Both EOS (EOS) and Tron (TRX) are leaving the ERC20 technology behind to create their native Main Nets. Firms and partners have supported Their decision, and it seems this could become a massive problem for Ethereum.
The launch of both coin’s native Main Nets is already announced and in place. But some crypto enthusiasts (especially Ethereum enthusiasts) are not very optimistic about this, and they predict this will bring those other altcoins down.
They’re not alone. Some Tron and EOS users are not that happy either (Tron’s, especially) have been expressing doubts about what the emigration will do to the coin’s value.
Mr. Justin Sun, who is Tron’s founder and CEO (and also an Alibaba‘s Jack Ma’s protege which doesn’t hurt his credibility) has addressed this concerns by saying there’s no reason to be alarmed, and that the coin’s development is looking to protect the user’s interest.
Mr. Sun says,
“The TRON Foundation decides that TRX only supports migration to exchanges for the sake of the safety of users’ assets and hopes that this allows ordinary users to avoid the risk of losing assets just for missing the snapshot time in the mapping snapshot mode.”
Justin explained the advantages the Main Net will bring in scalability, speed, and TPS (transactions per second). He continued,
“Our main goal at Q3 is to fully support third-party apps and provide third parties with stable and reliable system-level support, including high-performance pluggable smart contract virtual machines and optimized P2P network systems. In Q4, we will focus on cross-chain communication and privacy protection.”
Despite doubts, the migration announcement for both coins has created expectations that have strengthened them both. EOS became the fifth world’s digital coin, and Tron went tenth (fell to the 10th position just recently, though).
The migration to Main Net
EOS will migrate on Jun 2nd. Tron will start on 21st of June. Both projects work on blockchain tech (obviously) and Ethereum’s ERC20 smart contract at the moment. The migration will leave that tech behind.
Ethereum and ERC20
ERC20 is the Ethereum blockchain tech that allows creating tokens for trading. The full form of ERC20 is Ethereum Request for Comment and 20, which is the number assigned to a specific operation.
ERC20 has been around for about 18 months, and it’s Etherum’s primary tool.
The network allows developers to foretell how tokens that are new to the market will do; it also sets rules for the miners.
Other tokens use the Ethereum system and ERC20 sanctions those other users to access data about tokens and transferability.
Can the migrations make a mess for Ethereum?
The migration is a big deal as it possesses two coins that are in the top ten.
As these both coins leave the Ethereum ecosystem, their users and resources will move as well, which undoubtedly is not great news for Ethereum.
T-21 days until Mainnet launch! #TRON will be one of the most competitive mainstream blockchains with the most users. We graduated #1 from the ETH platform with 1.08M+ users, more than OMG and EOS combined. ETH was just a prelude. Now for the main act 🎵😎 $TRX pic.twitter.com/Oyj4XN1T7l
— Justin Sun (@justinsuntron) May 9, 2018
Besides, Mr. Justin Sun talked about getting their hundred million Dapp members away from Etherum to Tron’s Main Net, and that could be really bad for Ethereum. After that, Mr. Sun has been singing the Tron’s praises over Etherum much to Ethereum users discomfort.
Just recently, he said,
“From today to the last day, we are no longer the ERC20 token, and in the future, we will compete with Ethereum as a DApp platform.”
Justin Sun declared,
“We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum. I will explain to you why we can surpass Ethereum in the future”
To Ethereum’s chagrin, Tron TRX has been doing great after the announcement. It’s been gathering support, new partnerships, and huge growth. If Tron can actually move its 100M Dapp users away from Ethereum, it could become the largest cryptocurrency int he world.
If that wasn’t enough, some crypto industry giants have been pledging support for Tron’s migration, including Bitfinex, KuCoin, Binance, and OKEx
Sun went on comparing, two blockchains, earlier this month, as he tweeted:
Why #TRON is better than #ETH: 1. 10000TPS vs. 25TPS 2. zero fee vs. high fee 3. consistent Coinburn vs. no coinburn 4. Java vs. Solidity 5. strong extensibility vs. no ex. 6. 1 billion USD developers rewards vs. no plan 7. 100 million users vs. small number #TRX $TRX pic.twitter.com/WvxH5EToa8
— Justin Sun (@justinsuntron) April 6, 2018
In conclusion, while it’s very clear that EOS is still far away from the Ethereum, Tron’s users could turn it into Ethereum’s biggest competitor. It is still growing and developing and getting the support of some very important firms around the world.
That being said, Ethereum isn’t a new player, so they will likely know how to balance things out.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Chart courtesy of Am Kaiser via Flickr
Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…
6 Blockchain Predictions For 2019
As 2018 moves closer towards its end, investors, developers, and tech enthusiasts are starting to turn their gaze towards the future. 2019 is less than two months away, and it promises new breakthroughs and large changes. This is especially true when it comes to blockchain technology.
While 2018 was an important year for this technology’s development, many are wondering what awaits us in the near future. Because of this, we have created a list of 6 predictions regarding the blockchain, as well as what might happen to it in 2019. Let’s begin.
1. Search for new and better business use cases
Blockchain technology is wrongly seen by many as a magical way to resolve all issues that we struggle with today. However, while it is true that blockchain can help with a lot of them, there are still numerous other problems that are better suited to be solved by alternative technologies. Robotics, AI, and similar technologies are not to be discarded in blind faith in the blockchain.
Researchers and developers have recognized this, which is why 2019 will be dedicated to finding specific use cases for blockchain technology. Blockchain will be used in situations where it can have the strongest positive impact. In other words, the goal is not to find places where this tech can fit, but to find places where it is the best fit.
2. Fixing blockchain industry’s image
For a lot of people, blockchain…
TRON DEX Goes Crazy, TRX Founder Asks For More Projects
Less than a week ago, TRON (TRX) community uncovered a new DEX (decentralized exchange) on Tronscan.org. Since TRON community is among the strongest and most supportive communities to ever support a coin, trading activity on this DEX quickly skyrocketed.
So much so, in fact, that TRON’s founder, Justin Sun, felt that he should share this fact on his Twitter account.
— Justin Sun (@justinsuntron) November 13, 2018
TRON DEX sees massive growth in activity
Since Sun shares a lot of traits with TRX community, such as tirelessness and fascination with this project, he was quick to urge the community to come up with additional tokens and projects.
While Sun’s statement that the activity on the DEX is “going crazy” is pretty accurate, many do not realize just how accurate this is. It should be pointed out that the number of tokens on the exchange was 3 on November 10th, when the DEX was originally uncovered. Today, on November 13th, the number of available tokens has doubled.
In addition, 4 out of 6 trading pairs offered on the exchange have experienced significant gains, with the remaining two experiencing only slight drops. The growth was experienced by Dice/TRX (146%), TronWatchMarket/TRX (8.27%), WIN/TRX (89%), and SEED/TRX (1.73%). The drop was experienced…
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