What Is Tron and its cryptocurrency Tronix?

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Tron is a blockchain-based, open network that seeks to create a secure, global digital information entertainment infrastructure using distributed storage technologies and facilitates fast and cost-effective distribution of digital content.

Tron was created in September 2017 by a Singapore-based non-profit group named the Tron Foundation. It is led by CEO Justin Sun and has a dedicated in-house production team that comprises established technology firms. This essay discusses the Tron network, its service and its Tronix cryptocurrency (TRX).

Eliminate the Middle Man

By leveraging blockchain and peer-to-peer (P2P) network technology features, Tron is seeking to close the divide between content producers and content users by removing the middleman. The result is an overall cost savings for the customer and better collection by direct receipts for the manufacturer of material, which provides a win-win scenario.

To make a comparison with a real-world application, think Netflix, which runs a streaming video service providing on-demand content. A single company manages the facilities in a centralised fashion. One will need to subscribe and pay Netflix to view a certain on-demand movie that may have been made by a group of budding fans who are hosting it on the Netflix website. Netflix takes a cut from the price paid to the subscriber for hosting the film on its website and pays the rest to the creators. Mostly, the lion’s share is taken from the middleman.

Tron replicates this business model on a shared blockchain network which functions as a distributed, open storage facility, making it more powerful and cost-effective. It seeks to remove a middleman, like Netflix in the case above, by empowering everyone and everyone to host digital entertainment content on their blockchain-based network. The global viewer will pay directly to the app creators to access the content.

In the meantime, Tron’s free, shared network and distributed storage infrastructure also aims to resolve a big issue-a problem for very small and influential businesses owning the Internet and its content-making it a fair playing field.

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The Future Potential of Tron

Tron is an innovative project that has set several possible targets in the coming years.

 

Its new product is called Exodus, a free portal perfect for peer-to-peer sharing and content storage. Exodus does not actually use blockchain technology, but uses a special web-based file system protocol that supports a distributed file system. It is expected that this process will remain until December 2018.

 

The next step, called Odyssey, is expected to take place around January 2019. Odyssey, which would harness the power of blockchain, will include monetary rewards to facilitate the production and sharing of content on Tron.

Instead of adopting conventional methods of monitoring clicks and viewing the content that is being viewed, Odyssey aims to focus the reward producers around a system that will rely on user activity and content participation. It could be related to a “tip” scheme – more like a promotion depending on how well the customer perceived the content.

Imagine listening to a licenced guitar player playing in a street corner. You like the initial melody and you’re going to get closer to listening to the full output. When his act is over, you tip the street artist to see how much you liked his success – or pay him extra to carry on hearing his next gig. Tron’s reward programme could be similar, as you can access the original smaller trailers free of charge or for a limited fee, and only go for full-paid copies if you want previews.

 

The next two stages, named Great Voyage (mid-2020) and Apollo (mid-2021), are expected to encourage content creators to develop their brands, to be able to produce individual initial coin offerings (ICOs) and even to issue personal tokens. These later phases of Tron would be close to Ethereum-style blockchain-based development frameworks.

Tron also predicts two more phases down the road, Star Trek (mid-2023) and Infinity (late-2025), where players will be able to develop their decentralised gaming and predictive business networks and will also be able to collect funds.

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What Is Tronix (TRX)?

The Tron network uses a blockchain called Tronix (TRX).

 

You can buy Tronix on exchanges like Liqui and Binance by trading it for other cryptocurrencies like ETH or BTC. Purchase of fiat currencies is actually not feasible. It can be deposited on wallets that endorse the Etherum blockchain including MyEtherWallet.

 

The content of Tronix may be used by users to pay for the content they wish to use. These coins will either go to the material creator accounts, where they can be traded for other cryptocurrencies, or can be used to pay for blockchain services.

In February 2018, TRX was ranked 15th in the ranking of the biggest cryptocurrencies by market capitalisation.

 

The Bottom Line

Tron’s specifically articulated long-term strategy, with date-tagged targets, and the increasing popularity of digital content, with a promise of lower prices, makes it a promising effort in blockchain space. Its hopes are also supported by strong interest from rich and well-established Chinese investors.

With several developers from the Jack Ma-led Alibaba Community joining the Tron Development Team at the end of 2017, there are reports that a collaboration between Tron and Alibaba could be in the works. It will be important to see how Tron grows to fulfil these demands.

 

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