TRON (TRX) Live Price

What Is Tron(TRX)

Tron is a Blockchain-based and decentralized protocol that aims to decentralize entertainment content without relying on third parties. 

Tron was developed in 2017 by the Tron foundation led by Justin Sun. At inception, its smart contracts were built on the Ethereum ecosystem, making TRX tokens ERC-20 based. In 2018, Tron moved to its native network. 

The network provides solutions that include 

• Distributed storage technology and sharing service 
• Allows content creators to earn through their intellectual property
• Allows developers to build their decentralized applications through TRX
• Its decentralized game feature rewards game creators. 

The Tron Architecture 

Tron uses a native (TVM) Tron Virtual Machine that is Turing-complete. Like Ethereum's EVM, TVM ensures an expandable, effective, fast, safe Blockchain network. The network is also three-layered, with each layer supporting various feature sets of the ecosystem. 

• The Storage Layer: The storage Layer on Tron is the Blockchain ledger that stores network data, Blockchain state, history of UXTO data, and every form of the ecosystem. 
• The Application Layer: In this stage of the network, developers use TRX to create decentralized applications through smart contracts. 
• The Core Layer: This layer ensures Tron-based dApps functions. It receives, organizes, processes instructions, and sends them to TVM. TVM executes these instructions to make the dApps function. 

The Tron architecture, being three-layered, allows it to process transactions lightning-fast without consuming much energy. The network can process as many as 2000 Transactions per second. This is a significant upgrade against Ethereum and Bitcoin processes of 25 and 7 TPS, respectively. 

The network uses the delegated Proof of Stake (dPoS) consensus mechanism. Twenty-seven super representatives validate and keep track of transactions on dPoS. These super representatives are rotated every 6 hours. 

Super representatives on Tron get 32 TRX tokens as a reward for every block produced, which is created every 6 seconds. 

Tronix(TRX) USD Price

Also known as Tronix, TRX is the native cryptocurrency of the Tron network. Here are its price spikes and troughs since its inception in 2017. 

• Tron raised $70 million in fundraising through an Initial Coin Offering in 2017. Tokens were distributed among different network contributors.
• Tron foundation got 34 billion TRX 
• ICO investors received 40 billion TRX
• Angel funders got 15.75 billion tokens of Tronix
• Justin Sun's company, Peiwo Huanle Technology, acquired 10 billion TRX. 
• The coin supply cap was set at 100 billion tokens of TRX. Although, it isn't a hard cap like Bitcoin. 

Tron's price reached various highs and troughs over the last five years. Its price started at $0.002  when it was created in 2017. In January 2018, it followed the crypto bull run to reach an all-time high of $0.22/ TRX

Then, it traded around 0.01 and 0.04 over the following two years. During the 2021 bull run, the coin reached a notable peak of 0.16 per coin. 

The 3Commas live market today ranks Tron ranks 17 amongst all cryptocurrencies by market cap. Tron’s price today is $0.06418 at October 2022. 

TRX has a supply of 92,370,000,000 TRX tokens in circulation. Check out its price action on our exchange page. 

A Brief History Of Tron

Tron was founded in 2017 by a nonprofit organization known as Tron Foundation. Led by Justin Sun, the cryptocurrency project started operations in Asia, specifically Singapore and Greater China. Then, it expanded its reach worldwide. Today, the network has over 50 million accounts. It provides a decentralized file-sharing, gaming, and software platform. The development of the cryptocurrency network went as follows

• Tron token sale raised $70 million through Initial Coin Offering after launching in 2017. Shortly after, it was established as a top 10 cryptocurrency
• Its Testnet, Blockchain explorer, and Web Wallet were launched in March of the following year. 
• Two months after -May 2018- Tron launched its Mainnet
• Tron migrated its protocol to a native peer-to-peer network in June 2018. Thus, ending its stay on Ethereum and TRX attachment to ERC-20
• To actualize this, Tron DAO burnt ERC-20-based Tronix coins. Today, 99% of ERC-20 TRX had been burnt.
• Tron foundation acquired BitTorrent on June 25, 2018, for $120 Million. This solution facilitated its peer-to-peer file-sharing network 
• Justin Sun donated $4.57 million to a charity in 2019, which got him to lunch with well-known business mogul and Bitcoin skeptic Warren Buffett. The duo discussed cryptocurrency. 
• The foundation also bought a Blockchain app store, CoinPlay, and a social media app, Steemit, in 2019 and 2020, respectively. 

Like many other Blockchain networks, Tron had its fair share of criticism over the years. In January 2018, it was accused of having a plagiarized whitepaper. It was also accused of using parts of Ethereum's code and violating Ethereum's copyright license. Tron, however, denied these accusations. Which later turned out to be false. 

In May 2019, HackerOne, a cyber security testing service, declared the Tron network as vulnerable to attacks through a Distributed Denial of Service (DDoS)

What Is Tron Used For? 

Tron aims to solve many pain points for consumers, artists, and developers. Here are what Tron is used for 

• Decentralized File Sharing For Content Makers: Tron eliminates the monopoly enjoyed by file-sharing services by providing a decentralized alternative. This peer-to-peer internet allows creators to own and share entertainment content with their audiences. And earn Tronix tokens as compensation. 

Thus, content makers maintain full ownership and right of their creativity. While intermediaries like Netflix, YouTube, or Spotify won't be able to take a cut of their income. 

• Decentralized Gaming: Tron network is also a decentralized platform for gaming. Whereby game developers create games on the network. Then, gamers can reward creators through TRX tokens.
• Building Decentralized Applications: Tron is a software platform used to build dApps in a similar fashion to Ethereum. Developers can build any decentralized platform by writing code and smart contracts on the Tron network. 

What Makes Tron Unique 

YouTube, Netflix, Spotify, Amazon Prime Video. These are media platforms where you must pay an amount before accessing their content. Even though they aren't real owners of these intellectual properties, they take a cut on every content posted on their platforms. 

Meanwhile, Tron has positioned itself as an alternative to these media giants. Now, creators can share content without worrying about paying media houses a cut of their earnings. Whether you want to stream videos or music or download dApps, consumers pay creators/ developers directly. At the same time, no commission goes to intermediaries.  

In an age where every content is increasingly digitized, Tron has positioned itself as a cost-effective, non-exploitative alternative to these giants. 

Besides, Tron uses a delegated Proof of Stake system that gives it far more leverage than more established cryptocurrencies. Its dPoS ensures TRX earning is energy efficient; transaction gets processed lightning fast while nothing is charged on the transaction fee. This higher throughput and lower costs make it a far better option for smart contracts than Ethereum.