Tron is a blockchain-based, decentralized platform, which was launched in 2017 in Singapore to serve as an entertainment system where users could share digital content freely. However, in the past year, the project has shifted more towards dapp creation and decentralized gaming.
The native crypto of the platform is called TRON or Tronix (TRX).
In this article, you will be able to find out how does the Tron work, and is it possible to use it for payments at online gambling websites?
TRX has several functions in the Tron economy, such as a medium of exchange, an investment and as an intermediary currency that ties other different platforms and other Tron tokens.
TRON is based on blockchain technology, meaning that all transactions are executed peer-to-peer. TRX transactions are faster than BTC and have lower fees.
Unlike Bitcoin, Tron does not mine to create new coins. Instead, it uses staking and a system comprising of elected nodes that manage the allocation of rewards.
In the TRON network, users can apply for a super representative candidate position. A super representative is a node that has been voted by other users to generate blocks and package transactions and to also allocate voting and block rewards to the rest of the network.
The top 27 candidates who get the most votes are elected as super representatives, and the first 127 candidates (including the 27 SRs we just mentioned) receive rewards based on how many votes they’ve accumulated.
Staking involves freezing Tronix in a wallet, and Tron Power is generated at a one to one ratio. Thus, Tron Power is the currency used for voting Super Representatives (SR) on the TRON network. The more Tron Power you have, the more voting power you will have. SRs are rewarded in new minted TRX.
Like Ethereum, TRON uses a decentralized virtual machine that executes programs using a global network of public nodes. The transaction fees on the network are 0.01 TRX, and TRON has a processing capacity of 2000 transactions per second.
The platform also enables smart contract and dapp deployment, having one of the most active crypto networks out of all the top coins.
A main advantage of the coin is that it is fast and has really insignificant transaction fees. Considering that TRX is currently trading at $0.018, fees are not too high, especially compared to other cryptos.
The downside is that the use and implementation of TRX are not so widespread. The project has also been tied to a lot of controversies and public image issues.
Who accepts tron? TRX gambling is not quite popular on regular casinos and sports booking sites, but on its network, there are many Tron casino sites and gambling DApps. These DApps enable users to play TRON in games such as TRON slots, dice, rocket, roulette online, and many others.
TRON gambling DApps have some perks provided by the TRON blockchain, such as high transaction speed, which practically makes transactions near-instant, low fees, and scalable processing volumes.
But if you are a TRX owner who is looking to Tron gamble outside the TRON network, then you will probably find around a dozen of crypto casinos and sports betting sites that accept Tronix as payment.
Making deposits or withdrawals from Tron gambling DApps is easy. You have to install the official Tron wallet, sync it with the blockchain, and deposit some TRON. The rest of the process is like depositing any other funds into casino accounts.
The same goes for depositing and withdrawing TRX on casinos and online bookies that are outside of the platform. After signing up on the Tron casino, you deposit your coins in the wallet address provided by the site in its list of payment options.
The TRON blockchain hosts over 400 decentralized applications, with a large bulk of them consisting of gambling and other high-risk DApps, representing 75% of the active users of the platform.
The Tron casinos are provably fair, with the game outcomes being determined by the randomizing algorithm of the Tron blockchain. The hash is interpreted to generate the outcome. This is seen as a much fairer method of producing the game results and also making it much difficult to rig outcomes.
In these Dapp casinos, new tokens are “mined” by playing. As more players engage on the dapp, the faster the new TRX will be mined. TRX casinos reward players with their own TRX casino token for every bet they win. These tokens are based on the TRX protocols TRX10 and TRX20.
But in 2019, a Tron gambling dApp called DooTron suddenly disappeared from the network shortly after launching its second game, Shoot, which used a new Tron-based token.
A total of 59,082,099.596981 DOO tokens were mined during the casino’s lifespan, which had around 1204 players. More than 12 million of those tokens were “frozen,” and Shoot had over 1.4 million frozen. The owners of these tokens did not obtain dividends and probably never recovered their TRX.
Another issue is that some countries, such as Japan, banned its residents from playing gambling games on the TRX platform.
Regular casinos that accept TRON are mostly crypto-only, and the legality of using cryptos in gambling varies from country to country. Even if it is safe to use TRX to gamble and bet on sites that are regulated by the proper authorities, you should proceed with caution on dapp-based Tron casino websites.
TRX is the 14th largest crypto by market cap and can be found on a number of exchange sites, such as Binance, Poloniex, Huobi, CEX.io, Bittrex, Bitfinex, Bitcoin.com, Liquid for either ETH, USDT or BTC. TRX can also be bought for fiats, such as GBP, EUR, USD, JPY on the following platforms: Bitfinex, Bithumb, Coinone, Korbit, OKEx, COSS, CEX.io, and several others. It was also recently announced that Kraken will start supporting TRX trading.
Once you have secured a TRON compatible wallet, you will have to register with the required information on an exchange of your liking. After passing the account validation phase, you can then deposit the crypto or fiat with which you want to purchase your coins. Then continue to go to the trading page and complete a buy order for TRX. Wait for the coins to be credited to your account and move them to your external wallet.
Tron is not particularly popular on casinos and sports betting platforms, as Bitcoin casinos, but on dapp-based casinos on the TRON blockchain, there are plenty of gambling opportunities. You will have to be careful with dapp casinos, as they can easily shut down or disappear as they are not regulated by any outside authority.