Tron Altcoin: Why the New Kid on the Block Threatens the Old Older
The last two decades have witnessed phenomenal innovations among these the emergence of digital currency.
21:50 19 November 2019
When Bitcoin launched in 2009, many analysts viewed it as a fad and an impractical means of exchange. By 2018, cryptocurrency market capitalization stood at 128.78 billion U.S. dollars. Over 5.6 million users visited Coinbase the online cryptocurrency exchange in June 2018.
While Bitcoin remains the top cryptocurrency in terms of market capitalization, alternative coins have emerged to provide more efficient, reliable, and cost-friendly options. One of these altcoins is Tron (TRX). If you are a cryptocurrency investor or you want to assess the leading coins on the market, it is time to take a look at the Tron alternative coin.
TRX coin is an offshoot of the TRON platform a blockchain-based decentralized platform targeting the entertainment and content generation industries. The technology aims at making distributed and decentralized data storage a reality.
While the entertainment industry has made impressive strides, there remains a gap in the distribution of content and rewarding content developers. TRON blockchain seeks to spur the growth of a free, global digital content entertainment system.
By operating as a distributed, decentralized storage facility for content, this model eliminates the middle-men. This means better rates for content developers and easier access to content for consumers. This is a brainchild of Tron Foundation headed by CEO Justin Sun. The foundation has a dedicated in-house development team.
The idea of the third web or web 3.0 becomes a reality with TRON platform. It is finally possible to take back the internet to its original intended format, a decentralized and open network.
Enter the Tron altcoin cryptocurrency used on the TRON blockchain. This is the currency for sharing content on the TRON network. It is also the medium of compensation for content creators contributing to the network. This is one of the most popular new cryptocurrencies.
In February 2018, TRX ranked 15th on the list of largest cryptocurrencies by market capitalization. Between December 2018 and January 2019, TRX grew by an astonishing 2000%. In October 2019, the TRX market price surged 11% outperforming the top 13 assets. In China’s latest crypto rankings, TRX ranks highly coming closely behind Ethereum.
The popularity of TRX coin comes on the backdrop of an industry looking for better ways of sharing content. Traditional media companies such as Facebook and YouTube monetize content without the benefits trickling down to the content creator.
With this new currency, anyone using the content on the TRON network has more control of the same and the developers get their fair share. This cryptocurrency is now the main currency for artists, musicians, and other creatives.
TRX coin transactions happen on a public ledger. This transparency is one of the things working for the cryptocurrency. TRX uses a model known as UTXO which guarantees more security and transparency in all transactions.
Potential of Tron Coin
When evaluating new alternative cryptocurrency, some of the things you look at include low pricing and potential on the market. For the tron coin, its pricing in comparison to the top-ranking coins is lower and thus presents a viable investment option.
One of the things that make TRX attractive is the well outlined long-term vision by Sun and his team. There are date-tagged milestones that inspire confidence in investors. The path for this cryptocurrency is clear with the focus on the entertainment industry being a masterstroke.
The close partnership- between Jack Ma and Sun has also boosted the viability of TRX as the ultimate cryptocurrency to rival Bitcoin and Ethereum. The solid backing of the Chinese investors also gives an edge to TRX as the country has one of the fastest-growing entertainment industry. If you want to invest in a cryptocurrency that will soon become mainstream, TRON coin is a good option.
By targeting the entertainment industry, the TRON Foundation seeks to aid in the distribution of content. Content creators have always complained of getting a raw deal in a multi-billion dollar industry.
The situation emanated from the fact that content developers relied on large media companies for distribution. This skewed business model hurts the content creators while the media companies continue raking in billions in profits.
The acquisition of BitTorrent, a peer-to-peer file-sharing application is one of the reasons boosting the adoption of TRX. With the entry of $30 Million worth of TRC20-USDT tokens to the platform, Tron continues an impressive performance. With the increase of Tether on the TRON network, the tether effect continues increasing the price surge of the cryptocurrency.
TRON foundation is in an ambitious project to overcome Ethereum as the world’s leading smart contract platform. However, there remains the issue of a smart platform but with the entry of TRC-20 BASED USDT standard, things will stir things up. All these developments will spur the growth of TRX.
Looking to invest in cryptocurrency? TRX offers a raft of benefits. The business model to power the entertainment is a viable one and the pricing at the moment is low. For a cryptocurrency making waves from different angles, this is an investment worth your time. Looking at these factors, it is now possible to appreciate the popularity of TRX as the ultimate altcoin.