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

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EOS TRON ERC20 migration
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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.

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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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