- 2019 Tron’s prospects are greener than Ethereum’s and EOS’
- Q1 of 2019 has seen Tron making large strides toward future goals
- Integration of Tron’s TRX in the gaming industry is vital for its future success
TRON identifies itself as one of the largest blockchain platforms in the world. The company was established in September 2017 by the current CEO Justin Sun with the aim of constructing a global and free entertainment content ecosystem in which creators have the power to publish freely, store, and own their content and interact directly with the consumers through a decentralized issuance, circulation, and trading of digital assets.
Tronix (TRX) is the platforms native token and can be used by content consumers to pay for the content they want to access on the Tron network. TXR can be purchased on exchanges such as Binance, Bittrex among others. Since its launch in 2017, Tron has had its fair share of controversies and but still got to make a positive impact in the crypto space. Below is an in-depth review of the company’s past, present, and upcoming prospects.
The Past
Tron was launched in 2017 by the current CEO, Justin Sun who was previously Ripple’s Chief Representative and Advisor. He is also the founder of one of the most significant live-streaming apps in China known as Peiwo. TRON decentralized platform aims to eliminate intermediaries that exist between content creators and content consumers hence placing ownership of the data back in the creator’s hands. This is achieved through the employment of high throughput smart contracts that target the Internet, Media and Entertainment markets across the globe. The platform also serves as an excellent social media platform by allowing users to freely exchange thoughts, ideas, media without the interference of any middlemen.
The company has partnered with some organizations through mergers and acquisitions enabling the company to grow exponentially by mainly attracting more investors. A notable addition is BitTorrent which was acquired for $140 million adding close to 170 million monthly users on its platform. The acquisition also enabled TRON to attain the BitTorrent’s network encompassing the P2P architecture which provides for mining and can support an extensive network of users.
The company has come under intense criticism since its launch. In early January 2018, the company was criticized for plagiarism in its whitepaper which appeared in English, Spanish and Russian translations. The whitepaper was widely linked to Filecoin and IFPS whitepapers whereby even Ethereum’s creator Vitalik Buterin pointed out the plagiarism through a tweet on April 6th, 2018. However, CEO Justin Sun dismissed the plagiarism claims through a tweet stating that the lack of citation was due to translation issues.
The Present
At the time of writing, Tron is 10th in market cap with a coin price near $.024. The transaction volume of TRX exceeds Ethereum’s and EOS’combined. The daily blockchain transactions on TRX were about 44 million with Ethereum posting 11.6 million and EOS posting 4.4 million transactions. This is primarily attributed to the mainnet and acquisition of BitTorrent in 2018. Other factors that have been vital for the continuous movement of TRX price include:
- The Tron Network upgrade
- Integration Coinpayments
- The countdown to its Virtual Machine (TVM) launch
- Ridiculous Growth of TRON Dapp volume & transactions
Tron Network Upgrade
Tron (TRX) has recently carried out hard fork upgrades with the aim of getting it’s systems ready for institutional use. The hard fork upgrade has integrated new features such as account management options and multi-signature option which are critical for institutional operations. The upgrades are also crucial for improving the performance of the entire network and avoid scalability issues considering TRON’s numerous mergers and acquisitions in addition to the many Dapps that are hosted on the platform.
Through a tweet, Justin Sun confirmed that the new features in the upgrade would include multi-sig and account management, the dynamic energy adjustment to real-time performance, better virtual machine safety and events server for Dapps and 50% performance upgrade from the current levels. The multi-signature and account management upgrade will provide more security for transactions on the blockchain while the dynamic energy management system will improve the blockchain efficiency and streamline the networks performance and energy management.
Integration with the Coinpayments platform
Tron has also been added to the Coinpayments platform, a payment processor that allows coin holders to use their coin commercially. With over 2 two million merchants internationally, the addition of TRX on the platform will increase the usability of TRX token by creating higher demand for investors, shoppers, and internet users to hold it. Increased demand for the coin will, in turn, increase its price and value. The addition of Tron to the Coinpayments platform gives it an added advantage to be able to compete with the other top 20 coins.
Launch of the Tron Virtual Machine
Tron followers and investors are looking forward to the launch of Tron’s Virtual Machine (TVM). With the virtual machine, developers can develop applications in TVM, run ETH-based apps, as well as expand its transactions per second (TPS). The fast transaction speed should give Tron a competitive edge over competitors and prove to investors that Tron’s TVM can be up against Ethereum smart contracts feature.
Strong growth in Dapp volume & transactions
The massive growth of Tron transaction volume has been attributed to users who spend close to US$ 31 million on Dapps. This is twice the value spent on Dapps developed on other networks including EOS and ETH.
A ridiculous growth of Tron’s transactional volume is inevitably bound to happen because of the upcoming platform’s plan of adding close to 2000 Dapps in 2019. A recent report from Dapp.review established that, currently, TRON Dapps are taking over the Dapp industry. Since its commencement, TRON has recorded close to two million transactions with users and developers spending as much as $31 million on Dapps. https://twitter.com/mishalederman/status/1106146748651790336/photo/1
In March alone, TRON’s total transaction amounted to $46M compared to $11M Ethereum and $4M from EOS. This is mostly attributed to the growing TRON network exceeding 2 million mainnet users accounts.
By the end of the year, TRON looks to have 2000 Dapps on its network. This is 10X more than current Dapps available on the platform. https://twitter.com/TronColony/status/1106242406696079361
The Future
Tron’s unique infrastructure makes it ideal for a wide range of applications in the entertainment and gaming sector, distinguishing it from other blockchain systems such as Ethereum.
It is no surprise that Tron has been called as the epitome gaming crypto. Its features that facilitate free transactions along with preventing network congestion makes it ideal for the gaming and entertainment industry which is continuously driven by a large traffic. So far, Cropbytes have already shown interest in developing their games on Tron and allow participants to get rewarded with TRX.
Bottomline
Despite some legitimate criticism, Tron has proven itself as a very promising platform through network upgrades, continuous mergers and partnership as well as an increase in transaction volume. If the market recovers, it’s likely that Tron’s TRX will grow right along with it.
