Coin of the day is Tron.
Tron is a blockchain-based decentralized platform, seeking to build a free, content entertainment ecosystem. The system being built will use distributed storage technology, which will allow cost-effective sharing of digital content. The project was founded by the Tron Foundation, a Singapore-based non-profit, back in 2017.
Tron uses features of both the blockchain and peer-to-peer (P2P) network technology to bridge the gap between consumers and content creators by eliminating the middleman. Services such as Youtube make hosting a media project an extremely difficult and costly process. Tron’s technology aims to remove the middle parties such as the Apple and Amazon stores gives creators the ability to control who gets access to their content and how much to charge without the additional fees the stores charge.
The Tron network uses its own ER20 cryptocurrency altcoin named Tronix (TRX). The TRX altcoin can be used by content consumers to pay for the content they want to view. The TRX altcoins earned will be deposited into the content producer’s wallet.
Tron is famous for its CEO Justin Sun, a famous young Chinese businessman, often said to be the “Jack Ma” protege, who is the founder of Alibaba. Justin Sun is the founder of Peiwo APP, which is China’s version of SnapChat that currently has 10 million active users. Tron founder also was the chief representative of Ripple (XRP) China. The most recent achievement of Justin Sun was the youngest graduate of Hupan University, which was founded by Jack Ma.
Tron is backed by notable members of the Chinese business community such as Hitters Xu (founder of Nebulas), Tang Binsen (founder of mobile game Clash of Kings), Xue Manzi (famous Chinese angel investor), Chaoyong Wang (founder of China Equity Group with $2 billion market value), Dai Wei (CEO of OFO bike), Huobi.com, and many more.
While TRON will support all kinds of virtual currencies, TRX will be the official one. With this, all other currencies will have to be converted through TRX.
TRX currently has a circulating supply of 65,748,111,645 TRX and a total supply of 100,000,000,000 TRX.
On December 18th, 2017, Sun announced the TRON Foundation has locked up $34.2 billion tokens until January of 2020. Speculators often believe that the lockup of tokens will increase the value of tokens.
Technicals
Since 2018.03 TRXBTC was showing an uptrend movement, peaked at 2018.04.30 at the 0.00001 level went into a retracement but turned around on the 0.000007 mark. The overall pattern came to the point where the price could break the long-term Bearish Trend Line, from the 2018.01.04 peak at 0.00002 level; and add one more factor into a bullish view of the price chart. Nearest supportive level for the bullish scenario would be 0.000009 and Bullish Trend Line, slightly below. A breakthrough above the 0.00001 resistance will be a bullish signal for the pair. Return to the 0.000007 level would change the picture from bullish to a long-term recession.
Tron is a blockchain-based decentralized platform, seeking to build a free, content entertainment ecosystem. The system being built will use distributed storage technology, which will allow cost-effective sharing of digital content. The project was founded by the Tron Foundation, a Singapore-based non-profit, back in 2017.
Tron uses features of both the blockchain and peer-to-peer (P2P) network technology to bridge the gap between consumers and content creators by eliminating the middleman. Services such as Youtube make hosting a media project an extremely difficult and costly process. Tron’s technology aims to remove the middle parties such as the Apple and Amazon stores gives creators the ability to control who gets access to their content and how much to charge without the additional fees the stores charge.
The Tron network uses its own ER20 cryptocurrency altcoin named Tronix (TRX). The TRX altcoin can be used by content consumers to pay for the content they want to view. The TRX altcoins earned will be deposited into the content producer’s wallet.
Tron is famous for its CEO Justin Sun, a famous young Chinese businessman, often said to be the “Jack Ma” protege, who is the founder of Alibaba. Justin Sun is the founder of Peiwo APP, which is China’s version of SnapChat that currently has 10 million active users. Tron founder also was the chief representative of Ripple (XRP) China. The most recent achievement of Justin Sun was the youngest graduate of Hupan University, which was founded by Jack Ma.
Tron is backed by notable members of the Chinese business community such as Hitters Xu (founder of Nebulas), Tang Binsen (founder of mobile game Clash of Kings), Xue Manzi (famous Chinese angel investor), Chaoyong Wang (founder of China Equity Group with $2 billion market value), Dai Wei (CEO of OFO bike), Huobi.com, and many more.
While TRON will support all kinds of virtual currencies, TRX will be the official one. With this, all other currencies will have to be converted through TRX.
TRX currently has a circulating supply of 65,748,111,645 TRX and a total supply of 100,000,000,000 TRX.
On December 18th, 2017, Sun announced the TRON Foundation has locked up $34.2 billion tokens until January of 2020. Speculators often believe that the lockup of tokens will increase the value of tokens.
Technicals
Since 2018.03 TRXBTC was showing an uptrend movement, peaked at 2018.04.30 at the 0.00001 level went into a retracement but turned around on the 0.000007 mark. The overall pattern came to the point where the price could break the long-term Bearish Trend Line, from the 2018.01.04 peak at 0.00002 level; and add one more factor into a bullish view of the price chart. Nearest supportive level for the bullish scenario would be 0.000009 and Bullish Trend Line, slightly below. A breakthrough above the 0.00001 resistance will be a bullish signal for the pair. Return to the 0.000007 level would change the picture from bullish to a long-term recession.
