What is Tron coin TRX? Things to know about the latest TRX in 2020

Justin Sun – Creator of TRONIt is a mistake to mention TRON without mentioning Justin Sun.

Before the name Justin Sun was attached to TRON, he had his own mark.

Justin Sun was chosen by Jack Ma himself to be a student at the Hupan business school he founded. Besides that, Justin is also the CEO of a major livestreaming platform in China and an advisor to Ripple Lab.

Justin Sun’s influence on the cryptocurrency market is there, and most notably on the impact on TRX price. Last year specifically, TRX price increases 1662% following Justin’s tweets about TRON’s development direction.

In addition, Justin Sun regularly has discussions with the community on twitter and is ready to give objections when someone criticizes the TRON blockchain.

What is TRX coin?

VND TRX aka Tronix is ​​the base currency of the TRON blockchain.

When it was first launched, TRX was built on the foundation of Ethereum, which is an ERC-20 standard token.

As mentioned above, to date May 31, 2018 TRON completed mainnet, TRX has completely moved to operate on TRON’s own blockchain.

Initially, when officially released to the market, there were already 100 billion TRX tokens available. Of this 100 billion, the development team and TRON Foundation hold nearly 34.25%. The remaining 40% is sold in the public sale round and the last 25.75% is sold in the Private Sale round.

Token symbol TRX
Blockchain TRON
Consensus protocol Delegated Proof of Stake (DPoS)
Total coins in circulation 66,682,072,191 TRX
Total supply 99,281,283,754 TRX

What is TRX coin used for

Similar to most other cryptocurrencies, Tron coin TRX used to pay transaction fees in the network or as a means of payment for services and goods in the TRON network.

In addition, when you own TRX you can lock it up to vote to create a new block and receive the newly created TRX as a reward.

How to mine TRON (TRX)

The consensus protocol of the TRON blockchain is Delegated Proof of Stake (DPoS) and not Proof-of-Work (PoW) like Bitcoin so you will Can’t mine TRON.

However, you can lock the Tron coin TRX you own to participate in staking.

Every 6 consecutive hours the candidates will be elected. The elected candidates will together share 16 TRX per block. Only the most elected candidates will be responsible for creating a new block and sharing the 32 TRX reward.

Currently, you can completely staking TRX right on the Binance exchange through the exchange’s staking program.

So you can’t digging TRX but you can conduct staking to get reward of TRX newly created. The more TRX staking, the more rewards you will receive.

Which TRX wallet should I choose?

Currently, in the crypto space you will have a lot of wallets to choose from.

Regarding the TRX wallet, you just need to find the wallets that support TRON’s own blockchain that can be stored.

Some TRX wallets you can refer to:

  • Vi Ledger Nano S: this is a cold wallet. This type of wallet is suitable for those who want to invest, hold TRX long term, rarely traded.
  • Trust Wallet, Coinbase wallet: these are mobile app wallets. This wallet is suitable for those who trade and move a lot. Because it is a wallet on a phone, you can make a deposit and withdraw anywhere, as long as your phone has a 3G, 4G connection.
  • Stored at the Reputable exchange: Stored at the exchanges will be suitable for those who often trading TRX. Owned at Binance exchange, you can completely participate in staking TRX.

Should I invest in Tron coin or not?

The question should TRX investment or not is difficult to answer. It depends a lot on subjective and objective causes. Therefore, in this article, I will highlight the objective factors. Thereby readers can analyze and come up with their own answers!

TRX price history

At the time of its launch, mid-2017, the TRX price was trading at $0.002051. During a period of about 3 months, TRX did not have too much volatility, mainly trading around the price range of 0.0015-0.0025 USD.

However, starting in early December 2017, when the crypto market started in a frenzied bull run, TRX did not miss the occasion. Tron coin price increased continuously throughout the last month of 2017 and officially peaked at $0.300363 on January 5, 2018.

The lowest price that TRX has ever dropped is $0.001091, which means the peak price is 300 times higher than the bottom price.

The current TRX price is trading at $0.024975, which is nearly 12 times the peak price. TRX’s market capitalization reached $1,665,415,333, ranking 12th in market capitalization.

Current TRX rate (real time):

The team behind TRON

There are many senior and capable members involved in the development of the TRON blockchain. Of these, the leaders are:

  • Justin Sun: As mentioned above, this is the Co-founder of TRON. About Justin Sun, I probably won’t mention it again because there is a separate section about him in this article.
  • Lucien Chen: holds the role of technical director. He has many years of experience in the field of Big Data and advertising algorithms.
  • Keelson Yang: head of engineering. Graduated from a top Chinese university and has 15 years of experience in the field of telecommunications infrastructure.

The team behind it plays an important role in the future development of the platform. With such a powerful and capable team, TRON promises to have many breakthroughs in the coming time.

Status of dApps development on TRON

More dApps are developed and TRON blockchain applications will increase demand TRX coin. Thereby will partly promote TRX price increases up.

Currently, there are nearly 500 dApps developed and built on TRON.

Along with the increasing number of dApps, the number of transactions on the TRON blockchain is also increasing day by day.

In 2019 alone, the number of transactions made on TRON reached nearly 37 million transactions. The number of transactions increased or decreased sharply coincidentally with the time price TRX increase and decrease respectively.

Where to buy and sell TRX?

At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy and sell TRX has also become much simpler.

You can choose to buy on the international floor or buy on the exchange in VND. In addition, you can still buy on the black market, but this form is not recommended. Although the prices on the black market are very good, the risks associated with scams are very large, only those who are experienced and are “old people” should participate in this market.

How to buy and sell TRX in VND

Currently, there are many exchanges that support cryptocurrency trading in VND, but for reputable TRX trading, the best one right now is Bitmoon.

The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.

Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.

The prestigious international TRX trading floor

The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.

For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.

Below is the name of the exchange and a comparison table of transaction fees for your reference.

If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.

Exchanges Transaction fee
Binance 0.015-0.100%
Houbi 0.070-0.20%
Okex 0.060 – 0.150%
Bitfinex 0-0.2%
Bittrex 0.25% (most sour – should not trade)
Kucoin 0.080 – 0.100%

Although the international exchange has the advantage of trading volume as well as high liquidity, the disadvantage is that you cannot trade in VND. Almost every transaction buy and sell TRX All of you use USDT for transactions.

Conclude

This article has summarized the most basic information you need to know about TRON and TRX. With this article, I think you can have your own opinions and judgments to avoid being “fascinated” by marketing tricks.

Although it will take some time to read the entire article, I hope that your time will not be wasted.

If you find the article interesting and useful, do not hesitate to share it with your friends.

Good luck!

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