SINGAPORE, Oct 13, 2021 – (ACN Newswire) – Welcome to this issue of 101 articles about one of the staking coins on Moonstake. This time we’re going to be looking at TRON Network and its native coin Tronix (TRX).
A brief introduction to the TRX and TRON network
TRON is a market-leading blockchain known for its large and highly active community of users and developers from around the world who are committed to establishing a truly decentralized internet and its infrastructure. The TRON protocol, one of the largest blockchain operating systems in the world, uses an energy-efficient dPoS consensus mechanism to ensure high throughput, high scalability and high availability for decentralized applications in the TRON ecosystem by working with key business partners, including global technology giant, to be provided by Samsung, Opera, Poloniex, Swisscom Blockchain and many more. Currently, the TRON-based TRC20 protocol hosts the world’s largest circulation of stablecoin at nearly USDT36 billion. Its native Tronix (TRX) coin can be used by content consumers to pay creators for in-game assets or use as currency in games, or to reward creators directly for their entertainment content or to purchase additional access.
The TRON network was founded in 2017 by Justin Sun. As one of the most influential KOLs in the blockchain industry, Justin is a serial entrepreneur and was CEO of the world’s most popular P2P communication protocol, BitTorrent, from 2018 to 2021. He also founded one of China’s most popular voice streaming social apps. Peiwo. Tron is also one of the fastest growing DeFi ecosystems out there, with more than 56 million global user accounts and over 2 billion cumulative transactions.
TRON’s technical milestones and why does Moonstake support TRX?
– The TRON MainNet was launched publicly in June 2018 and thus achieved independence from the Ethereum blockchain, which it originally was
– In just over six months after its MainNet went live, TRON gained over 1 million registered users and had more transactions than Ethereum and more accounts than EOS, earning it a spot on the list of the 10 largest cryptocurrencies of 2018 .
– TRON’s DApp ecosystem reached more than 80 DApps in 60 days after the TRON Virtual Machine (TVM) started.
– In March 2019, Tether announced a new TRON-based stablecoin, USDT TRC20.
– In October 2019, TRON officially teamed up with Samsung to offer its DApps in the Samsung Galaxy Store, and the TRON section in the Samsung App Store was launched in April 2020.
– In May 2020, the BitTorrent File System (BTFS) went live and created the world’s largest P2P storage network with 100 million user-controlled nodes and more than 1,000 TRON full nodes.
– In June 2021, Circle’s USDC stablecoin was made available on the TRON network.
– In September 2021, TRON joined a shortlist of leading crypto tokens (namely Bitcoin and Ether) with its successful listing of VanEck TRX ETP (VTRX) on Deutsche Börse, giving investors access to 14 EU markets.
Based on these significant milestones, we can see that TRX is a promising coin and, moreover, the Tron Network is a leading global open source blockchain project. This makes TRX an attractive and strategic addition to the PoS coins available on Moonstake, and Moonstake has been supporting TRX staking since October 2021 after entering into an official partnership in June 2021.
How does TRX staking and unstaking work?
As with any PoS coin, you can use your unused TRX assets to generate passive income. In staking with the TRON network, you participate in the network’s operations (validation blocks) by becoming a nominator who selects the network’s validators.
Any account on the TRON network can vote for the Super Representatives / Super Affiliates they support. The reconciliation requires TRON Power (TP), which is determined by the users’ frozen credit. The freezing (staking) of TRX tokens means that energy and bandwidth are required to interact smoothly with the network, as well as increasing the voting power in voting for Super Representatives / Super Partners.
To vote for a Super Representative / Super Partner you need to make sure your TRX is frozen. This creates “Tron Power” and gives you the opportunity to vote. This does not cost you TRX, it will only lock you for a period of 3 days. During these three days, your TRX cannot be traded or used. Moonstake Wallet combines the Freeze / Unfreeze action together with Stake / Unstake for your convenience, so you don’t have to do the Freeze / Unfreeze action separately.
There is practically no minimum wagering requirement as the smallest amount you need to wager is simply 1 TRX. The TRON network also has no withdrawal period and virtually no transaction fees, which makes it a popular blockchain for many users.
How to get rewards for TRX staking
The annual reward (APY) is around 5.46%. You can claim your TRX rewards once every 24 hours directly from the TRON network via Moonstake Wallet.
How to Put TRX on Moonstake Wallet
Here is a simple 3 step process to set TRX with Moonstake Wallet:
1.Register your Moonstake wallet via the web or mobile (iOS / Android)
2. Select TRX in the “Wallets” screen and click the “Add Asset” button.
3. Go to the TRX screen to review your staking information. Under the Staking tab, click the “Stake” button and enter your wallet password to complete the staking.
Check out our full official guide to using TRX on Moonstake.
As the world’s leading staking service provider, Moonstake develops and operates decentralized wallet services for companies and end users.
Our extensive staking business started in August 2020. With the support of users around the world, our total staking net worth has grown to $ 1.8 billion. In June 2021, we ranked third among 15,000 staking providers worldwide.
So far, we’ve expanded our business and ecosystem through around 30 strategic partnerships, including large blockchains like Emurgo, a constituent organization of Cardano, TRON, and NEO. In May 2021, we became a wholly owned subsidiary of the publicly traded company “OIO Holdings Limited” on the Singapore Stock Exchange and are working to grow Moonstake’s business and improve our credibility.
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