Forget Bitcoin for a second and take a closer look at other cryptocurrencies waiting in line to become the next flavor of the month. Over the past months, it’s clear how unknown digital currencies can actually generate a serious amount of profits in a short period of time.
A few weeks ago, we’ve seen bullish trends for Ethereum, Stellar, and Ripple. This time around, another upstart cryptocurrency made it to the list of top ten digital currencies. Tron has experienced a significant spike in value since the middle of December. The value of tronix coin was simply less than a penny last month. But just this Friday, Tron surged to $0.26 and with its $14.1 billion market capitalization, the altcoin briefly made it as the sixth biggest cryptocurrency.
Is it too late to invest in Tron? But before you even buy this cryptocurrency, it is a good idea to have an idea what this latest player offers to the crypto world.
What Is Tron?
Tron has been designed as a blockchain-based ecosystem for digital content. Its main purpose is to give creators the freedom to sell their materials without any dependence on other entities.
What it means is that digital media content creators that use Tron have total control and ownership of the data they create, as well as in the manner in which it is distributed. The creators of Tron hope to cut the intermediaries such as Google Play and Apple Store resulting in the elimination of unnecessary fees being charged to creators over their materials.
Another reason to take a closer look at Tron is its ability to eliminate the dependence to transact in a particular local currency. For instance, there are instances wherein digital content creators can’t sell their content to a particular country because they can’t transact in the local currency. With Tron, it hopes to ease international transactions.
How Did Tron Start?
Justin Sun, a 26-year old tech entrepreneur started Tron. He was the only millennial that has attended Hupan University which is an elite entrepreneur leadership program in China founded by Alibaba’s founder, Jack Ma.
Despite Jack Ma not participating in the creation of Tron, many look at Justin Sun as the protégé of Jack Ma. And this reputation has paid dividends for the popularity of coin.
Many are also looking into the possibility that Jack Ma’s influence in Beijing could actually play in favor of Tron. If China decides to back a particular coin in the future, many believe that it could potentially be Tron.
Speculations and Fear of Missing Out
According to William Mougayar, organizer of the Token Summit conferences, “We are seeing the beginnings of renewed speculative fever driven by fears of missing out on the big gains that have recently happened in the crypto space”.
He also mentioned that “although there were some cryptocurrencies that were undervalued a month ago, and they deserved the run-up, things are getting a little overheated right now”.
Take a Closer Look at Tron
Up by 12,755% in just one month, crypto investors should start paying close attention to what Tron could bring to the table. Keep in mind that Tron is also big when it comes to partnerships. Sun has already tied up with Game.com, which is an online gaming platform as well as oBike, a bike-sharing operator based in Singapore. And with this reality, there is a chance for Tron to continue its bullish trend.