Tron, a decentralized platform aiming to reshape the internet with Blockchain technology. In 2018, it transitioned from Ethereum to its own network, using TRX tokens. Tron operates on a Delegated Proof of Stake (DPoS) consensus mechanism, allowing users to participate in network governance with “Tron Power.” With a strong Asia-focused strategy, it expanded its user base by acquiring BitTorrent. In this article, you can find answers to two frequently asked questions: What is Tron (TRX), and how to buy Tron (TRX) with TRY.
What is Tron (TRX)?
Launched at the peak of the 2017 cryptocurrency boom, Tron brought together a global community of investors and developers dedicated to reshaping the internet through Blockchain technology. Despite ongoing criticisms about its technology, Tron’s unique approach and strategic communication set it apart from other Blockchain projects. Unlike many cryptocurrencies launched in 2017, Tron did not promote innovations in cryptography or network design. Instead, it utilized existing technologies like decentralized applications (dApps), smart contracts, tokens, and a Delegated Proof of Stake (DPoS) consensus mechanism. Tron even made its components compatible with Ethereum, leading to accusations of borrowing heavily from Ethereum’s ideas.
Initially based on Ethereum, Tron transitioned to its own Blockchain network in 2018, requiring investors to swap their Ethereum-based tokens for Tron’s TRX. Tron’s Blockchain architecture is similar to Ethereum’s account-based model, controlling access to TRX and TRX coin balances with cryptographic keys. Tron’s Blockchain operates through three main layers:
- Core Layer: This layer processes instructions written in Java or Solidity (a language designed for Ethereum) and sends them to the Tron Virtual Machine for execution.
- Application Layer: Developers use this layer to create wallets and applications supported by TRX.
- Storage Layer: This layer segments Blockchain data and state data, preserving the state of smart contracts and Blockchain history.
Tron’s consensus mechanism relies on a rotating roster of 27 “super representatives” who validate transactions and maintain the Blockchain’s history. These super representatives are elected every six hours and rewarded with newly generated TRX. Blocks are added to the Blockchain every three seconds, and valid block producers receive 32 TRX for their efforts. Annually, 336,384,000 TRX are rewarded.
In addition to super representatives, Tron’s network includes three types of nodes: Witness nodes, full nodes, and Solidity nodes. Witness nodes propose blocks and vote on protocol decisions, full nodes broadcast transactions and blocks, and Solidity nodes synchronize blocks from full nodes and provide APIs.
To vote for super representatives, Tron users need a network resource called “Tron Power.” Users receive 1 Tron Power for every 1 TRX they lock in an account. This locked TRX cannot be spent, and users lose their Tron Power and voting capabilities when they unlock their TRX. Tron Power cannot be bought or sold like TRX or other tokens on the Tron Blockchain. The staking process on Tron is similar to other Blockchains like Tezos or Cosmos, where users lock their funds to earn rewards.
Tron has distinguished itself with a strong Asia-focused market strategy, highlighting its creator Justin Sun and translating technical documents into multiple languages. In 2018, Tron attracted attention by acquiring peer-to-peer network pioneer BitTorrent. This acquisition led to the launch of a BitTorrent token on the Tron Blockchain in 2019, providing Tron with a broader user base.
How to Buy Tron (TRX) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Tron (TRX). Binance TR allows users to quickly create an account and trade over 100 cryptocurrencies, including TRX. Follow these steps to buy Tron (TRX) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.
After entering the requested information completely and accurately, email/sms verification will be done to confirm and verify the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can complete the verification process either from your phone or through the official Binance TR website. Note that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap “Identity” to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap “Upload Front Side” to continue. After taking a photo of the front side of the document you selected, tap “Upload Back Side” and take a photo of the back side of the document. Ensure that the images are clear and the information in the photos is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then tap “Selfie” to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL to your Binance TR account through all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits over 50,000 TL from other banks are processed during EFT hours, while deposits up to 50,000 TL can be made 24/7 via FAST. To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option in the top left corner of the homepage, and click “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should click on the “Other Banks” option to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. All you need to do is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy TRX Coin with TL on Binance TR?
After depositing money, click on the “Buy-Sell” option in the top left menu of the Binance TR website to proceed to the step of buying TRX coin with TL.
After clicking this option, the page below will open. In the search box on the right side of this page, type “TRX” and click on the TRX/TRY option from the results to go to the TL to TRX purchase page.
Now the TRX trading page will open as shown below. In the area marked with a red box on this page, enter the price at which you want to buy TRX in the first box and the number of TRX you want to buy in the second box. After entering the amount, click the “Buy TRX” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
With Binance TR, users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities.
