Cryptocurrencies are here to say. It would take a person of extreme faith to believe this not to be case. But the case for how they’ll exist, or even co-exist is far from settled. One clear example of the broad application of digital currencies takes the form of a hot new cryptocurrency called TRON (TRX).
Founded in 2017 – a mere four months ago, in fact –TRON (TRX) has come to the table with a whole new take on how cryptocurrencies work and the services they can be adapted to. Unlike most digital currencies that aim to help facilitate the movement of currency in exchange for goods and services, TRX is aiming to take the wind out of the sails of services like Google Play and the Apple App Store. The premise is simple, help users digest digital content without paying through the nose to access said content. With it’s technology, all services are settled via its digital currency platform; this founders hope, will help people consume more digital content across a broader range of media and at significantly lower rates.
TRX is based on the same blockchain technology pioneered by Ethereum. It allows users to freely publish, store and own data – a goal which will ultimately create a decentralized content distribution platform.
So far the reception to it’s coin has been overwhelmingly good. Since launch it has exploded, now representing some 65B worth of digital coins in circulation. TRX has a market cap of $6.5B and has seen 24-hour volume rise as high as $733M.
This is extraordinary for a digital currency that is barley 6 months old. The rise of TRON (TRX) speaks to two very important developments in the digital currency space. First, users are open to a broad range of applications for digital currencies. Many developers have stuck to turning their digital coins in either storage of wealth or as a medium of exchange. Others, like the developers behind company, have taken to deploying the blockchain in innovative and useful ways outside of facilitating simple monetary exchanges.
The second development that is supporting the rise of currencies like TRX is the wholesale acceptance by traders of their potential future life. A few years ago when currencies like Bitcoin were laying the foundation for mainstream acceptance, it was unthinkable that the plethora of coins we now see was possible., But slowly this reality of acceptance has come into being. New digital currencies are coming on stream every day and the rise of TRX over the last few months has shown that the acceptance of digital currencies is now mainstream.
TRON (TRX) no doubt will be looking to ride this strengthening wave of demand. Although the currency has seen some decline in recent trading, it has still maintained a very strong presence among traders. It is down 13% but some analysts feel this just part of the larger fluctuations affecting digital currencies ion general. The sentiment towards a general rebound looks potentially strong for the rest of 2018. Digital currencies like TRX therefore offer strong opportunities for trader seeking strong long-term upside.