In this article, you will learn all about the revolutionary TRON platform and our step-by-step instructions on how to buy TRON (TRX token).
Companies like Google, Facebook, Amazon, etc. own and control the data we all produce. Tron aims to solve this problem by cutting out the middleman and allowing content creators to sell their work directly to consumers. To do this, it uses the features of blockchain technology and peer-to-peer (P2P) networks.
Unlike the big tech companies, the Tron cryptocurrency platform pays content creators for the data and content they create. In addition, Tron’s decentralized distributed storage technology allows creators to upload content directly to the Tron network without fear of censorship by these companies.
What is Tron?
Tron is a decentralized blockchain that aims to create a free entertainment platform for easy and profitable sharing of digital content. Initially marketed primarily in Asia, the Tron blockchain has gone global, with over 50 million accounts.
Tron owns its own smart contracts, digital applications, and wallets. Software developers use the Solidity programming language to create applications that are hosted on the Tron platform.
The TRON blockchain owns its own cryptocurrency, Tronix or TRX.
Users in the Tron ecosystem use Tron tokens to pay directly to content creators to access their apps. Content creators do not pay transaction fees to Tron. (TRX transactions are also free on the platform). In addition, they receive digital assets in the form of TRX tokens as a reward. Systematic decentralization of media distribution allows creators to earn as much as possible, while consumers find content more affordable.
Users can store their crypto assets in a desktop, mobile or hardware wallet.
Tron plans to build high-end services such as its own trading platform and decentralized gaming network.
Based in San Francisco, California, it was founded by entrepreneur Sun Yuchen (better known as Justin Sun) in 2017. About $70 million was raised during an ICO (Initial Coin Offering).
The following year, other products were launched, including Web Wallet, Blockchain Explorer, TVM (TRON Virtual Machine), and testnet.
The next major update was a change in its protocol from the Ethereum-based ERC-20 token to a P2P network.
The Sun was mentioned twice as one of Forbes magazine’s list of the 30 under 30 in Asia.
Before creating Tron, Sun founded audio content app Peiwo. He worked as a representative for Ripple in 2015.
Sun’s business history has attracted the interest of early investors, including Clash of Kings founder Tang Binsen, and CEO of bike-sharing startup OFO Dai Wei.
Since 2018, TRON has been running and owning the popular torrent client BitTorrent. In addition, it boasts partnerships with Opera, Samsung and Swisscom Blockchain.
How does Tron work?
Although Tron is now a separate currency, it used to be an ERC-20 token.
The Tronix network is decentralized – all data on the blockchain is free and not controlled by any central authority. Content creators can get TRX Coins as a reward for posting their content. They can also generate their own tokens on the Tron network. These tokens can then be used in decentralized user applications (dApps) on the network. These newly created tokens are backed by the main TRX token.
Tron uses a consensus protocol known as Delegated Proof of Stake, or DPOS. In this system, people vote for other people to become nodes, or in your case, “excellent actors.”
There are 27 super delegates on the Tron network. They validate transactions, create new blocks, and compete for rewards for good behavior on the network. The voting system for electing great representatives is permanent, meaning that if they misbehave, they can be replaced.
The TRX token from Tron acts as a ledger that tracks exchanges on the network and is a store of value that content creators can use.
How to buy tron
To choose the best crypto exchange for yourself, you need to consider the basic features that all cryptocurrency exchanges should have: top-notch security features, variety of coins available on the exchange, coins backed by securities, fees and deposit methods. The digital market is still growing, so to buy Tron (TRX), you must first buy Bitcoin, Litecoin, Ethereum or other top cryptocurrency and convert the tokens to a TRX-enabled trading platform.
After choosing the cryptocurrency exchange that best suits your needs, all you need to do in the process of buying Tron is to follow these easy steps:
Step 1: Open an Online Account: The first step is to register with an online cryptocurrency exchange or broker. Kraken is a good example. The registration procedure is brief, and you will need to provide personal information, such as your email address, full name, etc.
Also, don’t forget to set a strong password.
Step 2: Account Verification: Depending on the platform you are registering with, you will need to provide a valid form of identification.
Retrieval may require personal information such as email address, phone number, name, address, and a copy of your government ID or passport. A confirmation email containing a verification link will be sent to your verification email address. Clicking the link will take you to the next step in the account verification process. To add an extra layer of security to your trading account, you can set up two-factor authentication (2FA).
Some exchanges require KYC verification, which is usually automated and takes about 15 minutes.
Step 3: Get an e-wallet: You will need an e-wallet to store your cryptocurrencies.
There are different types of cryptocurrency wallets:
These wallets are used on devices that are connected to the Internet and provide minimal security. For example, Tron software wallets can be downloaded and used for free.
A hosted wallet allows you to hold your digital currency on an intermediary server or cryptocurrency exchange. Here the host keeps control of your private key for your cryptocurrency. These wallets may face security issues due to the risk of hacking.
Cold wallet keeps your cryptocurrency offline. This type of wallet provides the highest level of security as your coins are stored on an offline device.
These wallets allow you to send or receive cryptocurrencies in your wallet anywhere in the world. It eliminates the third party risks associated with hosted wallets.
Step 4: Deposit funds. If you already own other cryptocurrencies, you can use them to trade Tron. The best exchanges allow you to fund your wallet with fiat currencies, using a credit, debit card or bank transfer. If you decide to use your bank account for the deposit, you will need to show identification documents.
Step 5: Buy TRX Tokens: Buying TRX is easy once you fund your account and get a compatible wallet. You must also have access to a trading platform that allows trading with your newly opened account. You need to select the cryptocurrency you want to buy and copy the corresponding wallet address or scan the provided QR code. Use this address when initiating a transfer from your external cryptocurrency wallet. Buy TRX.
How to buy TRON on CoinStats
CoinStats is one of the best cryptocurrency platforms. It allows cryptocurrency investors to check current market prices, as well as in-depth information on many of the largest and fastest growing cryptocurrencies. With CoinStats, you can easily view real-time prices for TRON and other coins, market cap, trading volume, and price schedules, all in one place.
CoinStats is also a cryptocurrency research and portfolio tracking app that provides valuable insights and investment advice to help investors make better decisions.
How to buy Tron on CoinStats
To trade Tron on CoinStats, all you have to do is register an account on the platform. Next, go to the upper right corner of the screen and search for TRON. Click on it and start trading!
Credit/debit card deposits are only allowed for US users. This feature will soon be available to other users.
Besides buying TRX, you can follow our blog posts about the price of TRON coin and other promising crypto tokens.
What is the best TRON wallet?
There are many viable alternatives when choosing a TRON wallet. Consider doing your own research on the strengths and weaknesses of these portfolios and the risks involved before making a decision on any of these options. Remember that the security of your Tron TRX coins depends on the security of the wallet you store. Ideally, you’ll want your wallet to support the Tron network. You will need to maintain control of your private keys and have security features such as a multi-signature authentication system or two-factor authentication and a PIN code. The wallet software should also have an intuitive and easy to use interface and provide customer support if you encounter any problem while using it.
Recommended hardware wallets for storing TRX tokens include Trezor Model T, Exodus, Ledger Nano S, Trust Wallet, etc.
How to choose the best exchange for TRON
When choosing an exchange, remember to check the trading pairs offered on Tron. You can buy Tron (TRX) on the following cryptocurrency exchanges:
Tron is a unique cryptocurrency project that enables artists and content creators around the world to fully own the content they create. The blockchain network and ecosystem are built with the aim of accessing a decentralized network.
TRX is its hub, and the value of the coin is likely to grow as developers build dApps on Tron. People can now hold TRX as an investment or share it to earn profits on the Tron ecosystem.
Tron Network offers a solution for content creators to overcome censorship or other issues for centralized content platforms. Its zero transaction fee system makes it an attractive option for businesses and consumers alike.