its counterparts.

Smart Contracts

Just like Ethereum, Tron also utilises ‘Smart Contract’. Smart contracts are very much like normal contracts, except that they are on the blockchain. They are more efficient as they self-execute to fulfil the terms of contracts. They are used to meet the specific requirement on Tron.

Data Liberty

There is no censorship on Tron of any media, which ensures freedom of speech of every party. It does not unfairly subject users to corporate sanctions, etc. Anyone living in one part of the world can access media in another part of the world. For instance, on a lot of platforms, content is not available region-wise due to barriers to payment or other obstacles. However, with borderless payments, content becomes borderless too.

Consensus Mechanism

To resolve issues of personal identification and credit issues in an online transaction, the network community uses innovative consensus mechanism to resolve issues.

Personal ICO options

Tron allows users to “freely distribute digital assets in the form of an ICO”.

Gaming Currency Exchange

In games, companies can issue a particular platform and currency – and that currency can be traded with other publishers via TRON protocols. Hence, users can smoothly and quickly shift one game’s currency to another.

Popularity

The currency has gained extreme popularity on social media. In fact, some crypto enthusiasts believe that it is the most potent currency of 2018. During its ICO (Initial Coin Offering), it became so popular that Binance crashed. Binance is a very popular cryptocurrency exchange platform, and most of Tron’s dealings are done on this platform.

Sun has strategically planned the future of this currency. His plans are to decentralise the gaming community within the next 5 years. Tron also has some positive updates for the future. A major exchange, OKEX is going to add TRX to its listings soon. Social media users believe that Tron’s price is going to further rise enormously in the future. With current talks in the community, some even believe that it can beat Bitcoin in the future.

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