Why is BitTorrent acquirer TRON (TRX) crypto rising?

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Why is BitTorrent acquirer TRON (TRX) crypto rising?

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 Why is BitTorrent acquirer TRON (TRX) crypto rising?
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Highlights

  • TRON is a blockchain-based operating system focused on entertainment and content sharing.
  • TRON claims to have a capacity of 2,000 transactions per second (TPS).
  • TRX’s circulating and total supply is 101.69 billion TRX..

The token gained traction on Wednesday as Justin Sun, the founder and CEO of the company, participated in a panel discussion during a three-day Binance Blockchain event, starting March 28 at the Trade Centre Arena of the Dubai World Trade Centre.

Sun shared his journey of starting Tron and discussed topics on Bitcoin, central bank digital currency (CBDC), and non-fungible tokens (NFTs) with other panelists at the event.

Sun is an alumnus of the University of Pennsylvania. Forbes Asia has recognized him in the ‘30 Under 30’ series for entrepreneurs between 2015 and 2017. He was associated with Ripple, a payments settlement system and currency exchange network, in the past as chief representative in the Greater China area.  

On Wednesday, TRON (TRX) was trading at US$0.07304, up 2.86% at 11:00 am ET.

What Is TRON (TRX)?

TRON is a blockchain-based operating system. It aims to ensure the suitability of the technology for daily use. TRON boasts its capacity to execute 2,000 transactions per second (TPS). In contrast, Bitcoin can manage around six transactions per second, and Ethereum 25.

TRON is a decentralized platform focused on entertainment and sharing content. The company caught massive attention in 2018 when it made its biggest acquisition.

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TRON's goals are to deliver file-sharing services, financial rewards for content creators, allow them to launch personal tokens, and decentralize the gaming industry.  

TRON's inception was based on the idea of decentralization, where content creators can connect with their audiences directly. It is one of the popular blockchains to build DApps on it. 

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The token has seen significant growth in one month, up around 18%, while Bitcoin price rose approximately 10% in the same period. With the decentralization of platforms for streaming services, music, app stores, etc., TRON hopes content creators will have more income as there will be no intermediary commission involved. For consumers, the content will come cheap.

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How does it work?

The platform uses delegated proof-of-stake consensus mechanism to run its system. 

Interestingly, TRON token holders can freeze their holdings to vote for the super representatives (SR), which produce blocks and data structures within the blockchain, where transaction data is permanently recorded. 

When these block producers verify the data, they earn TRX tokens in rewards, which are distributed among people who voted for them. According to TRON, it helps the blockchain acquire high throughput levels. 

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Why is BitTorrent acquirer TRON (TRX) crypto rising?Data Source: coinmarketcap.com

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TRX token details:

The TRX token has a market capitalization of US$7.43 billion. Its 24-hour volume rose 35.68% to US$1.42 billion. The circulating supply is 101.69 billion, which is also its total supply.

The token is available for purchase on Binance, CoinTiger, Bybit, Hotcoin Global and OKX crypto exchanges.

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Bottom line:

TRON followed the philosophy of 'haste makes waste' since it started building the ecosystem. As per its white paper, it adheres to the value concept of a 'decentralized web'. The company aims to continue to offer support for shielded transactions, safer and faster TRON Virtual Machine (TVM), integrate other products like BTFS, bring more applications for DAPPs, explore the DeFi space and cross-chains based on the TRON public chain.

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