Connect with us

Blogs

How will EOS and Tron’s migration from ERC20 affect Ethereum?

Published

on

EOS TRON ERC20 migration
READ LATER - DOWNLOAD THIS POST AS PDF

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.

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:

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.

For the latest cryptocurrency news, join our Telegram!

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

Blogs

Reasons Why 2019 May Be A Great Year For Crypto

Published

on

crypto
READ LATER - DOWNLOAD THIS POST AS PDF

The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.

The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.

With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.

1) Bearish market to loosen its grip

The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…

Continue Reading

Blogs

3 Coins with the Largest Potential in 2019

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.

Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.

  1. Bitcoin (BTC)

Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.

One thing that is expected is the approval of Bitcoin ETFs…

Continue Reading

Blogs

Do or Die: 3 Crypto Projects that Really Need to Deliver Soon

Published

on

crypto projects
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.

The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.

However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.

1) Ethereum (ETH)

Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…

Continue Reading

Elite