TRON is an open-source decentralized blockchain that uses proof-of-stake principles and allows for smart contract functionality. The native cryptocurrency used in the system is called Tronix (TRX), but the company’s name TRON is often used instead. Read on to find out why so many people are investing in TRON.
Established in 2014 as an ERC-20 token based on Ethereum, the project was launched via a $70 million ICO in 2017, and the team rolled out its own blockchain in 2018. In the same year, TRX was already a top ten cryptocurrency by market cap.
By the way a Tron investment then, at a price of $0.0019, would have been a catch. But hey that’s also when bitcoin was $4k.
Led by its flamboyant and charismatic CEO Justin Sun, now Tron is a worthy alternative to Ethereum in all kinds of uses, with faster processing times and lower transaction fees than ETH. For example, you want to pay someone $100 in USDT.
Despite Ethereum’s dominance in the world of crypto applications, using ERC-20 tokens is notoriously expensive and slow. A simple transaction like sending someone USDT with TRC-20 tokens will cost a couple of bucks, but do the exact same operation with ERC-20 tokens and it can cost $40 on a bad day.
The TRON platform can handle 2000 transactions per second versus Ethereum's 30. Why is it not as popular as Ether? Well, it’s not supported by Coinbase and US residents can’t buy it on Binance. Oh well, that’s life. If you’re already asking, “so where can I invest in TRON?” You can still buy it in the US on exchanges like Uphold and KuCoin.
Because it’s a decentralized system, it relies on people providing their coins for others to use, i.e. staking. This may be one of the best ways to invest in TRON, because then you can make money whether or not the price goes up.
TRX is currently the 13th largest cryptocurrency with a market cap of $7,50 billion (as of June 10, 2022) and the 12th largest by trading volume, so clearly even now, during crypto winter many people invest in TRON.
Should you invest in TRON now? Maybe it’s not the best time for cryptocurrencies in general, but if you’re really into crypto and absolutely must invest in TRON today,
It’s fair to say it’s not the best idea to invest in TRX unless you know what you’re doing and why.
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