Anyone who was active on Binance on 30 October 2017 and had at least 0.003 BTC in his account was credited 500 Tronix (TRX) to his account. No one knew what it was and where it came from! After a brief look, it turns out to be a very interesting currency.
How To Buy TRX
So you’re interested in buying TRX? Currently, there is no way to buy TRX directly with fiat, so the best way to buy TRX is to first purchase Ethereum, transfer it to your chosen trading platform and change it to TRX. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for TRX/ETH and confirm.
3. On the TRX/ETH trading section you can now choose how much TRX you want to buy with your Ether. Once you have chosen your amount, press Buy TRX and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of TRX
Since when has TRON existed?
The ICO of the TRON platform ended on 2 September 2017 and collected a total of 70 million dollars. You could buy the token of the platform, Tronix (Trx), at the time for 0.0019$ and it is now traded for 0.018$. This is already a nice increase of 1000%! In order to raise awareness of the project a little bit more, they have decided to hold an airdrop on 30th October in addition to the ICO.
“An airdrop is a growth strategy used to raise awareness of the altcoin among potential investors. Small numbers of the altcoin are given away for free to create a community. Ultimately, the goal is that these people buy additional tokens.”
The traders of Binance received 500 TRX on the account to do their first trades. It’s a smart way to get a great name recognition with a small amount of money. This strategy has worked with us in any case, and now that you are reading it with you too!
What is the purpose of TRON?
TRON has been developed for the digital entertainment industry. This industry includes online casinos, games and social networks. This industry has a global market value of $1 trillion. The TRON protocol makes it possible for everyone to publish, store and manage their data in a decentralised way. They want the creators of documents, music tracks and games to be able to keep control of their management and distribution. This is no longer the case today. There is always an intermediary who then demands a part of the proceeds. By having everything in their own hands again, makers can earn more themselves and the prices become more transparent.
Who is the CEO of TRON?
The CEO of TRON is Justin Sun. He was formerly a representative of Ripple and, as indicated earlier, developed the Peiwo (China’s Snapchat) application. Right now the Justin team has more than sixty people, including Lucien Chen of Alibaba and Tencent van Wechat. Besides TRON, Justin is also advisor to Gifto, a gift platform for content makers.
The founder of TRON, Justin Sun, created the Peiwo application after his studies. This is an app that is now one of China’s largest live streaming application. The platform has more than ten million registered users, of which around one million are active each month. The Peiwo app becomes the first application that TRON will use. It will use the platform’s smart contracts in particular to arrange the live shows. With this, TRON has already reported the gigantic Ethereum on the number of platform users.
When other applications will soon be using TRON, the platform can remove the barrier between applications. For example, if you have 1000 TRX on the Peiwo app and would like to buy something in the game application, you can easily transfer the money from the Peiwo app to the other application and make your purchases here. The identification does not need to be done again with the new app. This operation is only required once. The user information is on the blockchain and not in the application. Apps cannot sell your data to others.
Who are the investors?
- Amongst the investors of TRON there are a number of big names, including some:
- Binshen Tang, the owner of the game Clash of Kings, this game play more than 40 million people.
- Jihan Wu, CEO of Bitmain. People who are familiar with Bitcoin mining know him well. Bitmain is the company that ASICs Antminers produce and is one of the largest mining companies in the world.
- Weixing Chen, founder of Kuaidi (Chinese Uber)
- Linke Yang, founder of BTC China
What can you do with the tokens (TRX) on the platform?
TRON’s official currency is Tronix. Tronix is there to replace all currencies that deal with the entertainment world. This makes it possible to exchange money between different applications connected to the TRON network. To give an example:
When you play Call of Duty and have some money left after buying a weapon, it is possible to transfer this remainder to your FIFA account. With the TRX of Call Of Duty you can, for example, decide to buy the player Messi in FIFA. Are you not such a gamer? Then you can also use the TRX to make purchases on social networks or pay for a movie in the online cinema. All this with the same currency and in a fast, secure and reliable way. Nowhere do you need to verify yourself again and no party will leave your details.
The TRX token is a token based on the ERC20 protocol. This makes it possible to hold an ICO on the TRON platform and the tokens can be used to finance it.
The total number of TRX is 100 billion, of which 65.7 billion is in circulation. There is a hard cap on the number, which means that there will never be more than 100 billion tokens in circulation. The number of decimals of the token goes up to six. This makes it possible to transfer 0.00000001TRX.