Update Your Knowledge About TRON And TRX
Ever since Bitcoin came into being, it paved the way for other cryptocurrencies. There are around 1,658 total cryptocurrencies, including some popular ones like Ethereum, Litecoin, NEO, Dash, Monero, and others. But today our main focus will be on TRON and TRX. Yes, you heard it right. It has been noticed that people often get confused about the difference between the platform and its related technology. They often misunderstand two things to be the same, which is not right. You need to understand the difference between the blockchain platform and the cryptocurrency, co-related to it. So today we will update your knowledge about the subject in this blog.
Introducing TRON
To understand the difference between the TRON and TRX, let us know about the TRON first. TRON is known to be a blockchain-based platform that works on creating a decentralized entertainment ecosystem. It focuses on the market expansion of the decentralized digital content system by allowing the sharing of digital content which is easy and cost-effective. It was founded by TRON Foundation, a Singapore based non-profit organization, headed by a Chinese entrepreneur, Justin Sun. The blockchain adoption is partly limited because of the problem faced by many developers in learning to create from scratch on whole new protocols. Because of it, TRON aims to ease this transition and quicken the creation of new dApps and also for decentralizing the existing platforms. HyperSnakes, RocketGame, TronBet and TRX Market are some of the best TRON dApps to be known.
Also Read: Tron Colluded With Binance, Huobi and Poloniex To Captivate Steemit
Ending The Role Of Middleman
Applying on the features of P2P (Peer to Peer) and blockchain technology, TRON efficiently eliminates the role of middleman and bridges the gap between the content consumers and content creators. It resulted in a reduction in cost for the consumer.
Facing Plagiarism
TRON Foundation was successful in raising $70 million in the year 2017 through an ICO in a very short time, until China put restrictions on digital coins. After that TRON Foundation came in trouble by facing plagiarism charges on its white paper. According to DAR (Digital Asset Research), there were many instances that proved the point that code was copied from other projects.
In May 2019, HackerOne, a cyber-security testing service stated the reason that must be some issue in the computer which stopped the entire blockchain of TRON. It revealed that the single PC must have sent the multiple requests could be the reason for squeezing the CPU of blockchain and overloading memory.
When the dramatic charity lunch with Warren Buffett was canceled in July 2019, the fate of TRON became much uncertain, as it became a public embarrassment, both for the organization and the founder behind it.
Also read: CoronaVirus Outbreak Postpones TRON’s 2020 Summit
Know About TRX
Now coming to know about Tronix, also called TRX is the cryptocurrency token owned by TRON blockchain. You can buy this cryptocurrency in exchange for BTC and ETH by doing exchanges through Binance or Liqui. Though there is no provision at yet to buy it with fiat currencies, TRX can be very well stored on the wallets that supports Ethereum blockchain. Tronix can be used as payment for accessing the content which content consumers want to have. After this, coins are sent into the account of the content producers, where the exchange of cryptocurrencies are done. TRX is known to have been ranked on 15th position among the list of largest cryptocurrencies by market capitalization in February 2018. So this was all about the TRX. Now it won’t be difficult for you to understand the difference between TRON and TRX.
Market Performance Of TRX
After knowing much about the TRON and TRX, let us understand the market performance of TRX. Dating back to January 2018, the price of the TRX peaked at $0.254791. On the Ethereum main net, TRX made its start as an ERC-20 token. But in June 2018, when TRON main net was launched, it led to the migration of ERC-20 token to TRX coin as its native at the ratio of 1:1. If you are not abreast of the latest TRON dApps, then it is a must for you to know that TRX is considered as the most traded cryptocurrency having worth of around $100 million. TRX is accepted by following cryptocurrencies exchanges including Bit-Z, BitForex, IDAX, OKEx, Systemkoin, Huobi, DigiFinex and Binance. BTC, USDT, and ETH are known to be the TRX trading pairs.
Conclusion
Now it won’t be difficult for you to differentiate between TRON and TRX. It is because you have now understood that TRON is the blockchain platform, whereas TRX is its owned cryptocurrency. TRX is also termed as Tronix. But most of us know it by its short form, which is TRX. In this blog, we covered important facts about the TRON, including its role in ending the role of the middleman. And the phase when it was accused of plagiarism because of its white paper. Well, risks are always involved in every technology, be it cryptocurrencies like TRON or any other. Apart from it, we let you know about TRX which stood 15th rank and was considered to be in the list of highest cryptocurrencies by market capitalization.