When was TRX coin issued? Learn about the origin of TRX coin in one article

TRX coin, initially issued through an ICO in 2017, serves multiple purposes within the Tron ecosystem, including governance, network fees, and staking.

Oct 05, 2024 at 06:48 pm

1. TRX Coin Issuance

TRX coin, also known as Tronix, was initially issued through an initial coin offering (ICO) held in August 2017. The ICO raised approximately $70 million in funding.

2. Tron Foundation Establishment

In September 2017, the Tron Foundation was established in Singapore as a non-profit organization. The foundation serves as the driving force behind the development and governance of the Tron ecosystem, including TRX coin.

3. Genesis Block Launch

On May 31, 2018, the Tron genesis block was launched, marking the official inception of the Tron blockchain. Tron became an independent blockchain platform with its own network and protocols.

4. Mainnet Launch

On June 25, 2018, the Tron mainnet went live, bringing the Tron blockchain and its associated features to public use.

5. Migration to Mainnet

Following the mainnet launch, TRX coins were gradually migrated from the Ethereum blockchain, where they were initially issued, to the Tron blockchain.

6. TRX Coin Utility

TRX coin serves multiple purposes within the Tron ecosystem:

• Governance: TRX holders can participate in network governance by voting for Super Representatives, who are responsible for validating transactions and maintaining the network.
• Network Fees: TRX is used as fuel for transactions on the Tron blockchain, covering network fees associated with data storage, smart contract execution, and other activities.
• Staking: TRX coin can be staked to earn rewards and support the network's security. Stakers receive rewards in the form of additional TRX coins.