You create content on traditional social media platforms but are hardly compensated fairly for it. In fact, the typical platform monetises your data without your knowledge and only pays you a fraction of their earnings. If you are a focused content creator who wants to be compensated for your efforts, this model may not sit well with you.
Tron was created to solve this problem. It is a blockchain with a twist, one that works in your favour. In this article, let’s see what Tron is and how it can revolutionise social media for the greater good.
What is Tron?
There are hundreds of blockchains and cryptos out there. In the past year, you may have seen relatively new ones join the pack. Tron is one such blockchain. If you are a crypto fan, you may have read about Justin Sun, a well-known individual who was a part of Ripple. A few years ago, Sun departed Ripple and went on to create his own crypto-related project. He called it Tron, a blockchain.
But Tron is very different from other blockchains. It is a blockchain that addresses a niche. This niche is content creation and consumption on social media. Tron is a decentralised entertainment and content-sharing platform. In other words, it is a next-gen social media platform where you can create and share content with users across the world. That’s not all. The best part about Tron’s operating system is that it not only gives you control over your content and how you share it with others but also compensates you as a content creator.
Tron pays you for your content in Tronix, the blockchain’s basic unit of accounts. Also referred to as TRX, which is its ticker symbol, the cryptocurrency gives you access to certain other features of Tron. TRX was trading at $0.06562 on 27th March 2021. The highest price of TRX was recorded at $0.30 in January 2018. On converting Tron to INR, the value of 1 TRX is Rs 4.75.
How Does Tron Work?
As mentioned, Tron’s network is decentralised; meaning, its operating system is not controlled by a central authority. Creators can create content and put it out on Tron for consumption by viewers. Since there’s no mediating social media platform on the network, viewers can directly reward content creators using TRX. This means that content creators receive fair compensation without having to share it with a mediator.
Benefits of Tron
Tron is a revolutionary cryptocurrency that offers an array of benefits to both investors and content creators. Here are some:
1. Tron enables content creators to control how they create and share content across the globe. It eliminates mediator social media platforms and allows users to reward content creators for their efforts directly.
2. On the Tron network, creators can create their own tokens or coins underpinned by TRX and use them within their decentralised applications.
3.TRX is a store of value. Thus, you can trade them for other currencies or use them as an investment.
4.TRX’s transaction value is very low. It is as if they are close to being non-existent. TRX transactions on the network itself have no fees. However, you can incur some fees when purchasing TRX on an exchange.
5. The network rewards you with ‘Tron Power’ for locking away your tokens. This not only gives you a higher status on the network but also provides voting rights that you can use over decisions made on the network. The longer you lock away your tokens, the more Tron Power you receive.
6. Transactions on the Tron network are rapid. It supports up to 2,000 feeless transactions per second. In contrast, Ethereum supports 25 transactions, whereas Bitcoin can only handle 3 to 6 transactions. Clearly, Tron has the potential to revolutionise online media.
7. Tron allows you to create dApps—decentralised applications—on the network. In turn, dApp lets you offer content within them and monetise the same by accepting digital assets in exchange.
Where Can You Buy Tron?
While you can buy Tron on any crypto app in India, consider trading TRX on CoinSwitch, which enables the process with just 4 hassle-free steps. CoinSwitch features a unified platform that has tied up with the best crypto exchanges in the world, including HiBTC, Binance, and OKEx. Therefore, CoinSwitch allows you to trade TRX at the best rates without having to visit multiple exchanges.
Further, the platform, which is a leading crypto app in India, also features an in-built conversion calculator that supports over 45,000 trading pairs. Thanks to this, you can get the exact Tron to INR conversion rate in an instant. What’s more, CoinSwitch charges zero fees for the first 1,00,000 users during pre-launch. Thanks to this, you can trade, deposit, and withdraw TRX for free for the first 100 days.
Disclaimer: Anything expressed here directly or indirectly is not investment advice. We ask you to do your own research before investing.
