What is TRON Cryptocurrency?
TRON is a decentralized open-source cryptocurrency that was founded by TRON Foundation. TRON is an application intended to allow content creators to be compensated for sharing their content. TRON incorporates a blockchain based peer-to-peer technology which basically means that like other cryptocurrencies, it is capable of eliminating the middleman. From another aspect, TRON’s technology is a distributed storage facility that allows its users to access entertainment content from every part around the world without seeking assistance from GooglePlay Store or Apple Store. As a result, the content producers are able to receive funds directly from the consumers quickly.
TRON was founded by CEO Justin Sun in 2017, who also appears in the Ranking ″Forbes 30 Under 30″. The team members established the TRON foundation in Singapore as a non-profit organization that operates the TRON network based upon the principles of fairness and transparency. The Foundation supports the TRON development team. The Foundation is set up with approval from the Accounting and Corporate Regulatory Authority(ACRA) under the supervision of the Company Law of Singapore. Singapore is well known for having a stable and well-established set of laws and financial establishment. Any surplus will be retained to use for the purposes of the foundation and members of the foundation will never obtain a share of any surplus.
At the end of December 2017 Justin Sun announced on several tweets that various developers of the Chinese e-commerce giant Alibaba.com have already joined TRON. In several message boards an imminent partnership between TRON and Alibaba is suspected. In January 2018, a technical cooperation with the bicycle-sharing system oBike is planned. Justin Sun has recently announced Tron’s partnership with Baofeng. Baofeng, aka Chinese Netflix, boasts more than 200 million users as a video portal giant and has achieved 8 billion [Chinese yuan] listing in Shenzhen stock exchange (300431.SZ).
The cryptocurrency TRX received more attention in December 2017 due to a high price increase. While the price at the beginning of December 2017 stood at around $0.0020, the price reached $0.05 per Tronix token at the end of December 2017 of which 65,748,192,476 units are currently in circulation. At the end of December 2017, TRX reached 17th place in the market capitalization ranking with around $2.2 billion. At the same time digital expert John McAfee recommended the cryptocurrency TRON in a tweet as a long-term “investment”. Tron climbed to 10th place in total market cap of all cryptocurrencies ranked by coinmarketcap.com in January 2018, with a total market capitalization exceeding USD 10 billion.
What is TRON Cryptocurrency Conclusion
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