If you are a beginner in the crypto industry and are into creating some quality content but ain’t getting paid for it. Then this article of ours will help you in getting your pockets filled with a crypto coin called Tronix. So without further ado, here are some points that we will discuss in this article:
- What is Tron coin?
- How it is ripe to be the next thing to blow up.
- Where to buy them.
- A simple step by step guide to get it from an exchange.
- List of Tron Wallets
What is Tron?
Tron foundation is a non-profit organization founded in Singapore in July 2017 and in December 2017, it launched its open source protocol. It was launched as a decentralized platform with a desire to build a free, global digital content entertainment system with a blockchain distributed storage technology, and allows easy and cost-effective sharing of digital content.
The digital media where the content is served is hosted by a handful of intermediaries all around the globe. Take for example, the web streaming sites or applications allow content creators a platform. These companies provide users the platform to upload digital content and share it on their platform and charge a fee from both the user and creators.
Tron as a protocol allows individual users to publish and store data in a decentralized and autonomous form which then decides the distribution, subscription, and push of contents. This thereby enables content creators by releasing, circulating and dealing with digital assets, thus forming a decentralized content entertainment system. All this means is that a big part of your payment is going to the creators and producers, to pay to the companies(intermediaries). And this the problem that Tron aims to address.
Tron’s motive here is to take away the power from these giant digital companies and then delivering it directly to the content publishers and creators. The users only need to have their content published to the blockchain where clients can access to the content, without having to pass through third parties. Tron was created by Justin Sun, who also is the CEO, whose first venture was Peiwo- a pay to chat application. Before finding Tron, Justin was the chief representative at Ripple in the Greater China Region.
For more information on Tron, you can read their white paper by clicking here.
What is Tron coin?
Tron’s native token is Tronix(TRX). The content consumers use Tronix to pay for the content they want to have access to the Tron Network. These coins travel into the content producers account and thereon can be exchanged for other cryptocurrencies, or to pay for other blockchain services.
Tronix(TRX) can be earned, spent and be used for a myriad of services. Tronix or TRX is earned by miners when they provide storage to clients. The clients then spend TRX to hire miners to store and dispatch the data. Unlike Bitcoin, where the miner’s work is only for blockchain consensus.
Tron’s business model consists of two cores of social contracts – credit and user level. The costs of social content can be reduced exponentially just by sharing TRX information. Developers and users obtain TRX tokens by joining in the Tron protocol given by the TRON foundation.
Similarly, TRX can also be earned by Gaming, Betting, and Sharing entertainment files. Also, TRON provides iOS and Android users to have access to their TRX via a mobile application.
Also Read : What is a Cryptocurrency Wallet?
How it is ripe to be the next thing to blow up
Although Tron is helping in giving the content creators and producers the freedom they deserve, blowing up is nothing new for cryptocurrencies. Many believe that the idea of cryptocurrencies is a great concept, but there are far more inspections to be done before we term them legitimate.
In the recent years, cryptocurrencies have exploded and gained immense popularity among both miners and investors. But not all cryptocurrencies have witnessed this rapid leap in prices. The primary reason for their decline is the slump in Google search traffic on crypto related topics.
TRON: Blowing up
Tron surely has an exciting future ahead of it, and in the third quarter of 2018, the values are all set to barrage. Even though the values of Tron are on a lower side, which is the same thing with other cryptocurrencies, consider buying a Tronix right away, to begin with, your crypto collecting journey.
Here is a look at why Tron is considered as the next big thing that will blow up. In March 2018, the launch of the network’s beta version and Testnet generated a fair amount of publicity for Tron. The essential outcome of the Exodus launch was Tron Virtual Machine(TVM). TVM is a platform’s in-house developed television dApps( decentralized apps).
The purpose of this launch is to provide entertainment extremely fast without the loading and buffering. It is also a platform that will be able to host smart contracts. Smart contracts and dApps later can run on the virtual machine testnet and then sent to Tron Virtual Machine (TVM) on Super Representative nodes. Unlike Ethereum Virtual Machines, TVM will not charge any fees.
In addition to this TestNet enables Tron to operate as a blockchain which vacant and conceives further durability. Tron users can use these blockchains to send and receive TRX coins. With all these launches, it only means that the TRX prices in the coming days can only lead up to and after.
Tron’s low prices are another significant advantage
Most of the coins have been designed as per their value, and the Tron function’s here is as the native currency that is set to power the network. Tron as a platform is expanding significantly and is all set to power the network. TRX is not only relying on the use of it is just as a digital currency. It is substantially reliant on its platform that has enormous popularity within the entertainment and content industry. This thereby increases the value of the coin.
On the contrary side, Jamie Dimon, the CEO of JP Morgan took a dig at Bitcoin saying that the cryptocurrencies are a fraud, which will eventually blow up.
Where to buy them
Since you have decided against purchasing a Tronix, it can be obtained from the following exchanges
Exchange sites like these are limited to cryptocurrency, which basically means that in order to buy Tron, you first need to exchange it for either Bitcoin or Ethereum. Select an appropriate exchange to buy TRON from. Cryptocurrency exchanges are the leading platforms for users to purchase various digital assets such as cryptocurrency tokens.
These exchange platforms work like the standard currency markets though they trade crypto coins such as TRONIX (TRX) and not fiat currencies. Note that the cryptocurrency exchanges are entirely different from cryptocurrency networks.
A simple step by step guide to get it from an exchange
- Create a CoinBase account, and get the account verified which then allows you to send money in Bitcoin.
- Now head to the Buy/Sell Tab, you can either buy Litecoin(LTC) or Ether(ETH). As these coins are pretty cheap. We will not suggest you Bitcoins as there is a small fee involved while purchasing it.
- To buy these coins instantly, you either need to have funds already in the account, or you can use your debit card. In case of using a Bank Account, it will take from anywhere between two to nine days. However, using a debit card will include a few charges whereas when using a Bank Account will carry no fees.
- DO NOTE: There are charges only applicable when you purchase coins not when transferring money in.
- We suggest you purchase Litecoin( cheapest among other coins in comparison with Bitcoin and Ethereum)
- Select the amount of USD you are planning on spending.
Also Read : Litecoin (LTC) fails to hit the $70 mark
Create an Account: Binance
Binance is a place where you will purchase TRX or altcoin of your choice.
- Once you create an account on Binance, head over to the Funds section and then to Deposit & Withdrawals.
- Now search for the currency you bought(LTC) on Coinbase.
- Click on Deposit on the right-hand side of the currency. You will now be provided with an address, copy that address.
Now head over to Coinbase
- As you’re on Accounts, select “Send.”
- Enter the address you copied in Binance. Also, enter the amount you like to send on Binance.
- Now you can patiently wait for about 10 to 15 minutes to get your Litecoins into your account.
Once you are back in Binance, find Litecoin you just sent.
- You can now sell your LTC on Binance
- Find TRX or any other Altcoin you want to purchase.
- You now have BTC to buy TRX in the bitcoin market. Buy the amount you want to.
List of Tron Wallets
- TRON Wallet for iPhone & Android
- Cobo Wallet
- Ledger Nano S
How to choose the best TRON Wallet
- Ease of use: If you are a beginner, things might get complicated here. So the key here is to have a wallet that is simple yet straightforward to use. We recommend you to choose for the one that is for you to operate.
- Compatibility with TRX: The most important choice you have to make is to select the wallet that is compatible with TRX tokens. There are a quite a few wallets that do not support every cryptocurrency available in the market.
- Private Keys: Security plays a crucial role when selecting a crypto wallet, make sure that you have access to your private keys. Private keys not under your control will directly imply that you have no authority over your cryptocurrencies.
- PINs and Two-Factor Authentication: Ensure what are all the security measures a wallet has to safeguard your funds against hacking and theft.
Now start by signing up for a TRON wallet. This is the perhaps the first step for anyone joining the cryptocurrency industry. You need the digital wallet to hold the tokens of the selected cryptocurrency. In the case of TRON, ensure to pick the wallets with care because not all the wallets are compatible.
Also Read: What is Bitcoin Mining? | Beginner’s Guide
What is TRON Wallet?
Once you decide to join the TRON network, you need a TRON wallet to store the native tokens (TRX) for its network. These are the native assets or crypto coins for trading and making payments in the TRON network.
Tronscanhttps://tronscan.org/#/ is an exciting wallet to store TRX. It is a web-based wallet that provides access to TRX effortlessly. From the signup to storing TRX, the process is quite simple, just like other wallets it requires you to create a strong and secure password and keep a copy of the private key.
Although there is nothing much to offer concerning the user interface but it is reasonably easy to learn the instructions of the wallet. You can have access to most of the information from checking of balance, send and receive funds or even apply for a TRON Super Representative is bestowed in front of you.
As a mobile user, you will find Tron Wallet to be the best to access all your Tron funds. The pros to this wallet are that it is officially supported by the TRON foundation via TRON Loan and is highly recommended for iOS and Android devices. TRON Wallet offers an intuitive yet easy to use platform where you can easily navigate through the application.
- Cobo Wallet ( Mobile Wallet )
Cobo is a multi-currency wallet which is designed in a way that can help you with storing and controlling numerous cryptocurrencies under one application. And just like other web wallets, Cobo is a user-friendly application, and the setup is simple here as well. It packs security features like two-factor authentication and a password authorisation for every single transaction.
The con here though is that is a relatively new application, so before downloading an app like this read through all the reviews and check the ratings.
- Ledger Nano S (hardware wallet)
Ledger Nano S is a hardware wallet that is rapidly every cryptocurrency traders go-to choice for in hardware wallets. It includes an LCD screen on the side which allows users to have an idea of what exactly is happening in their wallets.
The Ledger Nano S wallet is perhaps the best hardware wallet if you plan on investing in not just TRX but also in other altcoins. In fact, it supports number of cryptocurrencies than its competitors such as Trezor and KeepKey.
Ledger is priced around $98, including free shipping to almost every country. This price tag makes it cheaper among the other hardware wallets. It does a great job when compared to other types of wallets as it reduces the risk of theft and attacks.
- Trezor (hardware wallet)
Trezor is another hardware wallet that has similar features like the Ledger Nano S. It was first in the list of hardware wallets, providing cold storage with a capability to spend with the convenience of a hot wallet.
It has the looks of a standard flash drive with a chip for storing TRX. The wallet is designed and built with some compelling security features which contain an advanced password that is used to bring in the TRX to live before using the wallet.
As a hardware wallet, the entire wallet is backed up with a 24-words generated on setup. The seed that is generated is displayed on Trezor’s screen; this ensures that the seed is never on an internet connected device. These keys also help in restoring the tokens in case of loss or damage to the wallet. A single Trezor wallet will cost you about $99.
Tron in the cryptocurrency market has a different sort of approach, with its main motive being able to encourage the content creators and publishers. The answer to TRON being questioned on its reputation is that it is backed up by some considerable members of Chinese business industry such as Jack Ma of Alibaba.
TRON is clear-cut with its objectives of empowering the people working in the entertainment industry.We ask you to read and research assiduously about TRON platform. We also have attached the link which will lead to its whitepapers of TRON. If you are keen on learning more about TRON, follow Justin Sun CEO on Twitter who posts regular updates.
Have a few(or even more) questions? Leave them in the comments section below and will get back to you with answers.