Tron [TRX] Price Analysis – Can Tron [TRX] achieve its $1 dream following $1 billion coin burn 18726
Analysis
Chandna P
Jul 19, 2018 at 12:02 AM

After testing a support level of 0.0314 the previous week, Tron [TRX] values have picked up and are on an uptrend. Tron is currently ranked number eleven on coin market cap and is trading with a market cap of $ 2.6 billion. The cryptocurrency launched in 2017 has had marvelous progress in the crypto verse. Let us have a look at what is in store for Justin Sun's Tron.

 Tron[TRX] Price Analysis

After testing a support level of $0.037 the prices exhibited an immediate spike in prices. The prices are currently testing a resistance level of $0.040. The seller pressure is hindering its progress above $0.040. The 100 EMA line exhibits an uptrend and the MACD is traced in the bullish zone. The crypto coin is in a buy region and is expected to continue the uptrend. TRX is currently trading at $0.040 and is gaining against USD by 10.72%.

Tron [TRX] Price Analysis – Can Tron [TRX] achieve its $1 dream following $1 billion coin burn-BCFocus

 

Can TRX Price hit the $1 mark?

A set action plan is being followed successfully by the company. After a successful mainnet launch, TRX saw its prices climb higher in the past few days, ahead of the official launch of the Tron Virtual Machine (TVM) scheduled for July 30. The Tron community is waiting for a ‘secret project’ due to be revealed on the same day.

The Tron Foundation recently acquired Bit Torrent, the file-sharing platform. This acquisition is touted to grant full decentralization to Tron network and also enable easy access of the digital content on the network. Also, the cryptocurrency is on a spree to find bugs in their system with their bug bounty hunts to make the network more secure.

Tron also completed the third batch of their coin burn yesterday. When a digital coin is burned, the remaining coins will increase in value significantly. Even when a particular amount of token is burned, the demand for the cryptocurrency may stay the same. The decrease in supply will cause the remaining tokens of prices to increase. This factor will prod the price values even higher.

See Also: Will BitTorrent set Tron a class apart?

The crypto company is gaining popularity with its successive announcements of their further developments traced in its roadmap. The company not only gives priority to user security but also wishes for full decentralization thereby upholding the basic principle of blockchain technology. If there are no roadblocks ahead the coin can reach the $1 mark and climb the ladder to the top ten cryptocurrencies.

From mid-December 2017 to early January 2018, the value of the Tron [TRX] exploded by 2000%! Yes, you read that right. It’s nearly 2000% growth in just three weeks. This enormous growth pummeled Tron into the elite class of the cryptocurrency world.

And, today everyone (including digital currency amateurs) has heard about this widely popular altcoin. But do you know what it does? Or are you still asking yourself, “What makes the Tron one of the most promising cryptocurrencies?”

If you fall in the latter category, you’ve come to the right place! By the time, you finish reading this article; you would know all that you need to know to get started with the TRX coins. Without further ado, let’s dive in.

Quick Overview of Tron

According to CoinMarketCap.com,

  • Network – Tron

  • Currency name - Tronix

  • Currency Denomination – TRX

  • Current price - $0.045 USD

  • Market Cap - $2,988,310,848 USD

  • 24-hour trading volume - $440.806,000 USD

  • Circulating Supple – 65,748,111,645 TRX

  • Total Supply - 100,000,000,000 TRX

  • Peak Price - $0.23 on 5th January 2018

Unlike bitcoin, Tron is not mineable.

What is Tron [TRX]?

To fully understand this revolutionary altcoin, let’s start with the very basics. Tron is a decentralized next-gen entertainment platform that enables you to share content with anyone, anywhere in the world. It uses blockchain and P2P technology for operation. Think of it as the future of social media.

The basic unit of tokens in this blockchain is Tronix. You get paid in Tronix when you share content in this platform. Tronix is often referred by its symbol, the TRX.

Tron [TRX] Aims to Eliminate the Middle Men in Entertainment

Today, all content creation on the internet happens through any one of the giant conglomerates like YouTube, Facebook, Apple, Netflix, Amazon, Spotify, etc. If you’re a content creator who aims to make money via your blogs, music, videos, etc., you need to publish your content on any one of the websites mentioned above to reach to your audience.

These companies act as the middlemen. They provide you with a platform to publish your content. In return, they take a percentage of the revenue generated from your content. In fact, these companies have full control over how much they pay for your content. Additionally, they also can censor your content.

This problem with censorship is huge, and it created a massive debate recently when YouTube censored demonetizing videos that do not follow its “advertisement-friendly” guidelines.

The Solution? The Tron Protocol and TRX Coins

The primary goal of Tron is to create a world-wide free entertainment content ecosystem. They plan to do this by eliminating the middlemen and getting the entire revenue into the hands of the content creator.

For instance, if a Tron network user creates a video, he/she can directly upload it to the Tron blockchain and get paid based on the reception of the video. With each like, clap, upvote or view, the content creator receives the appropriate compensation without having to pay fees to middlemen like YouTube.

Ultimately, it’s the Tron community that determines the success of a video. This eliminates corporate control and censorship looming above the heads of content creators right now.

Simply put, by using the Tron protocol, You are in charge of your data, and only You receive the compensation for your content.

The Team behind Tron [TRX]

Tron Foundation is a non-profit organization based in Singapore. The mission of the foundation is to ensure that the Tron crypto network operates based on the principles of transparency, fairness, and openness. The team considers regulation and compliance to be of the highest values.

The Tron foundation is under the supervision of the Company Law of Singapore and the Accounting and Regulatory Authority of the company.

Justin Sun – The Man Leading Tron’s [TRX] March to Success

The founder and the CEO of the Tron Foundation is the young, entrepreneur Justin Sun. He was one of the individuals listed in “Forbes 30 under 30 in Asia,” and has an impressive career. He is the founder of the Peiwo app, which has over 10 million users. The Peiwo app became the world’s first live streaming app which accepts crypto coins.

Justin Sun is the protégé of Jack Ma, the founder of the popular Chinese e-commerce portal, the Ali Baba Group. Justin Sun was recognized for his passion and dedication by Jack Ma, during his study at the prestigious Hupan University (which has lower acceptance rates than Princeton). Justin is also a graduate of the University of Pennsylvania.

Apart from Jack Ma, Justin has had several other impressive mentors like Feng Li (an advisor of Ripple) and Tim Berner’s Lee (the man who invented the World Wide Web). Apart from these know figures, there are several other key crypto-influencers like Hacker Noon who firmly believe in the success of Tron.

Tron’s Prestigious Industrial Partnerships

Tron [TRX] has already bagged some prestigious partnerships. Here are a few of them:

  • oBike – the largest bike sharing company in South-east Asia, oBike based in Singapore has launched its own token, the oCoin using Tron’s network. Users can earn oCoins just by riding oBikes. The oCoins can then be further used for purchasing other rides.

  • Bitmain – the leading designer and producer of ASIC chips that are used for mining Bitcoins. The Antminer, S9, from Bitmain, is one of the most popular products used by the Bitcoin mining community.

  • Zag S&W – a leading international law firm with a focus on corporate and commercial law. This partnership is crucial for Tron, as it offers comprehensive support in digital asset creations, risk management, legal adaptation across jurisdictions and operations.

How do Transactions Work on the Tron Network?

To fully understand the potentials of the Tronix, let’s take a look at how transactions work.

Like other digital currencies, transactions using TRX occur on a public ledger. This ledger has a history of all the transactions made on the network, right up to the first transaction. The transaction model of TRX is in several ways similar to that of Bitcoin. The one major difference is that Tron provides additional security using UTXO.

In this model, when an amount of money is sent to a TRX user’s id, it is sent along with a set of rules. These rules when applied help in unlocking the specific amount of money sent. The final product is known as the UTXO.

This adds an extra layer of security to the network.

What makes it Stand out from other Digital Currencies?

  • Interoperability

Let’s look at the potentials of Tron with an illustration. Let’s assume that you use a bike sharing app that is built on the Tron blockchain. Everytime you rent a bike using this app, you are rewarded tokens by the bike sharing company.

You can use these tokens to redeem free rental bikes in the future. What makes Tron unique is that you can use these tokens in exchange for a free cup of coffee, at a coffee chain that is built on top of the Tron network.

You don’t have to do the manual work of converting your bike coins to coffee coins or any other coins that you desire. All this is done automatically by the Tron blockchain, with the TRX acting as the intermediary coin.

  • Ownership of Content

This is one of the biggest benefits of using TRX. It empowers content creators and artists to get back the ownership of the content they create. In fact, several crypto experts consider that Tron is leading the rise of the third web. It is progressing to make the internet – a decentralized, open network just the way it was initially intended to be.

  • Ease of Building Smart Contracts

From the developer’s point of view, Tron allows developers to create smart contracts using any high-level language. This means Dapp developers can use any programming language they prefer to build on top of the Tron blockchain.

  • Cryptopuppies

This is one of the most successful products from Tron. Just like the initial crypto kitties, Tron has released crypto puppies in keeping with the Chinese Year of the Dog, 2018. Today, these Tron dogs retail at around $18 USD.

Where to Buy Tron [TRX]?

You can trade TRX on popular crypto-exchanges like Binance, Bit-Z, Liqui, etc. for ETC or BTC. If you don’t own ETC, BTC, you can buy it with fiat currencies at Coinbase or Bitstamp. Deposit your BTC, ETC in your wallet at Binance and then trade it for TRX.

Where to Store Tron [TRX]?

TRX is an ERC-20 token. You can store it in hardware wallets like Trezor, MyEtherWallet (MEW) or Ledger Nano S.

The Roadmap for 2018: What’s Planned for the Future of Tron?

Following the launch of Tron’s mainnet in May of this year, the TRX ECR20 tokens will be migrated to Tron’s own network at the end of June.

Here are the few highlights planned for Tron by its CEO, Justin Sun.

  • The launch of Odyssey 2.0 – The development of Tron has six phases – Exodus, Odyssey, Great Voyage, Apollo, Star Trek and Eternity. The Odyssey will launch the PoS.

  • The launch of Great Voyage – Originally planned for 2020, the Tron team aims to make it happen by Q4, 2018.

  • Introduction of a blockchain browser and token wallet – To improve the functionality and provide added security of users.

  • Zero Transaction fees – TRX aims to eliminate transaction charges on the network.

  • Increased network capacity – Tron has plans to reach a capacity of 10,000 transactions per second by the end of 2018.

The TRON [TRX] Bottom Line

There’s a lot to like about the Tron network – ambitious goals, several prestigious partnerships, one of the most connect crypto-personalities at the helm, third-party Dapps and more. However, the project has had its flipsides too – plagiarism controversy, the varying moods of the founder and more.

However, it can be said that if Tron [TRX] continues on its current trajectory, it could very well transform the entire crypto-space.

Image via Shutterstock

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