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How Tron (TRX) future looks after locking 33.25 billion ERC20 tokens?

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The latest from Tron Foundation is the completion of its token migration and the official launch of the June 25th Odyssey 2.0 mainnet. The Odyssey v 2.0 launch was supervised by the Tron Independent Group (TIG) who made the process a success.

And in keeping with safety precautions, Tron foundation saw it best to lock all the virtual assets in tune with the changes Tron (TRX) was undergoing. Tron now stands on good ground with the launch of the genesis block complete. The Tron community is now waiting and anticipating the results of the expected election exercise of its Super Representatives.

During the token migration, one of the highlights of the event was the burning of 1 billion ERC20 TRX affiliated coins with an estimated valuation of more than 50 million US dollars. It stands to be the most substantial coin burn in cryptocurrency brief history.

As a sign of celebration on their part, Tron foundation had indicated days before the ‘Independence Day‘ migration that they would be destroying 1 billion digital assets as a sign of celebration and freedom from their frustrating master, the Ethereum blockchain. And true to their word they did precisely that on the very same day they went live as an independent blockchain.

A day after the first block on Tron TRX’s platform was produced, Tron Foundation published an article through their official Medium handle stating Tron’s blockchain browser had revealed that its addresses had 99 billion TRX. Confirming that indeed 1 billion digital assets were burned which means the current circulation supply of over 65 billion digital coins leaves about 33 billion digital assets to be held by Tron Foundation.

The Tron TRX team has already shared indications that the digital coins will remain locked up until January 2020.

Many on hearing about the coin burn view it as an inhuman act towards your former master and towards a valuable asset; a coin burn means the coin is removed from the total supply and done away. It’s like the end of the coin’s lifespan. In the Tron situation, the Foundation could have most likely sent the old TRX tokens to a restricted, protected, dead wallet that’s unreachable to the general public.

Due to the nature of the ‘dead wallet’ the digital assets are made irretrievable, and despite the prices of the digital assets destroyed, Tron (TRX) seemingly does not see it as having a profound effect on its price and market valuation as of now though.

What is next for Tron (TRX)?

At the moment, Justin Sun and team seem to be making all the right moves. But despite making long strides, the journey is still long for Tron just like any other virtual currency. The hard work still lies ahead.

The future of Tron and its currency, Tronix looks bright. A joy for investors and holders who will stay loyal and hold through the current dismal performance and low prices (yeah, the token is also picking up alongside other cryptos in last 48 hours or so already). All odds seem to be on the cryptocurrency’s side already, let’s wait and see how Tron shapes with the time.

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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.

Image courtesy of Pxhere.com

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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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…

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