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  • May 4th2022

Tron CryptoCurrency Explained

This is NOT financial advice. Please see our Financial and Affiliate Disclosures below for more details.

What exactly is the Tron Cryptocurrency token? A lot of people are asking questions about it. There've been some recent articles coming out about it. It's built similar to Ethereum, but it's a separate blockchain and it's got some really unique features that are worth learning about.

Warning. I am not a financial advisor and this is not investment advice. Seek a professional. 

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What is Tron Cryptocurrency?

So what is Tron Cryptocurrency? Tron is a the number 25 market cap token out there. It's an entirely separate blockchain from Ethereum or Binance or anything. A fully separate blockchain with its own nodes, own governance and everything. It's been around for quite a while, a variety of different prices.

Tron Token

The short answer is Tron aims to decentralize the web. It says they are the fastest growing public chain right now, as far as accounts and transactions. That's the whole thing with Tron, is they're designed to try to handle a lot higher volume of transactions than some of the other blockchains.

Their intention is to help content creators and people who want to create new platforms and new NFTs and things like that. Help them build these assets on the blockchain, by reducing the development costs. The idea is to have cheaper, easier process with low development costs so that people can create more unique content and original projects on the blockchain.

Interesting Fact of Tron

Here is their a white paper. I have looked it over and found a few interesting things. Number one, they are obviously a proof of stake chain. So you're going to not have to deal with some of the energy consumption issues that you run into with a lot of other blockchains like Bitcoin and Ethereum. They are also built to handle smart contracts, which is really useful. So you can build full blown applications on top of it.

The programming language is very similar to what Ethereum use,s so that they're cross compatible for developing projects. Then one of the most interesting things too, is that they have a very different fee structure for gas fees.

Tron is supposed to be much less expensive in the gas fee department. A lot of the things that you get charged for on other blockchains, you don't get charged for on Tron and the way that they balance this is by having people basically stake coins in exchange for a certain amount of bandwidth.

You need certain resources to use on Tron and you stake your coins and they give you more of those resources by locking up the coins. So it helps to create price to stability having people to lock up the coin, and in exchange for that, you have the ability to do things on the network.

I'm going to jump in and set up a Tron wallet. Tron runs its own wallet. I'm going to set up a Tron wallet and I have purchased some Tron tokens. Still, I'm going to pick up a little bit more over Kucoin. That's my exchange that I am picking up my Tron on. Then I'm going to send that Tron off to my wallet and hop over and use Justswap, which is the Defi swap platform for Tron. There I will pick up some of a coin called Tronpad is my plan. I have to go through all these different steps because I am new to the Tron network.

So follow along through each of these steps and see just how you'd go about picking up Tron, putting it into your wallet and using it on Justswap. Aloha

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