The Case for Tron (TRX): Why is it a good project?
Among the vast amount of cryptocurrencies populating the coinmarketcap.com website, a small handful will end up making the final cut. 1,890 to be exact. They won't all succeed in becoming a popular blockchain with dApps, Smart Contracts, and high throughput to allow for thousands of transactions to be processed every second. So which projects will be successful? Which have the most potential?
Answering these questions isn't easy, but there are a few that shine brighter than others. One of these diamonds in the rough is Tron (TRX), a formal ERC-20 token on the Ethereum blockchain that is now one of the most highly Googled and ambitious projects in the top 20 via market cap. So what makes Tron so special? Let's take a closer look:
1. Justin Sun
He's the Founder of Tron and a University of Penn graduate. He may be young, but he's listed on Forbes 30-under-30 for Tech in Asia. Also add in the fact that he has close ties to Jack Ma of Alibaba and you have a very intelligent guy that is behind the wheel of Tron. Great blockchains will only be built on the backs of strong leadership and development teams. Justin Sun imbues everything that this project needs to succeed moving forward.
Speaking of moving forward, Tron recently purchased BitTorrent for $140 Million. BitTorrent once held a significant amount of the world's internet traffic and is a well known peer-to-peer platform (putting it lightly). Acquisitions like this are uncommon in the crypto sphere, but this one may help bolster Tron's ability to scale quickly and enter the media industry.
3. Charles Hoskinson
Okay, Charles doesn't have anything to do with Tron or it's team. In fact, his work with IOHK and Cardano are far more valuable now than ever. With that said, he is a very popular figure and polarizing among developers. He has recently made some very friendly comments towards Tron, regarding future upgrades, the BitTorrent purchase, and congratulating them for becoming their own blockchain. To many this might not mean much, but it's not every day that guys like Charles acknowledge other projects like Tron. This actually helps validate Tron as a true competitor to Cardano, which is exciting to think about.
Overall, this is my personal case for Tron. There are many more things that could be discussed, including accusations of plagiarism in their White Paper. With that said, Tron and Justin Sun look like they'll continue moving forward with more development to create a truly successful blockchain.
For those of you that are interested in mining crypto, I recently released a new video on YouTube that goes over everything you need to know about mining in order to get started. Even for those of you that may not be as interested, it's very informative and helpful in understanding the blockchain market.
With all the wild developments going on amongst developers, we tend to forget what serves as the main driving force behind crypto price volatility. Yes, volume is a big part of it. However, hashrates dictate whether or not that uptick in volume will occur. When miners stop working on a blockchain, the rate of depreciation slows down and affects the psychological outlook of the investor (or miner).
For example, if the Net Hash Rate for ZenCash drops by 50% at any point, you could expect to see a decrease in usage and a slower blockchain protocol. Effects like these can hurt volume, and ultimately the price, giving miners a massive upper hand in leveraging these blockchain projects.
Knowledge like this isn't something that you will find in any random YouTube video or from any mining expert. Check out my video above or click the link below! You'll be surprised how much goes into this exciting niche in blockchain tech.
Disclaimer: All free content on this site is designed to provide helpful information on the subjects discussed for educational purposes only. Any purchase on this site is not to be construed as receiving legal or financial advice of any kind. The owner and publisher are not responsible for the means by which this information is utilized and interpreted.