Education A Beginner’s Guide to TRON (TRX) Cryptocurrency Published 7 months ago on January 16, 2018 By Hira Saeed The Money Makers Club now has 6 of 15 available seats. Learn more here! The following article is a re-write of content originally developed by Coincentral.com: What is Tron (TRX) Cryptocurrency? | Beginner’s Guide Since the inception of the very first bitcoin in 2008 and right after the rapid increase in bitcoin’s price, numerous other cryptocurrencies including Ethereum, Litecoin, Monero, Ripple, etc have been launched and introduced to the gargantuan market of cryptocurrency trading. Among the thousands of cryptocurrencies available at the moment, TRON has gained considerable popularity in the last few months. This cryptocurrency was first introduced to the market as an initial coin offering (ICO) on September 9, 2017, by a Singapore based non-profit organization. By definition, TRON refers to an open source blockchain-based protocol specifically designed for the digital entertainment industry spread across the globe. It offers a decentralized platform that shares various entertainment content by leveraging a blockchain and peer-to-peer (P2P) network technology. With its official cryptocurrency Tronix (TRX), this decentralized platform aims to mitigate the plenary control of the internet by a paltry number of corporations such as Google, Facebook and Amazon by handing ownership of the data pool to the user. As per TRON’s whitepaper, the sole purpose of this cryptocurrency is to become an asset for humankind rather than turning into a profit-making tool for cryptocurrency traders. The Technology behind TRON TRON incorporates a blockchain based peer-to-peer technology which basically means that like other cryptocurrencies, it is capable of eliminating the middleman. From another aspect, TRON’s technology is a distributed storage facility that allows its users to access entertainment content from every part around the world without seeking assistance from GooglePlay Store or Apple Store. As a result, the content producers are able to receive funds directly from the consumers quickly. As a cryptocurrency platform, TRON is capable of supporting multifarious blockchain networks and smart contracts including bitcoin, Qtum, Ethereum, EOS, and various other smart contracts. With this innovative technology and Peiwo App, TRON has become the first smart contract blockchain protocol that possesses over 10 million wallet holders all across the globe. Stages of TRX: TRON incorporates several stages or phases as it implements multiple blockchain technologies. It is currently on Exodus stage but in the coming years, this cryptocurrency is supposed to incorporate five more phases: Exodus: This modus operandi of this phase is quite similar to that of IPFS (a peer-to-peer hypermedia platform that is capable of making webs faster). As mentioned earlier, TRON is currently in this phase and the principal objective of Exodus is to provide a simple distributed file sharing facility. In this phase, TRON cannot leverage any blockchain technology on its current platform. Odyssey: This is the second phase of TRON and it intends to incentivize the creation and early adoption of a propriety community of entertainment contain creators. The Odyssey phase will be similar to the proof of stake paradigm. In this phase, the scale of reimbursement for creation is linked to a metric which follows a tipping scheme instead of views or clicks. The reason for eliminating the click or view system is to ensure authentication. Clicks can be produced in a bulk if there is a click farm or automated body involved. In this phase, the users of TRON will be able to make transactions by using TRX via unidirectional payment channels similar to µRaiden. Great Voyage: The third phase of TRON will be a personal ICO based on the advantages of blockchain network. Income payment, dividend management, and management of supporters would be the three principal objectives of this phase. Great Voyage would be able to transform this cryptocurrency from “fan economy” to “fan finance”. To achieve these goals, a personalized blockchain platform of TRON would be created in this phase. Apollo: This phase will also exhibit similar characteristics as Great Voyage. Like the third phase, Apollo would also offer an individual ICO to its users and an Ethereum-like platform. In this phase, TRON will be able to launch its own tokens that users would be able to emply for decentralized trading. Through this decentralized trading, the economic vitality of the entire system is likely to be increased considerably. However, there is also a possibility of a slight ramification where the network would not be able to validate the uniqueness of every token individually. To prevent this situation, TRON is likely to introduce a sophisticated security system that would successfully obliterate malicious websites, Sybil attacks, and hack attacks. Star Trek: The fifth phase or the Star Trek phase is actually quite similar to the technology of Augur that is basically a gaming platform. In this phase, the content platform of TRON would be transformed into a decentralized gaming platform with autonomous gaming as well as predicting functions. As the current value of the global gaming market is more than $450 billion, this phase is likely to provide TRON the impetus it needs to reach a desirable market capitalization. Eternity: As the sixth and final stage of this cryptocurrency, Eternity would basically deal with the fundraising and monetize depending on the growth of its community. In this phase, the investors would be able to put their money in globally popular games. The Advantages of TRX The TRX cryptocurrency of TRON can provide the following advantages to its users: Data liberation: The users or data creators would have the fundamental ownership of the entertainment contents and other related data instead of middlemen like Google Play Store or Apple. Personal ICO: The liberty to dole out individual digital assets. Gaming and market forecasting: TRX comes with a distributed digital asset that allows market forecasting and gaming for the investors. TRX Market Cap, Circulation, and Trading History: At this very moment, the market capitalization of this cryptocurrency is circa $7.5 billion, which is a steep rise from its market cap $6.47 billion just a few days ago. As on December 18, 2017, Sun announced that $34.2 billion worth TRON token is locked up until January 2020. At the moment, 1 TRX is equivalent to $0.114084. TRX Price Surge Buying and Storing TRX Interested traders can access TRX in exchanges like Binance and Liqui, where they can trade them for bitcoin or Ethereum. In exchanges like Bitstamp or Coinbase, TRON is also tradable. For storing TRX, hardware wallets like Ledger Nano S or Trezor will be appropriate as TRX is an ERC-20 Token. Conclusion Although it’s still early days, TRON’s native Tronix token has shown significant promise to become a viable cryptocurrency of the future. The recent large upswing in its value suggests TRX could have a pivotal role to play in the overall market. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (16 votes, average: 3.88 out of 5)You need to be a registered member to rate this. Loading... Hira Saeed 4.5 stars on average, based on 9 rated postsHira Saeed is a tech geek girl with a passion to write on latest technology trends. She is the Founder of Tech Geeks community in Pakistan and also runs her copywriting and social media agency, Digital Doers. Follow her on @heerasaeed. Follow @HackedCom Feedback or Requests? Related Topics:cryptocurrenciestronTron TRX Up Next How to Spend Bitcoin Don't Miss Trading 101: What is the Best Trading Software? You may like Bitcoin Price Stabilizes Above $6,000 as Altcoins Get Rearranged Trade Recommendation: TRON Trade Recommendation: TRON Tether Pushes Into 9th Spot in Crypto Market Ranking as IOTA Falls Behind Crypto Update: Tron/Bitcoin (TRX/BTC) Looking Bullish Short-term and Long-term After Dismal Quarter, NEO Emerges Strong Amid Market Dip 6 Comments 6 Comments BAGGYSPORT January 17, 2018 at 1:39 am A poorly written article for a subscription service ..I would need to see dates were is the company now its objectives has it reached each staged of planned objectives is it on track..this is a basic requirement for a beginner’s guide.nice try. Log in to Reply Lakshmana January 17, 2018 at 11:21 pm “In exchanges like Bitstamp or Coinbase, TRON is also tradable.” How can I understand this? Certainly Bitstamp and Coinbase don’t list Tronix. Am I missing something? Log in to Reply mariuspe January 26, 2018 at 1:25 pm Bitstamp doesn’t trade TRON. What kind of article did you write?? Log in to Reply LukeEm January 30, 2018 at 9:42 pm Shit article for a shitcoin. Case in point: you’ve used an image of the Exodus wallet in the section on this shitcoin’s “Exodus” phase. Log in to Reply Herki1987 January 31, 2018 at 8:27 pm Now is 157 th time in 2 months that i said to my self that i am pissing my money away subscribing to your shitposting Log in to Reply mzl961 January 31, 2018 at 11:50 pm Why not inform us on other coins with lower circulating supplies and much greater potential? IE APPC or AST? Log in to Reply You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Education The Basics of ICO Investing: A Brief Reminder to Those Who are New to the Game Published 3 weeks ago on July 24, 2018 By William Bartlett The Money Makers Club now has 6 of 15 available seats. Learn more here! The ICO market has been heating up for a little less than a year now, but it truly has turned into a new wave of technology. The amount of wealth being created is insane, and it can be difficult to keep up with the rate of change that is occurring within the industry. It is like the tech boom of the early 2000’s all over again, and this is your chance to mint a lot of money. Researching ICOs If you’re looking to put some money into an ICO, the first step is tracking down the right one for you. There are lots of websites devoted to the different ICOs that are currently underway or planned to be soon, but CoinSchedule is my personal favourite right now. You can find out about new ICOs here, and then the hard part begins. You need to perform your own due diligence to figure out if the ICO is right for you. You can look through forums and Reddit, but gaining an understanding of the fundamentals of the company (team, product, market size) is the only way to avoid losing all your money in the long-run. Telegram is a great chat platform for connecting with others, and there are a lot of expert level people who are willing to share tons of information about cryptocurrencies and ICOs, so I would recommend you check out that tool. The Due Dilligence Process There are a few key insights you need to apply in your investing process. First, the cryptocurrency community is segmented into different use cases, and there likely to be only one successful project for each use case. So before you do any investing in a certain project, it is time to do an analysis of the competitive landscape. You don’t want to be betting against yourself by putting money in multiple projects in the same sector, so it is likely you’ll want to choose only the project you think is most likely to succeed. To learn more about the project, most companies have Telegram channels where you can observe the community and get and idea of what the developers are like and where the project is heading. In general, Telegram is an invaluable research tool. Finally, you’ll want to examine the amount of supply the company is keeping to itself. You want the founders to have “skin in the game” still, but you also don’t want them to have such a high proportion of coins on hand that they can gain a profit and then start to de-risk by selling off their holdings. Going Through with the Purchase Assuming you’ve finally selected a coin you would like to purchase, it’s time to execute. Most coins are supported by Ethereum, so you’ll need to purchase some Ether and move it to a wallet that will support a variety of coins. Currently, I use MyEtherWallet. Purchasing the coin is actually much simpler than you would think. All you need to do is get the public address of the ICO and send them the amount of Ether you want to invest. They will send you your tokens when the ICO closes, and you have successfully participated in your first ICO. Know Your Client (KYC) rules are for keeping track of your identity and following the security regulations of your jurisdiction. In the beginning, it was rare a company would follow them, but now that regulators are cracking down, you will likely have to provide all your identification information in order to participate. If you do want to sell your tokens at any point, you can use an exchange like Binance that allows trading of a wide variety of tokens. Watch for Pump n’ Dumps As long as there have been equity investments, there have been pump n’ dump schemes. Aptly named “shitcoins”, there are numerous projects that ICO without a product or even a hope of developing them. The lack of regulations is making this possible, and this is exactly why you need to do your due diligence. An often pointed out criticism of ICOs is that no one on the team has built anything yet. There is the feel of a group of people seeing an opportunity and jumping on it because there is a chance of high profits, rather than them being able to contribute a lot to the space. So as you look out for “shitcoins”, you should be especially aware of projects that talk about the amount of money they’ve raised, rather than what they’ve built. Understanding the Risk The first thing that everyone should know about ICOs is that they are still unregulated. Where IPOs receive intense regulatory scrutiny, ICOs are mostly self-regulated at the moment. Considering the fact that most of these companies are coming from people with little or no track record, it is imperative you are careful about where you invest your money. Yes, it is a good thing that you can now make large asymmetric bets that used to be regulated out of your reach, but research is always the answer. For example, if you have a token for a company that doesn’t have a use case aside from funding the company, it won’t serve as a good store of value. With the implementation of the lightning network, cross-chain atomic swaps will eliminate the need to hold these tokens, and their value will trend to zero. Understanding future shifts like this is the key to a long-lasting investing career. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... William Bartlett 3.8 stars on average, based on 24 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Education How ICOs Changed the Way Companies Are Built Published 4 weeks ago on July 18, 2018 By William Bartlett The Money Makers Club now has 6 of 15 available seats. Learn more here! With cryptocurrencies now becoming a household name, investors are starting to look into plays they can make that are more off the beaten path. The market for initial coin offerings (ICO) offers just that, albeit with a dash of risk that traditional initial public offerings (IPOs) do not offer. Restrictions on Venture Capital If you want to make money in Silicon Valley, you need two things: connections and capital. Connections are required, because a lot of projects end up oversubscribed anyways, and you need an advantage over many of the other investors. It also helps if you can provide aid to the company additional to just giving them your capital (e.g. advising on product, marketing, or hiring). The unspoken rule is that you do usually have to be located in Silicon Valley to do well as a startup investor. Large amounts of capital are also required for regulatory and convenience reasons. Venture capital is considered to be very risky, and as such, it is generally restricted to be accessible only to accredited investors, who must have either an income greater than $200,000 per year or a net worth greater than $1,000,000. Additionally, most companies didn’t have the bandwidth to deal with having hundreds or thousands of smaller investors, because of the meetings, due diligence, and paperwork required. It was much easier to take larger investments from a small group of people, and keep things simple. Democratizing Venture Capital For both these reasons, the number of people who have benefited from the gains in massive technology startups have been very few. Now, with ICOs the possibility arises that investors may join in on the gains, thus democratizing the gains and spreading them out throughout the country and world. The ability to make asymmetric bets (wagers where there is a high possible upside, but limited downside) has been restricted for a long-time. Lottery tickets are the closest example of a purchase you can make that could result in a 10,000x return, but with the downside capped at the size of your investment. In a world where income inequality and wealth distribution is a constant source of conflict, the spreading out of these returns could prove to be increasingly important for making sure it doesn’t get worse. Structure of an ICO As Hacked readers are no doubt aware, an ICO generally occurs when a cryptocurrency startup wants to raise money. They either have something they’ve already built, or they have a white paper that outlines their business plan and how much money is needed to create and scale the project. The ICO is carried out by exchanging fiat currency or other cryptocurrency for the “token” in question. A token is considered equal to equity in the company in this analogy, although most firms contend that the tokens are not securities for regulatory reasons (see: Howie test). ICOs are popular for both investors and traders, as there is an expectation in an increase of market price after the ICO, as well as high volatility (which traders love). Looking at a website like Coin Schedule, you can see the amount of hype that is floating around ICOs at the moment. Recent Trends in Fundraising As ICOs become more popular, many companies are going through similar experiences during the fundraising process. Some companies are asking for such high valuations right off the bat that there is little upside for the investors, and a greater chance they will lose money. If excessive amounts of money are raised before a product has even been built, there is much greater risk in the project. Additionally, there are fewer investors who have made enough money on a project to justify staying invested during a bear market. Compare this to Bitcoin, where some have owned it since its price was in the single digit range, and you can see the difference. Projects that are heavily inflated upon ICO’ing are losing out on the longer-term opportunity, unfortunately. Some people forget that the most well-known cryptocurrency of all began using an organic mining process rather than an ICO. Although there is almost no money inflow when this is done, it creates a rabid community of supporters who believe in the product, rather than short-term speculators. This solution would not work for all ICOs, but for some, it might be a viable solution. More than Just an ICO The ICO is the most well-known part of the process, but often these projects will require money to get them to that point. This is where the Pre-ICO and Pre Sale come from. The Pre-ICO is similar to the “friends and family” money that any business starts off with. It is what is required to get the project off the ground. Then you have the Pre Sale, which is where larger investors who are going to help build the companies product and profile get to buy tokens at a lower price than the ICO price in exchange from their help. Finally, and it is very necessary to make this clear, all of these projects carry a ton of inherent risk, and a significant amount of research should be undertaken before any investment is made. Where many of the past IPOs had undergone a massive amount of due diligence and had backers who understood the technology, we are seeing many investors hop on the investing train without fully understanding how everything works. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... William Bartlett 3.8 stars on average, based on 24 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Education Understanding the Risks of Mining Bitcoin Published 1 month ago on July 13, 2018 By William Bartlett The Money Makers Club now has 6 of 15 available seats. Learn more here! At this point of your journey into the cryptocurrency world, you probably have a strong grasp of the fundamental mechanics of the coin, and maybe understand the basics of “proof-of-work” systems. Assuming you already have this understanding, you know that the robustness of the network is what secures the entire bitcoin protocol. As such, there is an opportunity for money to be made if you are able to add value to the network, you will be compensated for your time. This is essentially what mining bitcoin is, and it is very possible for you to make a good return on your capital if you go about it intelligently. Cloud Mining for Lower Risk Mining has advanced quite a bit since bitcoin’s creation in 2009. It used to be that you could use any PC to mine cryptocurrency. The algorithm is designed to adapt the level of difficulty and work required to be done so that the average block time stays at approximately 10 minutes. The most important decision you’ll make in terms of bitcoin mining is whether to mine using cloud services, or if you are going to buy your own rig instead. Each method comes with different levels of risk due to the varying risk structures. Cloud mining has you rent mining hardware from a company or just get a portion of their hashing power. There are many different operators in the field, and it is important you perform some heavy research to figure out what the best investment of your capital is. Cryptocompare has a list of all the different companies you can use and how they have been rated and reviewed recently. Personal Mining for Higher Potential When you make the decision to go the personal mining route, you are taking a much bigger risk in terms of upfront investment. There is a significant cost involved, and you are buying some very specialized hardware. The top consideration should be whether you have access to cheap electricity, because without that, you are putting yourself in a terrible position. Once you choose your hardware, it is all a matter of selecting the type of hardware you are going to use (there are many review sites, and this is outside the scope of this article) and then choosing a mining pool and software provider. Research is your friend, so you would do well to not neglect it. Determining the Logistics No matter what route you decide to go, you are going to have to make some decisions that will affect your overall workflow significantly. First, you must select a mining pool, which means you need to adjust for the amount of risk you are willing to take. Mining can be very profitable on your own, or you could go months without making any money at all. Going with a larger group will increase your likelihood of making money, but cap your earnings at a certain point. There are pools that are set up to allow switching from mining one currency to another, depending on which is the most profitable, but we are going to stick to Bitcoin for the purposes of this article. One common point to watch out for with pools is whether they are paying out before the block properly verified, since that can cost the pools significant amounts of money. Payout methods are the most relevant factor to consider when assessing mining pools, since they will determine the risk and return of your payments. There are ten or so variations, but it is only necessary to understand the three most common: Prop, PPS, and PPLNS. Prop (or proportional) mining pools you are paid for the amount of valid shares you contribute to the pool when a block is found. Basically, you would be getting paid an exact amount based on the “work” you submitted. This is the best deal for the miner, but carries risk to the pool operator, since bad shares still get paid here. PPS (or Pay Per Share) rewards miners for each submitted share. The miner knows the estimated number of shares to get the reward, and takes the risk of paying out per share before the reward is earned. As such, these generally have the highest fees. Finally, PPLNS (or Pay Per Last N Shares) works like Prop pool, but instead of just rewarding miners for the last block, it rewards based on long-term contribution. Afterwards, you also need to make sure you trust the wallet the cryptocurrency is being deposited into. The last thing you want is to leave a vulnerability for any of your earnings. This is an often-emphasized point, but you shouldn’t overlook it just because your past solution has worked for the small investments you put in. Control the Risk Never forget the fact that nothing is certain in investments, especially with bitcoin. This should steel you against the fact your investment may be lost. The fluctuations in the price of hardware, as well as the continuing increases in computing power, have turned bitcoin mining into somewhat of an arms race. If you do find yourself feeling too risk averse to put significant funds into mining bitcoin, it might be better for you to just purchase bitcoins directly. This way, you are at least guaranteed to receive cryptocurrency. Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... William Bartlett 3.8 stars on average, based on 24 rated posts Follow @HackedCom Feedback or Requests? Continue Reading 5 of 15 Seats Available Learn more here. Recent Commentsjhmblvd on Crypto Update: Altcoin Crash Continues, Ethereum Hits $250 as Bitcoin Holds UpSholaO on 2018: Year of the Crypto Fundridge195 on Crypto Update: Altcoin Crash Continues, Ethereum Hits $250 as Bitcoin Holds Updennisterh on 2018: Year of the Crypto Fundridge195 on Weekly Forecast: False Hope and Misinformation – How a Non-Issue Triggered a $50 Billion Selloff of Cryptocurrencies The Long-Awaited Altcoin Extinction Event May Be N... XRP Price Plunges Again; Down 93% from Record High... Crypto Psycho: Fear Could Be Our BFF Crypto Update: Altcoin Crash Continues, Ethereum H... Winklevoss Twins Shift Crypto Focus to Retail Inve... Crypto Update: Tron/Ethereum Ready for Bottom Pick... Amid Downturn, Stellar Lumens Is Outperforming the... Enroll Now! Recent Posts Market Update: U.S. Stocks Rebound as Turkish Lira Rebounds; Cryptocurrencies Plumb 2018 Lows August 14, 2018 Augur (REP) Backtracks to 16-Month Lows; Aurora (AOA) Falls Away August 14, 2018 The Air Transportation Market is Growing. Where to Invest? August 14, 2018 The Long-Awaited Altcoin Extinction Event May Be Near August 14, 2018 Winklevoss Twins Shift Crypto Focus to Retail Investors, not Resentment August 14, 2018 XRP Price Plunges Again; Down 93% from Record High August 14, 2018 Pre-Market: Stocks Rebound as Turkish Tensions Ease August 14, 2018 Crypto Market Cap Falls Below $200 for the First Time Since November Amid ICO Backlash August 14, 2018 Trade Recommendation: Monero August 14, 2018 Reacting to the Buck August 14, 2018 A part of CCN Hacked.com is Neutral and Unbiased Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com. Trending Altcoins7 days ago Why Investors Should Pay Attention to Waves Altcoins1 week ago Why Investors Should Pay Attention to VeChain Analysis7 days ago Has Ethereum Lost Its Cache? Analysis4 days ago Crypto Update: Coins Hit New Lows as Dead Cat Bounce Fizzles Out Altcoins1 week ago Why Investors Should Pay Attention to Komodo (KMD) Altcoins6 days ago Why Investors Should Keep an Eye on Zilliqa (ZIL) Analysis7 days ago Crypto Update: Dogecoin’s Bearishness Fogs Bullish Outlook Analysis5 days ago Crypto Update: Dead Cat Bounce?