What Is Tron (TRX) An Overview of An Ambitious Project
Howdy folks, here to share my .02 cents on the Tron Project, an ambitious project created by Justin Sun and the Tron Foundation.
Tron is looking to be a panacea of sorts, focusing on competing with Ethereum on dApps, Steem on Decentralized Social Media and Bitguild with online gaming.
Sun's team has secured major funding, key business partnerships and successfully launched their Mainnet. Can they continue to execute and stand by their ambitious goals?
What is Tron Coin (TRX)
Here to heal the internet! Tron, or TRX coin, is an innovative cryptocurrency that aims to decentralize the internet in an attempt to disrupt the archaic social media industry. Founded in 2017 by Justin Sun, Tron is aiming to save the internet by offering a decentralized social media platform backed by their own custom blockchain. Originally existing as an ERC-20 token on the Ethereum platform, Tron has successfully migrated to their independent TRX coin token in June of 2018. Currently at #11 in the worldwide coin market cap, Tron has an ample advantage over other cryptocurrencies hoping to achieve the same effect and has created a LOT of hype over the release of it’s Testnet and Mainnet as well as having an incredible ambitious roadmap for the next 10 years.
How Does Tron (Trx) Work?
Tron (Trx) is a decentralized platform that aims to “heal the internet”. Their main focus is disrupting the Social Media Industry, a $1 billion dollar market, by allowing content creators to share their content on the decentralized Tron platform and bypass the middleman (Apple, Facebook, etc) so that they can directly benefit from any revenue generated. In the traditional social media model, users create content and interact on various platforms, generating millions of dollars in ad revenue, user data and content. Tron, in addition to other decentralized platforms, are cutting out the middleman, offering content creators a platform where they can reap all of the rewards generated by their content and following.
On June 25th, Tron launched their Mainnet alongside a large PR campaign, designating the date to be Tron’s Independence Day. In addition, they announced a coin burn of 1 billion TRX tokens, worth nearly $50 million USD, in an attempt to increase the value of their coin and spur investor confidence.
Side Note: Justin Sun has been criticized for his poor communication with investors, frequently posting vague announcements about the potential of further announcements. Maybe the Tron coin burn is an attempt to satisfy the frustration levels of their investors.
In addition to offering a decentralized platform for content creators and social media users alike, Tron has a handful of rather lofty goals.
Is Tron trying to do too much? Only time will tell.
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