TL;DR:
- The token TRX is a decentralized, open-source blockchain platform capable of running smart contracts and supports the building of decentralized applications.
- TVM-compatible tokens can be implemented via smart contracts using TRC-20 which is the technical stand and compliant with ERC-20.
- TRON also offers extremely fast processing speeds, with the ability to process millions of transactions per second.
Table of Contents
- Coins Wiki: TRON
- What is Tron (TRX)?
- TRON Economy
- USDD - TRON’s Algorithmic Stablecoin
- TRC-20 USDT
- Recent Tron Developments
- Tron Technology
- How To Buy and Trade TRON In The Philippines?
- How To Buy TRC-20 USDT In The Philippines?
Coins Wiki: TRON
TRX
| Token name | TRX |
| Ticker | TRX |
| Website | Tron Network |
| Network | TRC 20 |
| Summary of Token | TRX, also known as Tron, is a cryptocurrency that was launched in 2017. It is an open-source blockchain platform that aims to be a decentralized entertainment network. |
| Overview of Token | TRX is the native token of the Tron platform, a decentralized blockchain aimed at building a free and decentralized internet. The token is used as a means of paying transaction fees, investment, accessing decentralized applications, asset tokenization, and rewards in programs on the platform. |
| Audit | Least Authority |
| Advisors & Partners | The most significant partnership of TRON is with Poloniex, a brokerage that has a daily volume of over $70 million. This collaboration resulted in the listing of TRON on Poloniex, increasing its accessibility to investors. In addition, TRON also has a strategic partnership with Samsung, a global leader in technology.TRON has also established a partnership with the APENFT Marketplace. This collaboration allowed the use of TRON as a means of payment for NFT purchases in the market, expanding its usefulness and strengthening its presence in the NFT sector.Swisscom Blockchain is another important partner of TRON. This has expanded TRON's presence in Europe and made it possible for more people to access and use it.Finally, TRON also has a partnership with the Opera browser. |
| Circulating Supply | 91,444,435,192 TRX |
| Contract Address | TNUC9Qb1rRpS5CbWLmNMxXBjyFoydXjWFR |
| Max Supply | ∞ |
| Number of Holders | 72,800,825* |
| Blockchain | TRC-20 |
| Year in-corporated | 2017 |
| Governance Token | TRX |
| Fun Facts | Justin Sun, the founder of Tron, is recognized for his bold actions and prominent presence on social media. Tron has established partnerships with some of the largest companies, including Samsung, strengthening its presence in the cryptocurrency market. Furthermore, Sun is well known in the cryptocurrency world, having paid 4.57 million dollars for a lunch with the famous investor Warren Buffett. |
| Where to Buy & Sell | Trade TRX on CoinsPro a BSP-regulated licensed crypto exchange in The Philippines |
| Token Use Cases | The TRX token is used on the Tron platform as a means of paying transaction fees, investment, accessing decentralized applications, asset tokenization, and participating in reward programs. It is a tradable cryptocurrency and can be used as a way to diversify asset portfolios. The expectation is that, with the growth of the Tron platform, the use of TRX will expand even further to access and interact with a wide range of applications and services on the platform. |
| *as of writing |
What is Tron (TRX)?
TRX was created with the goal of revolutionizing the media and entertainment industry, allowing users to access high-quality apps and content quickly and securely. The token TRX is a decentralized, open-source blockchain platform capable of running smart contracts and supports the building of decentralized applications. TRX can be traded on CEXs and DEXs and can be used for asset portfolio diversification. With the growth of the Tron platform, it is expected that the use of TRX will continue to expand.
TRON Economy
TRON Virtual Machine (TVM) is a compact turing-complete virtual machine with the objective to deliver a tailored blockchain system that is effective, safe, and scalable.
TVM-compatible tokens can be implemented via smart contracts using TRC-20 which is the technical stand and compliant with ERC-20. Unlike Bitcoin, TRX runs on a Delegated Proof Of Stake (DPOS) consensus mechanism to approve and create new blocks on the blockchain.
Being a Proof Of Stake (POS) token, users can stake TRX and receive a small incentive for being part of the TRON Economy. There are 27 Super Representatives (SRs) who are responsible for keeping the network secure by validating transactions. With a block time of 3 seconds and a block reward of 32 TRX per block, this gives staking TRX an APY of 3.9%.
USDD - TRON’s Algorithmic Stablecoin
USDD, the stablecoin for TRON’s Economy introduced in July 2022, was positioned to become the first over-collateralized Stablecoin. A stablecoin is a digital asset that will always remain at the fixed ratio of 1:1 with the US Dollar.
In USDD’s case, 1 USDD will always be equal to US$1. To achieve the peg of 1:1 ratio, TRON DAO Reserve (TDR) has displayed the reserves versus the amount of USDD that is minted. As of writing, the over-collateralization is at 173%, meaning that there is an additional US$0.73 worth of assets in the DAO for every 1 USDD minted.
The growth of the DeFi market has been a big boost to TRX in recent months, and Tron has been striving to become an integral part of the DeFi economy.
TRC-20 USDT
USDT, a USD-pegged stablecoin issued by the company Tether is also available on the TRON network known as TRC-20 USDT. TRC-20-based USDT has high interoperability with TRON-based protocols and Decentralized Apps (dApps) allowing users to trade, farm, and even borrow crypto using a USD-pegged stablecoin.
Benefits of TRC-20 USDT
Since USDT is supported on the TRON network, this makes transactions for users cheaper when transferring TRC-20 USDT from wallet to wallet.
Though USDT is ERC-20 based, transferring ERC-20 USDT from wallet to wallet can cost as much as US$1 depending on the network congestion. On the TRC-20 network, processing the same transaction can cost as low as US$0.26 saving users some money.
Recent Tron Developments
- In January 2021, the Tron Foundation announced the acquisition of BitTorrent, one of the world's largest file-sharing networks. It allowed TRON to expand its presence in the digital entertainment market and strengthen its peer-to-peer network.
- TRON has also recently launched a DeFi lending protocol JUST, which allows users to lend and earn their TRX and other digital assets.
Tron Technology
The TRON platform is based on smart contract technology and supports the execution of decentralized applications. TRON also offers extremely fast processing speeds, with the ability to process millions of transactions per second.
TRON's smart contract architecture is designed to provide a flexible and efficient platform for the creation and execution of smart contracts. Smart contracts are self-executing programs that automatically execute the conditions previously defined between the parties involved. They allow for secure transactions and agreements without the need for intermediaries.
TRON uses Solidity programming language to write its smart contracts, which is the main programming language of Ethereum. Developers familiar with Solidity would be able to easily write and create smart contracts on TRON blockchain. TRON provides a wide range of tools and libraries to help developers create advanced smart contracts.
TRON also offers high scalability for its smart contracts. With the ability to process millions of transactions per second, TRON is capable of handling a large amount of smart contract demand at the same time, without sacrificing security or efficiency.
Another advantage of TRON's smart contract architecture is its fee approach. Instead of charging fees for each transaction, TRON charges fees only for storage and data usage on the network. This means that users can frequently execute smart contracts without worrying about the cost of transaction fees.
In summary, TRON's smart contract architecture is a powerful platform for the creation and execution of smart contracts. With accessible programming language, high scalability, advanced tools, and an efficient fee approach, Tron provides a viable solution for creating decentralized applications and smart contracts.
How To Buy and Trade TRON In The Philippines?
Via Coins Pro, BSP Licensed Spot Exchange:
- Step 1: Log into your Coins Pro account and click [Balance].
- Step 2: Select the currency you want to deposit, click on [Deposit] and enter your desired cash-in amount.
- Step 3: Select TRX/PHP pair and enter the [Order Quantity] you would like to trade.
- Step 4: Click Buy or Sell to place your Limit and Stop Orders.
- Step 5: Wait for your order to be filled
How To Buy TRC-20 USDT In The Philippines?
Via Coins Pro, BSP Licensed Spot Exchange:
- Step 1: Log into your Coins Pro account and click [Balance].
- Step 2: Select the currency you want to deposit, click on [Deposit] and enter your desired cash-in amount.
- Step 3: Select USDT/PHP pair and enter the [Order Quantity] you would like to trade.
- Step 4: Click Buy or Sell to place your Limit and Stop Orders.
- Step 5: Wait for your order to be filled
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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