Tron Coin (trx) Review: Is This the Right Time to Buy?
Tron coin is the native crypto of the Tron blockchain, which aims to make gaming and entertainment more accessible. Initially marketed in Asia, the platform has since gone global and is well-placed for the next era of NFTs and gaming with over 50 million users.
We’ll get to the price history and where to buy tron coin later, but first, let’s take a quick look at the Tron blockchain.
Tron network explained
Launched in 2014 by entrepreneur and former Ripple employee Justin Sun, Tron is on a mission to build the infrastructure for a truly decentralized internet and tear down the empires built by media conglomerates who serve as content gate-keepers and middlemen between creators and consumers.
Tron is a decentralized digital platform that uses blockchain technology and peer-to-peer platform features to eliminate the middleman and allow content creators to sell their work directly to consumers.
Today, companies like Google and Facebook own and control a significant amount of the data we generate. Tron wants to give power back to creators who can create content freely without centralized services and reach their consumers directly in a peer-to-peer way.
Said to be Ethereum’s rival, Tron has its smart contracts, decentralized apps (dapps), and a wallet. But it has a few tricks up its sleeves that set it apart from the competition. Tron is a more scalable network with its feeless and much faster transactions and more popular programming languages that affords more developers the option to build their application on the Tron network.
Price history of tron coin
Tron coin was on the path to the moon after raising $70 million in its ICO in 2017 and jumping from a steady $0.002 to its all-time high of $0.22 in January 2018. This ended up being a brief spike that has not been toppled ever since.
After steady movements between $0.02 and $0.03 within the last two years, tron coin seems to be on the come up with a more recent, sustained high of about $0.16 in April 2021. A brief dip to $0.05 followed but continued its upward trend.
Today, tron coin’s price is $0.10. With a 24-hour trading volume of over $2.6 billion on Coinmarketcap and a market cap of $9.8 billion, tron coin currently sits at number 23 among the biggest cryptocurrencies ranking by market cap.
It’s believed that Tron’s interest in developing an NFT marketplace, creating its trading platform, and a decentralized gaming network for developers to build upon are some of the factors responsible for tron’s recent positive trend.
While we won’t predict the price, it’s worth noting that gaming is taking off. With Tron tapping into the gaming world and showing interest in games like Aftermath Islands, Crypto Dungeons, and Score Milk, its price might be on track to beat its all-time high soon.
How tron coin is used
Tron coin has a variety of uses. Asides from its use as a cryptocurrency for trading and making payments while being stored on the Tron wallet, tron coin is used to grant stakers voting rights and issue other decentralized applications (dapps) tokens on Tron.
This makes perfect sense as the main goal of Tron is for tron tokens to be able to allow the exchange of digital assets without a middle man and ultimately become a store of value for content creators.
Because the Tron network is still in development and its promises are not yet realized, the practical use of tron coin is still quite limited This is where the concept of collateralization might be helpful for you.
Collateralization is when a borrower pledges an asset as a means for a lender to recoup their capital in the instance that the lender defaults on their loan.
Many tron coin holders are holding their TRX, hoping that its value gets a significant increase in the future. Collateralization gives holders who still want to maintain their investment but need money to take out loans using their tron coins as collateral.
Tron’s JUST network is an all-in-one decentralized financial solution that offers you an easy way to collateralize and use your tron coins to receive crypto loans.
To collateralize your tron coins, you use Tron’s Sunswap platform–a decentralized exchange protocol for liquidity–to exchange your trx coin for USDJ, a stable coin pegged to the US dollar at a 1:1 ratio. You can then convert your USDJ to any other cryptos or sell it for cash.
Where to buy tron coin
The future of tron coin
Like all speculative assets, tron coin’s price is significantly impacted by the news surrounding it. It has seen various fluctuations in price directly correlating with press about Justin Sun and Tron’s acquisitions and partnerships over the years. Some notable acquisitions over the years are that of BitTorrent and Steemit, while its biggest partnership to date is with Samsung.
Making more partnerships similar to the ones with Samsung and oBike that demonstrate the utility of Tron’s platform for businesses outside the cryptocurrency space and growing the Tron brand will impact tron coin’s growth over the years.
Although the full potential of blockchain technology is yet to be realized, tron is one of the projects making significant progress towards fulfilling its promises of a decentralized internet. The future of tron coin might be a positive one if the current trend continues.
Remember, investing in cryptocurrency is a high-risk and often high-reward investment, so you must ensure that you understand all the risks involved before you make the financial commitment and go through with it.
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