Game of TRON: The Token of Ethereum Challenger Passes $1B Trading Volume
The last few days the crypto market is in a rally again. Bitcoin price raised from $5.3K all the way up to $8K+, just since the beginning of the month. The uptrend was also adopted by the promising project’s altcoins. According to coinmaketcap.com, tokens of projects like EOS, Cardano, Ontology, Binance and TRON are going up with 15-40% just in the last 7 days. Potentially, in terms of valuation, we might see the end of the crypto winter.
Currently at number eleven in terms of market cap evaluation, with its native cryptocurrency Tronix (TRX), TRON has been screaming loud and clear from its inception that it is here for nothing less but to challenge Ethereum as the leading Blockchain Smart Contracts platform. The project is mostly known as the brainchild of Justin Sun, the first millennial graduate from Hupan University, founded by the executive chair of Alibaba Group Jack Ma.
On the other side though, a worrying remark by co-founder and former CTO of TRON, Lucien Chen, was made. Tron is “no longer decentralized.” Chen wrote in an extended blog post and announced that he is leaving the project to rebuild a new TRON.
What is TRON?
TRON was designed to streamline the distribution of multimedia content and decentralized applications (DApps) between creators and consumers in gaming and gambling. The main goal is to eliminate the middleman.
The organization behind the TRON is the TRON Foundation. It was set up in September 2017 by CEO Justin Sun, a former official representative of Ripple, one of the top tree cryptocurrencies in terms of market cap in China.
What is Tronix?
Tronix, or TRX, is the native cryptocurrency of the TRON blockchain. It is the main medium of exchange in the TRON ecosystem, which includes payments for or earnings from the TRON-based DApps (see below). Other use cases are providing rights and privileges in the ecosystem, creating other native tokens and as an investment.
TRX coin can be bought, sold and traded on crypto exchanges – individually or via brokers. In March, TRX entered the top ten of the world’s largest cryptocurrencies by market capitalization.
Right now, the trading volume is at its all-time high as it surpassed $1B this week. TRX is also one of the few altcoins being traded on Bitmex, the leading derivatives crypto exchange. This is a clear signal for its relevance and demand. These metrics, however, should be taken with a grain of salt as transactions per day can be gamed and there is a lot of wash trading (fake bot trading) going on certain exchanges.
Overall, TRON has created 99 billion TRX. About 66.5 billion of them are currently in circulation. The remaining 33 billion TRX held by the Foundation will stay locked until January 2020.
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What to do with TRX?
TRX is a pre-mined currency. It is fundamentally different from Bitcoin and Ethereum, where block producers or miners receive rewards for creating new blocks. TRON itself has not developed own wallet. Indeed, wallets are created by community developers and listed on TRON’s official website.
According to CoinDesk, in total, 64% of DApps on the TRON network now facilitate gambling. The top DApp TRONbet reached 167K daily transactions on May 15 beating the second most utilized DApp EOS Knights, who has only 120K transactions per day. Games and Exchanges are also among the main categories for TRON DApps.
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