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Also known as Tronix (TRX), the TRON coin is the native token for the TRON blockchain. The Tron blockchain and the token were created and are currently maintained by the Singapore-based TRON foundation, headed by the all-popular Justin Sun.
Established four years ago, TRON has become one of the most successful tokens of the decade. It currently has a market capitalization of $4.6 Billion and ranked 25th in CoinMarketCap’s list of largest cryptocurrencies. On Coinswitch Kuber India, the TRX to INR pair sells for ₹5.
But what is the Tron coin, and how does it work? What makes it different from other cryptocurrencies, and how do you buy Tron coin in India?
We answer all these and tell you everything you need to know about the TRON coin below. Read on.
What is Tron?
TRON is a third-generation cryptocurrency and the digital coin powering transactions on the TRON blockchain. It was first created by Justin Sun (former Ripple representative) for greater China and Jack Ma’s protégé – on the Ethereum blockchain in 2017.
But when the Chinese government banned crypto activities in the country later that year, it was adopted by the TRON Foundation as the native currency for the newly created TRON blockchain in 2018.
Today the altcoin has gained popularity among TRON network users, speculative investors keen on milking a rupee from its often volatile price movements, and as a medium of exchange.
Due to this popularity and Justin Sun’s influence (possibly his marketing gimmicks, too) within the crypto community, TRX has been picked up and listed by virtually all the leading crypto exchanges around the globe. For instance, On Coinswitch Kuber, you can buy TRON (TRX to INR) and most other popular cryptocurrencies like Litecoin (LTC to INR) using Rupees instantly.
So, how does it work?
How does it Work?
To understand how the TRON coin works, we must first understand how the TRON blockchain works.
The Justin Sun-led project is an ambitious blockchain technology that seeks to provide a free peer-to-peer platform to distribute and store digital content. It is a smart contract-capable blockchain that supports the customization of smart contracts (the self-executing contracts between two or more parties). TRON also provides users with a platform to create and deploy Decentralized Apps (DApps) that facilitate content sharing, yield farming (lending your crypto and earning interest and other rewards), online games, and virtually any purpose.
On several occasions, the TRON ecosystem has been compared to the Ethereum blockchain because of its many shared features. For instance, transactions on either platform are smart contract-based. Moreover, they both deploy a virtual machine to run these smart contracts and secure the decentralized environment. The virtual machine is essentially an operating system for the blockchain.
As the native token for this ecosystem, the TRON coin serves as the gas token for this ecosystem. It is used to fund transactions and smart contract computations on the network. Even more importantly, they come in handy in securing the network through staking.
What Makes Tron Different?
TRON democratizes the internet and brings back power and control over digital content to creators from the middlemen. Here are a few specific ways in which TRON unique and somewhat different from the rest of the blockchain technologies around today:
Specialist blockchain:
TRON is one of the few specialist blockchain technologies dedicated to decentralize and democratize online content creation. TRON seeks to eliminate intermediaries or distributors from music to video games and give content creators the power to store and distribute their products while managing their incomes.
However, with the launch of the TRION mainnet in 2018, the blockchain has also incorporated more technologies, especially around DeFi and DApps niches. Nevertheless, this has not affected its core mission of revolutionizing the entertainment industry.
Highly scalable:
The TRON blockchain is more scalable than some of the leading blockchain technologies, including Bitcoin and Ethereum. It allows developers to host DApps and DeFi protocols that can be used by thousands of individuals simultaneously. Today, for instance, the TRON network can process 2000 transactions per second, while Bitcoin and Ethereum can only process a maximum of 7 and 30 transactions per second, respectively. Plus, research is ongoing on how TRON can scale this further.
Compatibility with EVM:
The TRON virtual machine (TVM) and Ethereum virtual machine (EVM) are compatible with each other. This then allows developers on Ethereum or any other EVM compatible blockchains to a port/link their DApps or DeFi protocols to the TRON blockchain and unlock all the benefits this ecosystem has to offer particularly the highly advanced developer tools and faster transaction processing speeds.
TRON 20 tokens:
One of the most significant upgrades expected to roll out soon on the network is the TRON 20 tokens. These allow content creators to create and launch their own customized tokens to monetize alongside their craft.
Uptake and Collaborations
Today Tron network and TRX coin have been warmly taken up by different individual content creators and institutions. Some of these have already launched programs on the network while most are on different stages of the creation process.
Lindsay Lohan, an American actress, singer, and songwriter, were among the first celebrities to endorse the TRON network and eventually sell their NFTs on the platform while being paid in TRX. Others who have actively endorsed TRX coins and the TRON network include singer NE-YO, rapper Lil Yatchy, and the Beauty and the Beast podcast host Kendra Lust.
Tron has also entered into strategic partnerships with different institutions, including:
Refereum – Rewards video gamers for streaming video games and viewers for watching with TRX coins.
Samsung – Helping advance the network’s mainstream adoption goal by adding Tron to its blockchain Keystore and availing it to all its device users across the world via the Samsung App Store.
Swisscom Blockchain – This tech start-up by Switzerland’s largest telecommunication company has already started developing highly innovative blockchain-based products on the Tron network.
How to buy Tron on Coinswitch India
Now that you have a better understanding of the TRON coin, how it works, and partners to the underlying Tron blockchain network, it is now time to make your TRX purchase.
Here is the step-by-step guide on how to buy TRON coins in India.
Step 1: Start by downloading the Coinswitch Kuber (android or iOS) app. Create a user account and complete your KYC using a selfie photo and either your PAN card or Aadhaar card.
NOTE: If all your documents are correct, your KYC will be approved in under 5 minutes.
Step 2: Once approved add your bank details and click on the deposit button to add money to your CoinSwitch Kuber wallet to buy TRX.
- Enter the amount you wish to deposit, choose the payment method, and tap on the “Pay Now” button to authorize the remittance of funds.
Step 3: From the list of supported cryptocurrencies on the app’s homepage, select Tron and click the “BUY” button at the bottom of your phone screen.
Step 4: Customize the INR to TRX trade by entering the amount in Rupees, you would like to spend on the purchase (minimum ₹100).
Step 5: Click the “Preview Buy” button to view the transaction details and the “Buy Now” button to confirm the purchase.
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