Hello guys, and welcome to another review.
In this in depth and very detailed review, I will be looking at Tron. A very underlooked and undervalued underdog in the crypto space.
I will also be telling you why I feel that Tron will explode in price soon.
Ready? Let's go!
I will be breaking this review into the following parts:
- What is Tron?
- How is Tron created on blockchain?
- Where can I buy Tron with my fiat?
- Where can I safely trade Tron against a wide range of pairs?
- Where can I keep my Tron tokens safe from attackers?
- Is Tron best traded or held?
WHAT IS TRON?
Created by Justin Sun in 2017, Tron is an all in one decentralised platform for those who love media and entertainment.
It is more or less like YouTube and Spotify had a baby, but that baby was decentralised.
Tron used to be on the Ethereum blockchain, but on the 25th of June, 2018, Tron went Mainnet with the consensus of the Tron community.
Tron is also capable of handling up to 2000 transactions a second, a huge uptick compared to Bitcoin's measly 5-7 per second.
Tron has three token types, which we will discuss briefly down below:
Tronix is the Mannet token based on the Tron Blockchain. It is more or less the currency of the Tron ecosystem. The value of all other currencies run on the Tron blockchain derive their value from TRX.
It is also a natural medium currency for all TRC-based tokens.
TRC-based tokens(TRC10 and TRC20) are technical token standards natively supported by the TRON blockchain.
I will give a very brief explanation of each of the types of tokens below, before we move on.
TRC10 is supported without the TRON Virtual Machine (TVM) and is fully compatible with ERC-20 tokens. Therefore, this token allows developers to port their Ethereum smart contracts over to the TRON blockchain. I'm always for cross blockchain compatibility.
TRC20 is used for smart contracts on the blockchain for implementing tokens with the Tron Virtual Machine (TVM). It is extremely similar to Ethereum's ERC 20 Protocol.
HOW IS TRON CREATED ON THE BLOCKCHAIN?
On the Tron blockchain, all the coins are already pre mined, and available to be distributed. The maximum number of TRX tokens that will ever be created is capped at 100 billion.
This distribution is done by the election of the Super Representatives who are voted for by TP holders.
TP provides users in the ecosystem with special rights. As long as a user is willing to stake some of their TRX coins, an equivalent amount of TP will be given in return.
But then, this brings about a very valid question.
Who are the Super Representatives?
The Super Representatives are like the bookkeepers on the TRON network. They are responsible for the verification and packing of all transaction data broadcasted on the network. They are to Tron as Miners are to Bitcoin.
Where can I buy Tron with my Fiat?
Currently, the best place to buy Tron(and any other cryptocurrency for that matter) with your fiat is over at Binance. They used to be a crypto only exchange, meaning that they didn't accept fiat at all. But recently, they have started accepting fiat deposits and withdrawals, and for a limited time, there are no fees on either of these actions. Check out Binance here.
If you'd rather not use Binance, here are a few options based on your region:
Remitano for African customers.
Quidax for African and South American customers.
WHERE CAN I TRADE MY TRON TOKENS?
Currently, the best place with the highest volume to trade your Tron tokens is Binance. They have very liquid books, as well as many cross pairs with the Tron token, so you have a lot of options.
If you'd rather not go the Binance way, or you got some free Tron and you want Bitcoin instead, use Changelly. They are an instant exchange that is very fast and reliable.
WHERE CAN I KEEP MY TRON TOKENS SAFE FROM ATTACKERS?
Tron can be stored safely both offline and online.
To store it online, the safest wallets are:
- Coinbase wallet
- Trust Wallet
To store it offline, the safest wallets are:
- Ledger Nano S
IS TRON BEST HELD OR TRADED?
This is possibly one of the most objective parts of this post. I am a strong believer that holding can make you wealthy.
That said, the Tron token once appreciated over 8000% in less than 30 days. That means that there wasn't a day that the price dipped to support. This is crazy, and Tron equally trades like crazy.
In fact, here is a daily chart for you to see the clearly defined support and resistance levels for yourself.
At this point, TRX isn't a no brainer hold like Bitcoin, or a no brained trade like BNB. I feel that the best way to tackle this is to hold some, and trade some.
That's it for this Tron review guys! Thank you so much for reading and supporting me.
If you'd like to support me directly, you could send me some BAT, BNB or ETH. I'd really love it. Use the addresses below if you're interested:
Basic Attention Token: 0x327d14aF6e3e0c34C78613c9fFb9D5F668853494