What’s TRIG Coin?
TRIG is a cryptocurrency and a blockchain platform that’s run and managed by Blocksafe, a company based in the U.S.
It’s advocated as a blockchain project whose mission is to reduce gun related crime. It does this by providing solutions for securing firearms.
Blocksafe uses the TRIG cryptocurrency token to implement a secure and connected smart gun technology network.
TRIG was launched in 2016.
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Blocksafe, the company behind the TRIG cryptocurrency token, provides an ecosystem that enables innovators and developers to build decentralized applications by building on each other’s experiences and achievements.
The company supports Decentralized apps using three consensus mechanisms.
It basically allows developers an access to a secure and distributed ledger of all the data related to users’ guns and their technology.
Such data would otherwise be too risky to be shared through insecure channels.
The Blocksafe allows innovators to outsource their safety concerns by using block safes. Users can list their smart gun applications to secure them.
This saves them the trouble of having to design and carry out distributed communication media for each of their innovations.
The company uses a modular network to support innovations stored in block safes. Innovators who take part in the Blocksafes are rewarded with TRIG tokens for their contribution.
TRIG, or Triggers, is the issued cryptocurrency token of the Trigger ecosystem. It’s based on the counterparty technology.
The TRIG tokens are the rewards that users get when they review consensus requests on the platform. The circulating supply of TRIG is 100 million.
The company has so far locked over 27894407 tokens. It’s also storing over 40 million tokens as ERC20 tokens.
These could be converted to ERC223 standard tokens in the near future.
How the Trigger coin technology works
The Triggers platform works closely with the National Rifle association of America to document all firearm events across America.
It manages and controls the gun technology of all users through sensor-based defense technology that’s flexible, fast, anonymous and secure.
The Blocksafe network records all transactions is a secure distributed ledger to make sure the privacy and security of all types of guns and their technology.
In the event an unauthorized person uses any of the supported guns, the gun owners are notified through their smartphones.
The Blocksafe foundation was created with an aim of helping innovators to outsource their safety concerns.
It helps that its founder, Kevin Barnes, understands the dynamics of the gun industry. He’s a US Army veteran who also dabbles as a coder.
His mission was to create a platform that reduces gun related crime while allowing innovators to create security applications that they could share with other users on the platform.
Blocksafe foundation kicked off its blockchain journey in 2016 when it launched a crowd sale.
The TRIG ecosystem is built on a LISK sidechain.
The team believes that the blockchain could help them revolutionize the guns industry because it’s decentralized.
It also enables users to execute fast transactions at low costs.
The blockchain also allows users to store and access data securely, without having to worry about its integrity.
The platform uses more than three consensus algorithms to support decentralized applications.
The platform records all activities related to supported guns.
For instance, when an unauthorized person fires a gun, the platform can record the place and time and notify the registered gun owner through their smartphones.
Understanding TRIG coin
The TRIG token is based on the counterparty technology, although it still runs smoothly on the Bitcoin blockchain. Blocksafe users need TRIG to gain access to the TRIG network.
TRIG also acts as a security token because it allows users to lock the identity of their guns anonymously, without third-party involvement.
Users who handle consensus requests are rewarded using the TRIG tokens.
The team forged 100 million tokens. Unlike most cryptocurrencies, TRIG cannot be mined. It’s tradable in exchanges and can be used as a method of payment.
Advantages of TRIG
The Trig token offers a number of benefits to gun users and manufacturers.
First, it’s anonymous and secure; welcome features for a gun industry that values privacy. Secondly, it allows users to anonymously transact business in the network.
It also enables users to store and share gun related data on the blockchain.
By so doing, they can trace misplaced or lost guns and reduce illegal gun use.
The use of three consensus algorithms also makes it easy for innovators to create and run decentralized applications.
The Trig platform has many practical use cases in a variety of industries, meaning that an y person holding it could use it in many industries, including; litigation, insurance, manufacturing and many others.
What makes TRIG different?
Unlike many other tokens that target the guns industry, TRIG assures users of physical security.
The Blocksafe network and its smart gun technology is the first blockchain project that has the capacity to revolutionize the guns industry.
It’s also among the few that uses multiple consensus algorithms.
On the flipside, the TRIG token is not available in many platforms, translating to limited trade.
Cryptocurrencies are known for price volatility and TRIG is not an exemption.
The altcoin has experienced the highs and lows of the industry, having seen its prices reach a high of over $9 before tumbling to lows of less than $1.
Recently it has been removed from a few exchanges because it's parent company is going public.
After its launch in 2016, the price of TRIG stagnated momentarily before shooting in October 2016.
It rose astronomically between October 2016 and December 2017, moving the coin’s market capitalization from a lowly $1.5 million to an impressive $245 million.
By December 2017, the price of TRIG was $7.69
Then came 2018, when the industry saw a sharp decline.
TRIG wasn’t spared.
Its price took a beating, plummeting to $1.67 in January.
Its free-fall continued in following months. By July 2018, it has stooped to $0.08.
As of August 2018, TRIG’s market capitalization had shrunk significantly.
It’s worth noting that TRIG is closely linked with BTC, and that's why the market trends of BTC tend to influence the price of TRIG.
Due to the price volatility associated with the cryptocurrency industry, no one can really predict the future prices of TRIG.
At the moment, most TRIG investors have their eyes firmly trained on BTC.
As mentioned, any positive BTC developments could easily translate to good news for TRIG investors as the two cryptocurrencies are somehow linked.
Despite the low prices of TRIG, Blocksafe is building a trusted solution that could positively impact the guns industry.
As it gains traction, the altcoin is expected to be added to more exchanges. When this happens, its price could go up.
Should you invest?
Like most blockchain projects, TRIG promises to deliver a practical and anonymous solution. Here’s why you should consider investing in the TRIG token.
Firstly, the project itself has practical use cases, not just in the guns industry, but also in others. These include; insurance, litigation, and others.
With such a wide scope of use, it could go mainstream if it’s widely adopted.
Secondly, the Blocksafe team is innovative and experienced.
This essentially means they are capable of building a revolutionary product that could become the backbone of the guns industry.
However, despite the potential of the project, their white paper does little to pickle the interest of investors as it leaves out the technical details on the project’s implementation.
As with any other cryptocurrency, it’s advisable to weigh the pros and cons of TRIG before making an investment decision.
Buying and storing TRIG tokens
If you missed the TRIG token sale event, you can still buy some on Binance but other then that it's not available.
As mentioned earlier, TRIG tokens are based on the counterparty technology. As such, coin holders will need to get hold of a counterparty wallet where they can store their tokens.
Getting a wallet and storing your TRIG coins should be easy and straightforward as most counterparty wallets allow users to pay transaction fees using BTC.
It’s no secret that the blocksafe foundation has created a practical solution for the guns industry.
Their distributed ledger allows gun users, manufacturers, sellers and law enforcers to anonymously and securely track and manage their guns, and related technology and hardware, including ammunition and magazines.
What’s more, innovators can also create and share dAPPs on the platform.
The fact that TRIG is applicable in many other industries makes it a credible long-term project that could be widely adopted.
If this happens, it could easily become the backbone of the smart gun industry.