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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Elite