What You Need To Know About Tron One Of The Largest Cryptocurrencies

What You Need To Know About Tron One Of The Largest Cryptocurrencies
Via CoinMarketCap

Tron has been in the news in recent days for more reasons than one. On the positive side, the Chinese government accorded a preferential status to a company that is affiliated to Tron Labs. This move was interpreted as China encouraging a fusion between digital entertainment/social media and blockchain technology. While it may be too early to predict how the move will help Tron, for now, the market has reacted positively to the news. On the other side, there are also big promises made by the crypto  about its future potential.

Tron’s distinct protocol

Tron’s protocol enables every user to store, publish, and own any data in the decentralized and autonomous format, decide distribution, subscription, and push content enabling content creators to release, circulate and deal with digital assets and in the process, form a decentralized ecosystem for content entertainment.

Consistent patronage by investors

Ever since the ICO by Tron in September last, investors are apparently excited about the prospects of Tron and have been consistently buying the TRX tokens aided by the future rewards that Tron promised. The TRX token stood the second best among 100 of the largest cryptocurrencies on CoinMarketCap ranking on 18 January, 2018 doubling its value in about 24 hours. At the peak the TRX value climbed to about 11 cents for each token with the overall market capitalization rising to $7.3 billion. Considering that 16th and 17th of January 2018 witnessed major drop in prices across a wide range of cryptocurrencies, the performance of TRX is considered positive.

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TRON’s prospects in the digital content market place

Some quarters also opine that TRX has the potential for growth over the long term particularly in the form of currency to buy digital content. Speaking to Inverse, the CEO at CoinIRA, a crypto investment service stated that considering that digital content was increasingly being consumed by China, TRX could find a strong market in China, though it could be some time before Tron realizes its full potential.

TRON is a 10 year project

There is also good reason in believing that Tron can achieve what it claims to though the coin is still in its nascent state and under development. The GitHubpage for the project has seen regular updates ever since the initial announcement on 28th December. Justin Sun, the CEO of Tron is also assisted by impressive team mates like the former chief of Alibaba, Zaho Hong, the expert in data mining, and Zhang Anwen, expert in bank security. Tron has also received support of internet firms like Baofeng, and Peiwo Odyseey Foundation though one might think that some of those connections have perhaps been overhyped. Tron also has immediate plans for a San Francisco office and Justin Sun describes TRON as a project for a decade and targeted at long term investors than one to cash-in on the crypto wave.

Viability of TRON remains a question

While all these claims are pretty impressive, questions continue to linger over the viability of the project. The white paper is essentially a most important component of any cryptocurrency and investors use that in their decision making, particularly with regard to the technical merit.
In this context, earlier during the month, a plagiarism controversy plagued TRON and Juan Benet from IPFS was tasked with analyzing multiple components of TRON’s white paper. The results of the analysis claimed that the English version of TRON’s white paper had content lifted from other projects such as Filecoin and IPFS. The analysis report further stated that Justin Sun was accused of plagiarism in earlier instances too. While the plagiarism allegations raised serious questions within the cryptocurrency community, Sun used his Twitter handle to put the blame on poor translation from the original version of the paper in Chinese language.

Tremendous community support

Thankfully, Sun has received tremendous support from the Tron community and in ‘Killing FUD Rumors’ a medium post that is circulated widely, a user by name “TwentySumCrypto” has noted that so far the TRON project has been targeted towards the Chinese audience and though plagiarism is a matter of concern, it is evident that at this early days of the coin, materials in English-language have been of a low priority. Perhaps, the incident also brings into focus how poor translation can stir a hornet’s nest at times.

The Plagiarism issues apart, TRON has garnered support through the numerous partnerships it has. Peiwo, another company founded by Sun has committed to use Tron network for powering its video messaging services that enjoy a user base of 10 million people. Baofeng, which is described by Sun as the equivalent of ‘Netfix’ in China, has also entered a partnership with Tron though the partnership would specifically focus on hardware infrastructure service than streaming services. oBike, the Bike sharing service is also gearing up to introduce oCoins cryptocurrency in the first quarter of 2018 to be used in paying for rides in Singapore and it has plans to transition this project to TRON.

oCoin partnership can be a game changer for TRON

oCoin is currently running on Ethereum, though oBike has told inverse of its plans to transition to TRON main net in the days ahead and states that the switchover is scheduled to happen within the current year. This time frame is also in consonance with the comments from Sun, who stated at the beginning of the year of his ‘fight’ to bring the main net online in early 2018. The road-map on TRON’s site in English suggests December as the timeframe for the first significant milestone, though the road-map itself now stands withdrawn.

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