TRX is one of the most popular cryptocurrencies for fast and simple transactions. You can use this digital asset to play casino games and make sports bets at Stake.com.
However, you should first understand how it works and how it compares to other cryptocurrencies.
What is Tron (TRX)?
Tron is a blockchain platform that allows organisations to create and host decentralised applications, known as dApps. Tronix, better known as TRX, is the native token used as a cryptocurrency, enabling online transactions over the Tron network.
Initially, Tron was designed as a way for content creators to share and monetise their content. However, the Tron Foundation, which is responsible for maintaining the network, redesigned the blockchain to enable decentralisation application development.
TRX, much like cryptocurrencies such as Ethereum, is ideal for fast and secure transactions. Users can send TRX to any other user or organisation with a valid Tron address. The token can also be staked to earn rewards, incentivising holding and removing the mining that’s used on the Bitcoin blockchain.
History of Tron & How Does it Work?
July 2017 – Justin Sun established the Tron Foundation was established in Singapore.
September 2017 – The Tron Initial Coin Offering (ICO) raised $77.71 million.
March 2018 – The Tron testnet, Blockchain Explorer and Web Wallet were all launched for Tron users.
May 2018 – The Tron mainnet launched.
June 2018 – Tron switches from an ERC-20 token on the Ethereum blockchain to launch on its own network.
July 2018 – Tron Foundation announced it had acquired peer-to-peer filesharing service BitTorrent.
January 2019 – Tron reached a total market cap of $1.6 billion.
2021 – Justin Sun resigned as CEO of Tron Foundation which was then reorganised as a Decentralised Autonomous Organisation (DAO), with users voting on decisions.
How Tron Works
Originally, Tron was an Ethereum-based ERC-20 token, operating as a token on the Ethereum blockchain. As a result, Tron and Ethereum share many similarities. However, there are some key differences too.
The Tron network allows users to stake their tokens to gain rewards, with the amount they stake giving them voting power in governance activities. Staking also unlocks bandwidth points, which are used to power transactions on the Tron network.
When transactions are made on the Tron network, they’re saved in blocks on the blockchain, just as with other cryptocurrencies. However, the process of creating these blocks is performed by super representatives, which are users who are voted for by other token holders. Votes are held using Tron Power, with one staked TRX equalling 1 Tron Power.
Although TRX can’t be mined, you can still easily purchase it from trusted cryptocurrency exchanges or use services such as MoonPay and Swapped. Additionally, staking TRX can earn more tokens over time, increasing your overall stack.
How to Deposit & Withdraw Tron on Stake
Deposit Method
Add TRX to your Stake account by following these steps:
If you have TRX already, you can choose Deposit, then select TRX and copy the wallet address.
Paste the TRX deposit address in your personal crypto wallet. Double-check that all the details are correct, as crypto transactions are irreversible.
Once the transactions has reached a set number of confirmations of the network, you can start betting with your funds.
If you don’t have any TRX to send, you can easily purchase it with local currency using MoonPay or Swapped. Simply link your preferred payment method and choose how much you’d like to purchase.
Withdraw Method
Follow these steps to withdraw TRX from your Stake account:
Log into your account, open your Wallet and confirm it has enough to cover the minimum withdrawal.
Select withdrawal and then paste your personal wallet address.
Enter the amount you want to withdraw, double-check all the details and then confirm.
Stake supports a wide range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, EOS, SOL, BUSD, DOGE, USDT and more. Each coin has unique features, as well as factors to consider.
Tron shares many similarities with Ethereum, after all, it was initially launched on the Ethereum blockchain. Both TRX and ETH can be used for fast transactions. In addition, they can both be staked to earn regular regards. However, TRX payments are much cheaper to send, with ETH fees sometimes making transfers too costly.
TRX transactions are some of the fastest of any cryptocurrency, with extremely low fees. This is comparable to using USDT. However, unlike USDT, you cannot choose which network you use when sending TRX. All TRX transactions are completed on the Tron network. This makes sending and receiving coins a little simpler, but it does give you less freedom over how you send your crypto.
Benefits of Staking Tron
One of the ways that Tron stands out from other blockchains is that it utilises staking to process and approve transactions. Similarly to Ethereum, users can stake their coins to earn rewards. However, unlike ETH, the minimum amount of TRX you need to stake is much lower, at just 1 TRX.
By staking your TRX, you can contribute to running the Tron network. Any TRX you staked is locked in place for a set amount of time, meaning you won’t be able to move it or sell it. However, you will earn rewards based on how much TRX you staked and the current conditions of the network. Staking TRX is a good way to earn passive returns on your coins without needing to trade them.
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