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TRON / US Dollar Chart, TRX/USD ()
TRON is a decentralized blockchain platform. Users get space for storage and publication of entertainment content. Developers get an opportunity to create decentralized applications and smart contracts using a virtual machine (TVM). Its payment system operates on the Tronix cryptocurrency. One TRX coin is divided into a million fractions called sun in honour of the creator.
The project was established by young entrepreneur Justin Sun in July 2017. In 2013–2016, he was a chief representative of Ripple Labs all across China. Starting in 2016, business tycoon Jack Ma became his patron. Alongside he created a startup — a voice application Callme (earlier — Peiwo), which brought him to the Forbes list called 30 Under 30 Asia in 2017. Outside the crypto community, Justin Sun became popular in June 2019 when he participated in yet another charity auction of Warren Buffett and bought dinner with the billionaire for 4,567,888 US dollars. The dinner took place only on 23/01/2020. In the course of this meeting, Mr Sun also gave Mr Buffett 1 BTC and 1,930,830 TRX (equal to 39,788 US dollars).
Before ICO, developers issued at once 100 billion tokens of the ERC-20 standard. They were distributed the following way:
- Several large investors received 15 billion TRX.
- All participants of the public ICO, which was conducted from 30/08/2017 till 02/09/2017, bought 40 billion TRX for ethers equal to $70 billion. So, the cost of 1 TRX was 0.00175 US dollars.
- The Peiwo startup received 10 billion TRX for its support.
- The remaining 35 billion TRX were reserved for the development of the TRON Foundation.
Investors had to wait for payback for three months while the market was experiencing an uptrend. The TRON price went out of flat, exceeded the one-cent mark, and started rapidly growing only in early December 2017.
On 31 May 2018, developers launched a mainnet, and on 25 June they issued first coins in a genesis block. This event was named the TRON Independence Day. From this moment, migration began: tokens became available for an exchange for the same coins (1 to 1) through exchanges.
As CEO of Callme and the TRON Foundation at the same time, Justin Sun acquired BitTorrent, Inc. (for $140 million) in July 2018 and became CEO there as well. He integrated the two platforms and created the BitTorrent token (BTT) according to the TRC-10 standard. This standard is used by the platform as a system one. For everyone who wants to issue their tokens and conduct ICOs, there is the TRC-20 standard.
The platform has three functional levels. A basic level is for managing smart contacts, profiles, and consensus. A storage level is for distributing data in a status storage across main nodes and their branches (Google’s LevelDB is used). A level of applied actions is for running scripts, creating applications and adaptive wallets.
The platform’s advantages that are favourable to investors’ interest and the growth of the TRON exchange rate to the US dollar:
- average speed — 2 thousand operations per second, maximum — 10 thousand;
- almost zero transaction fee;
- support for Java and Solidity;
- individual support for projects interacting with TRON;
- commercial partnership with ABCC, MixMarvel, Swarm, and Tether.
Tronix coins are used to pay for goods, services, and smart contracts on the platform. They can be frozen to receive ‘energy’ (an analogue of Ethereum gas) for fulfilling smart contracts or ‘strength’ for voting for a representative. All transactions are recorded on the blockchain through the Delegated Proof-of-Stake consensus algorithm.
TRON prediction, perspectives, and dynamics
In 2018, TRX set an all-time record on 5 January at 0.2206 USD. With the collapse of the market, the coin also fell in price, although it tried to recover on 20 January. In April, the TRX price rose from 0.0322 to 0.0938 USD thanks to BTC. Then it was falling until autumn and went flat. Significant events, such as the launch of the mainnet, did not affect the price.
In early April 2019, TRX shortly went up to 0.0307 USD again due to BTC. Since mid-May, the price grew more confidently, but reached only the mark of 0.0386 USD by the end of June. At the end of October, the TRON chart once again showed a correlation with the main cryptocurrency: over the week, TRX went up from 0.0143 to 0.0220 USD. An additional push could be considered the TRON Afterparty meetup at SF Blockchain Week.
In 2020, there was an uptrend until 14 February, similar to all other coins. However, TRX had a double increase — by 99% (from 0.0133 to 0.0263 USD), while BTC had only 43%. In June, the Odyssey phase will end, and the next one — the Great Voyage — will begin and last a year. That’s how the team indicates the development of the entire platform on the roadmap.
Here are the TRX price predictions for 2020 from technical analysis experts:
|Analysts||August 2020||October 2020||December 2020|
|Digital Coin Price||$0.0376||$0.0300||$0.0087|