Tron you either love it or hate it but there's no denying that its name has spread like wildfire. A lot of people see Tron as "all hype" with no real substance But is it true? They made a lot of noise with the recent BitTorrent acquisition and I believe it's time to reveal the truth behind Tron and exactly how they managed to become a Top 10 cryptocurrency project. Coming up! If this is your first time here and you want to learn all about cryptocurrencies start now by subscribing and clicking on the bell so you don't miss anything. Tron is a project dedicated to decentralizing the web.
Started in 2017, it can be best described as a decentralized combination of Netflix, YouTube, and the App Store. These days much of our data and Internet traffic is highly centralized. This creates a challenge for fighting censorship and control. Almost all content creation on the Internet is forced through giant companies such as Google and YouTube. If you are a creator and want to earn revenue you have no choice but to go through these "middlemen" companies. They provide a platform for your content but also take a percentage of the profit your content generates. They have full control over how much they want to pay you for the content that you created. In addition they also have the ability to censor and control your content.
The problem with censorship has become a huge issue within the YouTube community sparked by YouTube de-monetizing videos that do not fall in line with their advertisement friendly guidelines. Tron are aiming to create an entertainment platform that allows content creators full control over their content. They plan to accomplish this by cutting out the giant corporate "middlemen" and putting all the profit earning potential back into the content creators hands. This means that when a user of the Tron protocol creates content they can upload it directly to the Tron platform and get paid directly, but that's just one of the many use cases for the Tron blockchain, which we're going to talk about very soon You cannot talk about Tron without mentioning their controversial founder Justin Sun.
Sun is a Chinese serial entrepreneur and the founder of Peiwo – a mobile social networking company. He has appeared among the ranks of the Forbes China 30 under 30 in both 2015 and 2017 and he was personally invited to become one of the first students of a university that was founded by Chinese business magnate Jack Ma. Later on he joined Ripple and worked as the chief representative of Greater, China He helped ripple with the successful completion of the first round financing and helped them in becoming one of the world's top three cryptocurrencies When Sun started Tron it raised 58 million dollars in its initial coin offering. Love him or hate him Justin Sun has mastered the art of marketing within the crypto space. What he was able to accomplish to create a billion dollar ecosystem doesn't happen by accident What really sets projects apart is marketing and their go-to-market strategy.
He took a project that had next to nothing when they first launched and turned Tron into one of the most formidable blockchain projects to date. Currently this same project now holds a market valuation of over 1 billion USD employs more than a hundred engineers worldwide and has even executed one of the most clever acquisitions in the crypto space with BitTorrent. Yes, Justin Sun rubs some people the wrong way, some see him as an arrogant hype man. However, he's also a passionate and relentless promoter of the Tron brand. Like many leaders before him he seems to know how to make the right moves and do what's best for business. At the end of the day people cannot deny what he's been able to accomplish in a very short time. BitTorrent is undoubtedly one of the largest and most successful decentralized distribution systems in the world. It pioneered peer-to-peer technology for sharing files on the internet and Tron recently acquired BitTorrent for 140 million dollars. The BitTorrent Foundation has issued a new BitTorrent token (BTT) that will run on the Tron protocol. BitTorrent already has over 100 million users, which will essentially jumpstart Tron's ecosystem.
Their goal is to convert all the 100 million monthly users of BitTorrent into cryptocurrency users. Tron's massive TPS capabilities will be integrated with the established BiTtorrent network. This platform will ultimately aim to provide media rich content in a decentralized manner fueling dApps with a focus on gaming and content delivery. The niTROn summit was held in the same theater where Apple's Steve Jobs regularly unvealed new iPhones and Macs.
It seemed more than appropriate that Tron just a little more than a year old was on that same stage sending a clear message That they are here to stay. Unlike many blockchain projects Tron has already introduced a fully functioning product. The Tron team has an additional 100 blockchain developers and engineers already 40 of them being senior lead developers, business developers strategists, and marketers. Comparing the daily number of transactions between Tron and Ethereum in November Tron surpassed the highest single day transaction total for Ethereum It is reported that the daily transaction numbers for TRX has more than doubled to 3.3 million.
Since then they managed to increase daily user growth to up to 15,000 new users per day with more than 1.5 million new accounts in total. Tron has plans to implement ZKsnarks as early as the first quarter of 2019. Once implemented users will be able to transact TRX tokens with a far greater level of anonymity and privacy as a result Tron will join the group of other privacy centric cryptos such as Zcash and Monero. Interest in Tron is running on high as it is already showing the same magnitude and growth path as Chinese e-commerce giant Alibaba. Gaining the financial backing and seals of approval from some of the biggest business names in the world the global market for digital entertainment products has been estimated to be worth 1 trillion, split between lifestyle, online betting, online gaming, and information-sharing.
Tron are already able to boast a number of impressive partnerships. Through these partnerships with companies such as Baofeng Peiwo and Obie. Tron are able to provide themselves with over 200 million potential users. In 2019 many dApps have left their startup network to move over to Tron causing an influx of transaction volumes and interest in the project. The possibilities of Tron's ecosystem has attracted more than 3000 developers in its discord group and more than 2000 dApps could debut this year. Currently 3 to 5 Tron based games are the debuting everyday. Tron has recently announced the launch of a 100 million dollar blockchain gaming fund called "Tron Arcade" the fund will empower developers to create and develop Blockchain based games on top of Tron which is critical for mass adoption of blockchain based gaming.
There are in fact three different tokens involved in the Tron project. TRX is the token available for purchase on exchanges It is required to access the Tron platform and is also used to buy and sell content on the platform With Tron power users Volunteer to lock up their TRX and receive Tron power in return as well as voting rights and other privileges in the Tron Ecosystem Tron power is similar to steem power used on the steemit platform. Tron 20 tokens allow content creators to create and issue their own Tokens users will be required to hold Tron tokens in order to access the platform and on top of this all transactions will also be completed using TRX. As more content is listed on the Tron platform and users convert to the platform the demand for the token will increase and the price should technically follow.
Tron supports various kinds of blockchain networks and smart contract systems including Bitcoin Ethereum and many more. This provides developers with multi-protocol Infrastructure for entertainment app development gaming companies are allowed to issue any platform specific gaming currency and trade freely with other game publishers within the Tron protocol which offer an intelligent contract guarantee system for the trades of different gaming currencies. Here's the thing in order for Tron to succeed. It has to be a product with an underlying technology it cannot be just another blockchain platform.
What I mean is that technology is just a means to a predetermined end. The really great product companies know this and practice it. Justin Sun is a savvy marketer and he knows that vision and product perspective is critical. It's why the blockchain community cares about "blockchain" and in turn are often ignored meanwhile, Justin Sun cares about the product hence the marketing. A lot of what blockchain is doing right now is making decentralized versions of apps. We need a product that makes people forget they're using blockchain in the first place. The revolutionary technology needs to be buried within the product Apple is a good example of this. People love when they don't have to look under the hood – ever. People love "it just works". Tron's vision is elaborate and sweeping if it manages to come to fruition eventually, everyone will be using Tron without even knowing it because "it just works". If you made it to the end of this video, let me know in the comments if you're bullish or bearish on Tron in 2019 also, make sure you subscribe and like this video.
Thanks for watching and I'll talk to you guys later!.