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How to Store Tron Safely

Jun 1, 2021

What Is TRON?

If you don’t know what TRON is, take a moment to read a summary of the project. Although the TRON token is officially called TRONIX, we will refer to it as TRON, as this name is more commonly used. First, we should talk about the TRON platform itself. It was created in 2017 by the Chinese entrepreneur Justin Sun. Before TRON, Sun was working in the Chinese office of Ripple. Sun is a graduate of the prestigious Hupan University created by one of the most successful businessmen in the world, Jack Ma.

The TRON blockchain was developed by the Tron Foundation, an organization set by Sun in 2017. TRON platform allows users to develop decentralized applications on top of its blockchain. However, the main purpose of TRON was to create a platform for sharing and monetizing entertainment content of all kinds. The content authors (disregard whether they make video, audio, images, games, etc) will be able to share their works on TRON and sell them directly via a peer-to-peer network avoiding losses related to the middlemen commissions. TRON aims at creating a cheaper and faster version of a platform with functionality similar to Ethereum’s. TRON was financed via ICO that was held on the Binance exchange. As a result of the campaign, the company raised around $70 million.

As TRON was promoted by a strong team and the coins appeared on the market right amidst the crypto boom (in the fall of 2017), the price of the token has quickly skyrocketed. In early January the TRONIX price reached its all-time high at $0.23. As of May 26, the TRX price is $0.08. The token ranks 24th by market cap ($1,756,412,083,133). The platform boasts over 21 million registered accounts. According to the information on the project’s website, the TRON network is capable of performing around 37 transactions per second which is much more than Bitcoin with 6 TPS or Ethereum with 15 TPS.

TRON Wallet & Crypto Wallet Features – How to store Tron using Freewallet

How can you store Tron via Freewallet? We provide two types of wallets that can be used for TRON storage. One of them is a dedicated TRON wallet and the other is Crypto Wallet, a cryptocurrency wallet supporting over 100 digital assets including TRONIX.

Dedicated TRON Wallet

If you choose to store your TRON coins in the dedicated TRX wallet by Freewallet, you won’t have to sync your storage with blockchain or mind about the backup. You just should take care of installing it, signing up, and enabling security measures. The rest is up to us. Registration doesn’t take much time. For further convenience, we allow signing up through a Google or Facebook account and mobile phone number. The wallet can be accessed via an Android-based smartphone app.

TRON wallet provides multiple features. All the transactions within the Freewallet network are free. You can buy TRX by card or for cryptocurrency. Both operations are very simple and are available via the main page of the app. If you want to buy TRX using your credit or debit card just push Buy. It will open a window where you should specify the amount you want to spend or the amount of TRX you are going to buy and click on the Buy button. Mastercard and Visa are good for that. If you are going to top up your TRX balance with crypto, you should tap on the Receive button (on the left from Buy). There you can choose one of the dozens of cryptocurrencies you wish to exchange for TRONIX. When you tap on the one you need, you get an address where to send your coins to get them converted to TRX on your balance. Just send the coins there and get your TRX balance topped. For your convenience, the wallet balance can be displayed in different fiat currencies. The wallet has the same security features as the rest of our wallets. We will review security features in the relevant section.

Crypto Wallet

This wallet brings more options. Crypto Wallet can be installed on your mobile device either Android- or iOS-based. The desktop version is in place, too. You don’t have to install it as it can be accessed via an Internet browser (that’s why we call it a web wallet). On Crypto Wallet, you can store over 150 currencies. Service provides numerous features. Some of them are good for TRONIX holders. For instance, apart from storing TRON, you can buy more of it via fiat money (in the “Buy with a card” section).

Another feature available for TRON holders is buying gift cards. You can pay in TRX for gift cards of over 800 brands right in the Freewallet interface. Additionally, you can exchange your TRX for other coins instantly and fee-free. There are 50+ cryptocurrencies available for instant swaps and TRON is among them. If you would like to exchange a different coin for TRON, you can do that, too. On top of that, every transaction inside of the Freewallet network is free. So you won’t have to pay fees if you send TRX coins to another Freewallet address.

In general, it’s safe to say that storing your TRX coins on Crypto Wallet is convenient as this wallet is an all-in-one-place service. All the critical functions are available both in mobile and web versions. The mobile version has a bit different interface. Some section names are replaced with icons. For instance, the in-built token swapper is accessed by tapping on a lightning icon while depositing money is available by clicking on a “+” button.

How to Store TRON Safely?

Every Freewallet product provides a wide array of security features so users can choose how to protect their money and data or enable all of them at once to avoid all possible vulnerabilities.

As we store your private keys, you don’t have to worry about keeping them in a safe place or backing them up. We do that for you. All you need to do is to switch on the protection measures that you find important and comfortable. Below you will see how to store TRON safely on any of our wallets.

Let’s begin with a simple thing: you should set a strong password. Don’t make the thieves’ job easier. Happily, on Freewallet, the password is by far not a solitary option to protect your money. Probably the most important security measure that you can (and should) turn on yourself is 2-factor authentication (2fa). The feature requires the use of an authenticator application that will generate one-time passwords locally on your mobile device. Such a password will be requested every time someone is trying to log into your account, trying to withdraw money from it, or enabling 2fa on key export. Understandingly, no one but you will be able to provide this password and perform the aforementioned actions.

Transactions can be additionally secured via email confirmation. This feature when enabled doesn’t let you send coins from your wallet until you authorize the action by clicking on the link sent to your email address. Those hackers who don’t have access to your email won’t be able to steal your money. Another measure is limiting the number of coins that can be sent in a certain period of time — a week or 24 hours. This will make it impossible to empty your wallet by those who managed to break in. If you are using a Crypto Wallet the limit is set for every currency separately. Mobile version app users can guard their accounts with Touch ID, as well.

In the Sessions tab of the Security section, you can monitor all the current sessions. You can see the time and date of login, IP address, country, browser, and the operation system. Any session can be immediately terminated in one click via the Drop button or you can terminate all sessions at once via the Drop other sessions button. To further ensure that no one will perform any actions even if they access your account, you set the 4-digit PIN. It is requested while performing any critical action or every time the app is opened. The PIN is something you should remember as it cannot be restored once you forget it.

As for us, we do keep all your assets offline. It means that if our servers get hacked, criminals won’t be able to find your data or money there. So far, no one has managed to hack our network. More than that, we are always ready to help you if for some reason you suspect your money is at risk. Our support team will help you to improve the security of your TRX coins, answer your questions, and give you recommendations on how to store TRON safely.

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