How To Buy Tron (TRX)?

A common question you often see on social media from crypto beginners is “Where can I buy Tron?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Tron (TRX)

First, you will need to open an account on a cryptocurrency exchange that supports Tron (TRX).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Tron (TRX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Tron (TRX)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Tron (TRX) or Tron (TRX) trading pairs. Look for the section that will allow you to buy Tron (TRX), and enter the amount of the cryptocurrency that you want to spend for Tron (TRX) or the amount of fiat currency that you want to spend towards buying Tron (TRX). The exchange will then calculate the equivalent amount of Tron (TRX) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Tron (TRX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is TRON (TRX)?

TRON is a robust blockchain ecosystem designed and developed by blockchain developers over the world, which follows the philosophy of “Decentralize the Web”. There are multiple kinds of products involved in TRON ecosystem, including public chain, wallet client, decentralized applications(DAPPs), Etc. These products are closely related to each other, and together, this supports the stability of the whole ecosystem.

TRON public chain is a decentralized blockchain network implemented based on TRON protocol, performs as the core of TRON ecosystem, launched on Jun 25th 2018. Many things can be done through TRON public chain, including token assets issuing, DAPP deployment and running, stake and vote for gains, assets transferring, Etc.

TRON public chain is one of the most secure public chain systems at present. The reason it is outstanding is that the blockchain runs in a decentralized network environment, in which creation and storage of the data do not rely on specific individuals or organizations, and the data is ensured to be never changed by cryptography.

TRON public chain has better operational efficiency and stability than most public chains due to a well-designed architecture and code.

TRON public chain realizes the design of highly abstract modularisation. It separates the system into several core modules, including underlying network, data storage, consensus, transaction actuator, TVM, and application layer interface.

TRON Public chain architecture

Underlying network

The underlying network module is a set of customizable and efficient message response systems, built based on Netty, a high-performance network framework.

The underlying network module is separated into two modules: node communication and node discovery.

Node discovery is implemented based on the Kademlia algorithm. It meets the requirements of node discovery in decentralized network environments and can defend eclipse and witch attacks by a set of node scoring mechanism.

The node communication module uses TCP for data transfer. Based on this, a flexible and extensible message registration response mechanism is designed on the business layer.

Data storage

We have designed a data storage module that can support fast rollback and an in-memory database KhaosDB for fast blockchain switching. These reflect the ultimate pursuit of the performance of the TRON public chain.

We also published ChainBase, a database product for the blockchain system, based on the excellent interface design of the data storage module. It supports the switching of data engines between LevelDB and RocksDB as well as the customized development of data engines, only needed to implement the corresponding interface set.

ChainBase

Consensus

TRON public chain currently adopts DPOS as the consensus algorithm, which enables a maximum 2000 TPS.

Blocks are categorized as solidified and un-solidified block to tap the performance potential of the public chain. It can reduce the limits of the CAP theory of distributed systems and give the most consideration to data availability and consistency.

Solidified blocks cannot be rolled back. Un-solidified blocks contain the latest transaction data. Full nodes provide data inquiry services for both types of blocks to meet various needs from users.

We have designed an excellent on-chain governance mechanism that attributes to the implementation of the DPOS algorithm. Super Representatives (SRs) and Super Representative Partners (SRPs) can initiate voting requests for proposals. After voting, all votes from SRs are counted to determine whether a proposal takes effect.

A proposal can include adjustments of blockchain parameters, the opening of new features, etc. Proposal mechanism can prevent a node from multiple restarts during a blockchain update, which improves the efficiency of the consensus and provides a channel for community supervision.

On-chain governance & incentive mechanism

Through the decentralized election, TRON public chain produces two types of roles: Super Representative (SR) and Super Representative Partner(SRP), and they participate in the on-chain governance. An SR/ SRP can initiate votings for specific proposals, and other SRs/ SRPs can give their opinions to the proposals through voting, which ensures the blockchain governance is entirely decentralized.

TRON public chain has a precise and efficient incentive mechanism that can promote the self-prosperity of the blockchain. SRs have the power of packing transactions, producing blocks and obtaining block production incentives. SRs and SR partners gain awards based on the votes they get, and at the same time, ordinary voters can earn stake reward for voting SRs and SRPs. The amount of incentive is transparent, and the distribution process is entirely decentralized.

TaPoS

Double spend attack has always been the issue that needs to be treated strictly in the history of the public blockchain. TRON has the TaPos mechanism to defend this kind of attacks, which improves the safety of TRON public chain.

TRC10 token support

TRC10 token is based on system contracts, can be issued simply on TRON public chain. TRC10 standard significantly reduces the cost of token circulation, as system contract transactions only consume bandwidth. TRC10 token transactions can be done in the decentralized exchange built in TRON public chain.

TRC10

TVM and smart contracts

TRON Virtual Machine(TVM) implemented in TRON public chain is fully compatible with the Ethereum Virtual Machine(EVM). Not only does TVM reduce the learning cost for developers, due to the born advantage of DPOS consensus algorithm of TRON public chain, but also improves operational efficiency and reduces the cost.

We have made many optimizations on TVM to reduce the cost of the operational cost of DAPPs. Also, we develop a lot of new features to support more business logic in smart contracts, including batch signature verification, contract address judgment, etc.

Resource model

TRON public chain has an excellent resource model. We have designed a dynamic adjustment mechanism for resource model parameters, which is useful for feedback regulation. The brief explanation of this mechanism is the number of processing transactions is positively correlated with the resource fee.

Every user has a certain amount of free resource quota.

Users can freeze their TRX to acquire free bandwidth/energy and a corresponding amount of votes. Voting for SRs will be rewarded base on the voting volume.

Resource model

Blockchain explorer

tronscan.org is the first blockchain explorer based on TRON.

tronscan.org has all the essential functions of a blockchain explorer, including searching transactions/ accounts/ blocks/ nodes/ smart contracts, on-chain statistics, token creation, Etc.

tronscan.org also has a built-in web wallet and a DEX based on the Bancor protocol, and they enrich the application matrix of Tronscan.

Tronscan

Tron development updates in 2023

Tron has seen several key developments in 2023, marking significant strides in its blockchain technology and community engagement. Here are some of the major updates:

• GreatVoyage Version Upgrades: Tron has released multiple versions of its GreatVoyage upgrade in 2023. These include:

  1. GreatVoyage-v4.7.1(Sartre): This non-mandatory upgrade optimized block synchronization logic, node IP settings, and node log output.
  2. GreatVoyage-4.7.0.1(Aristotle): A forced upgrade that introduced a dynamic energy model, Stake 2.0 stake mechanism, and improvements in transaction processing and logging.
  3. GreatVoyage-4.6.0(Socrates): Also a forced upgrade, focusing on updating the checkpoint mechanism, optimizing resource delegation storage, and introducing a new reward algorithm and transaction memo fee​​.

• $100 Million AI Development Fund: Tron launched a $100 million AI development fund to promote the integration of artificial intelligence into blockchain development. This fund aims to support projects that combine AI with blockchain, focusing on areas such as AI Service Payment Platforms, AI Infused Oracles, AI Informed Investment Management Services, and AI Generated Content​​​​.

• Blockchain and AI Integration: Justin Sun, the founder of Tron, emphasized Tron’s suitability for AI tools like ChatGPT, offering a decentralized payment framework fully on-chain. The collaboration between Tron and BitTorrent aims to empower AI integration into blockchain development​​.

• HackaTron Season 4 Results: The fourth season of Tron’s HackaTron saw over 625 participants across six tracks, including DeFi, Web3, NFT, and GameFi. The top projects shared a prize pool of 500,000 USDD and received access to potential capital funding from Tron DAO Ventures and Huobi Ventures​​.

• Price Performance: Tron’s native cryptocurrency, TRX, witnessed a strong bullish start in May, gaining over 45% in the first five days of the month. This rally was partly attributed to the launch of USDD and the community’s strong belief in Tron’s potential and innovation​​.

These updates highlight Tron’s focus on enhancing its blockchain infrastructure, fostering developer engagement, and integrating cutting-edge technologies like AI, contributing to its growth and relevance in the evolving blockchain landscape.

Official website: https://tron.network/

Best cryptocurrency wallet for Tron (TRX)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Tron (TRX)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).