Overview of Tron and TRX
The crypto space is seeing a lot of projects, each promising decentralizing a particular industry. From finance, to manufacturing, distribution, gaming, medicine, and even privacy, it is really exciting out here, and we are all waiting for how these blockchain projects pan out in the coming years. This article examines one of these projects; howbeit ambitious, that wants to decentralize the entertainment ecosystem – TRON.
In their words, “TRON is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology.” Put differently, TRON is trying to give full content control to content creators. Think of it as a decentralized YouTube or Netflix. To fully appreciate the innovation TRON is trying to bring, let’s explore two of the problems their platform aims to solve.
- Centralization and Censorship
In present-day entertainment industry, content is often restricted to the platform on which they are created, or within a country. For example, Facebook and Snapchat are inaccessible in China. Most countries have internet censorship and certain restrictions. What this means for a consumer is limited experience. By creating a decentralize system, anyone, anywhere, can have access to contents on the platform with minimal to zero restrictions and interference.
Developers are often forced to pay high fees and commissions to distribute their content; from AppStore, to PlayStore, Udemy, amongst others. TRON allows content creators to have sole and full control/rights of their products, as well as direct link to their consumers, thus, eliminating middlemen. Such a setup will greatly reduce the overall cost of content, and offer tangible profits to developers.
Although there are other problems TRON is trying to solve in the ecosystem, let’s proceed to explore how it works.
How it Works?
Here’s a quick one before we look at how it works:
TRON platform comprises of three tokens; TRONIX (TRX), TRON Power (TP), and TRON 20 Token. TRX is what is available on exchanges for trade. Developers and consumers on the TRON platform will use TRX to buy and sell content.
TP is locked up TRONIX (more like a master node). Interested investors can have some of their TRX tokens locked up in exchange for voting rights and certain privileges on the TRON ecosystem.
TRON 20 Token allows developers to create and issue out their own tokens. Something similar to NEM and Waves
How it works in 3 simple steps:
- Content creators join the TRON platform for free
- List their content on the platform and make it available for purchase (movies, films, music, etc.)
- Consumers on the buyers make purchases directly from them using TRX tokens with zero fees.
In its simplest form, this is how TRON operates.
TRON has a rather elaborate roadmap which extends till 2027. Their roadmap has been broken into 6 phases. And the singular fact that they don’t promise all roses up front further boosts the credibility of the coin. The phases of development are as follows: Exodus (building of distribution platform), Odyssey (incentives to encourage growth), Great Voyage (personal creation and hosting of ICO by developers), Apollo (decentralized trading platforms for token), Star Trek (decentralized gaming platform), and Eternity (enable building of gaming platforms by users).
TRON appears to be a very decent project with the potential transform the entertainment industry. As an investment, it has a long-term potential if the team is able to pull it off.