Tron is a new cryptocoin having been released just last September. Tron intends to build a worldwide free content entertainment system using both blockchain technology and distributed storage technology.
The Tron protocol allows users to freely publish store and own data. The Tron website says that the protocol, will form a decentralized content entertainment ecosystem.
Tron hopes to undercut its centralised competitors such as Google Play and Apple’s App Store, both of which it claims charge high fees.
The TRON team members see their protocol as an asset for people rather than a tool to make profit for a few. The group are followers of Sir Tim Berners-Lee. Berners-Lee is inventor of the World Wide Web and Professor of Computer Science at the University of Oxford.
Tron is based upon the technology used in etherium, the second largest cryptocurrency by market cap.
Tron is a 1982 US science fiction movie written and directed by Steven Lisberger and produced by Walt Disney Productions. Presumably the coin is named after the film.
The coin associated with Tron is called Tronix (TRX).
The TRON Foundation
The team members established the TRON foundation in Singapore as a non-profit organization that operates the TRON network based upon the principles of fairness and transparency. The Foundation supports the TRON development team.
The Foundation is set up with approval from the Accounting and Corporate Regulatory Authority(ACRA) under the supervision of the Company Law of Singapore. Singapore is well known for having a stable and well-established set of laws and financial establishment. Any surplus will be retained to use for the purposes of the foundation and members of the foundation will never obtain a share of any surplus.
Peiwo App and the Chinese government
The first TRON-compatible entertainment app is the Peiwo App with a huge number of users.
Peiwo Huanie Technology Co. (Beijing), the parent of Peiwo APP is in the list of high–tech enterprises identified in 2017 by the Chinese government. This means that Peiwo APP and the online entertainment forms and technologies of its audio content community have been recognized by the government. No doubt its market will expand.
Ironically, this approval is happening just as is reported in a recent Digital Journal article the Chinese government is moving to clamp down on bitcoin mining operations causing a decline in bitcoin and other cryptocoin prices.
The National High-tech Enterprises is a policy of the Chinese government meant to promote rapid development of high-tech enterprises. There are strict standards governing inclusion. Companies that qualify obtain a series of concessions including tax relief to help chosen enterprises to do more independent research and development.
Peiwo APP is the largest audio content provider in China, in fact, in the world. It has more than 10 million registered users and over one million active users each month.
Users of Peiwo APP are mostly young people between the ages of 17-25 located in cities in China, but as well in North America, Australia, Japan, Western Europe and other areas.
Justin Sun, founder of TRON and the Peiwo APP said: “Peiwo APP is a leading application of online audio content community and a core member of the TRON Union. This access to the national high-tech enterprise qualification represents significant recognition of the long-term persistence of Peiwo APP. Recently, we also noticed that the popularity of online audio entertainment has been on the rise, and the market is constantly expanding. For Peiwo APP, we can only make progress steadily and provide better Service, so as to live up to everyone’s support.”
The appended video gives more background on Sun who has plenty of experience in cryptocurrencies.
Tron’s present price and market cap
As I finish this article on Tuesday evening, Tron’s price is at 0.135741 a big drop of almost half from its price on Friday when it reached about 25 cents. However, it is still a huge gain from December 1st last year when it was only .002, a fifth of a cent.
Tron is the tenth biggest cryptocoin by market cap. Its cap is $8,924,725,395.
Tron has faced criticism for possible plagiarism and recently rumours of a sell off by Sun of a huge number of shares may have led to panic selling.