Cryptocurrency

Forget Bitcoin; A Cryptocurrency TRON With Alibaba Connection, Is Up By 12755% In Just 1 Month

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The year 2017 was the year of Cryptocurrencies where not just Bitcoin but many cryptocurrencies like Ripple, Euthereum and Litecoin have saw blistering bull run. Last month, Ripple rose 28,000% in 2017 to become the world’s second most valuable cryptocurrency just after Bitcoin.

Now, TRON, of which anyone hardly knew about a month ago, has jumped 12755% of its value in just one month. This is a growth that eclipses surges posted by the far-better known cryptocurrencies like Litecoin and Ripple, in the same period.

On December 5, the share price of TRX, as TRON token is called, was $0.00215. As of this morning, it is trading at $0.276378.

Interestingly, TRON is the brainchild of Justin Sun, a 26-year-old tech entrepreneur based in Beijing, China. His Twitter bio tells that he was the only millennial to attend Hupan University, an elite entrepreneur leadership program in China founded by billionaire business magnate and founder of Alibaba Jack Ma. Infact, most of members of TRON have been roped in from Alibaba.

Although, Jack Ma has no direct connection with TRON or isn’t an explicit backer of TRON, Nevertheless, Sun’s reputation as his protege makes TRON a cryptocurrency worth to watch out for future.

TRON’s market capitalization has grown six-fold from $2.8 billion on January 1 to $18.7 billion today. The barely 4-months-old cryptocurrency is now the sixth most valuable cryptocurrency, but one of only three starting out in green this morning along with Bitcoin and Ethereum. Ironically, TRON’s Initial Coin Offering (ICO) actually had a rough start since it coincided with China’s crackdown on cryptocurrencies in September 2017.

What is TRON ?

TRON is essentially a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system. The protocol allows each user to freely publish, store and own data, and in the decentralized autonomous form, decides the distribution, subscription and push of contents. It also enables content creators by releasing, circulating and dealing with digital assets, thus forming a decentralized content entertainment ecosystem. Content providers will, therefore, no longer need to pay high channel fees to centralized platforms like Google Play and Apple’s AppA Store.

Currently, Bitcoin is the largest cryptocurrencies by market cap contributing 41.5% of the overall crypto market valuation, followed by Ripple, which contributes 12.4% and Ethereum which is on the third spot contributes 12.3%.

Via – Business Today & Inverse

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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