The feud between Justin Sun and Vitalik Buterin has been very public and the leaders of Tron and Ethereum respectively have been at each other’s throats from the day Tron announced its own mainnet. Recent evidence seems to point to Sun getting the better of Buterin for the time being, particularly in the areas that Sun said they were looking to make the greatest impact. These areas are dapps and smart contracts.
USDT could be what puts Tron truly ahead of Ethereum
While Tron has been making waves in the dapp sector, outpacing Ethereum to gain an extensive lead with the number of active users. Tron has boasted that they have over 267 thousand active users, which makes the Ethereum (151000) and EOS (197000) numbers pale in comparison. These aren’t numbers that are received by internal surveys though, they all come from a trusted third party site called DappReview. Following on from the acquisition of BitTorrent, the number of users that Tron has could catapult into the hundreds of millions.
Then there has been the launch of USDT on the Tron mainnet. USDT is a stablecoin that is backed by dollars. One USDT, one dollar. It retains a stable value because it is backed by a stable currency – the most stable in fact. Hence the term stablecoin. Due to the currency being pegged they can act as a fantastic medium of exchange on the extremely volatile cryptocurrency markets while at the same time being traded back and forth much like other cryptocurrencies.
USDT has been relaunched on the Tron mainnet and it is going to be using the TRX20 token protocol. Sun is looking to use the partnership to allow the cheap, quick cross-border transfer of monetary value and it is all going to be on his network. Blockchain is cheap, fast, secure, reliable and decentralized. Killing off the volatility of other cryptocurrencies is key to making a token useful as a means of payment.
What could it be good for?
Having the option of a US Dollar backed token on the TRX framework will give P2P payments a lot more validity should they be done over Tron’s network. Remittances will be far faster than ever before and cost a lot less. Many people all over the world send money to families in developing countries. Someone earning thousands of dollars can totally change the lives of their family by sending $100 to their homeland.
The problem with that is the cost. Many services (banks, Western Union) charge a hefty fee for sending money. They use outdated systems that are not built for this modern world. It is the biggest driver of blockchain adoption in the world and Tron is looking to get in the game big time. Other uses could be payments for entertainment (particularly with the buying out of BitTorrent), microfinancing and crowdfunding. All these activities will be made much easier now that there is a stable store of value on the Tron network.
Shadows behind the scenes
there are problems with Tron, however. Many in the crypto industry see him as a single point of failure and laugh when anyone mentions that Tron is a decentralized network. Many believe (rightly) that it is in fact far too centralized. There is also the quirks of the CEO to take into account. He was recently made to look a fool by announcing a partnership with Liverpool FC, only to have spokespeople who were asked for comment to reply with “What is Tron?”. If he can calm his leadership and show that Tron is serious about decentralization, then we might have a winner on our hands.
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.
Image courtesy of Pexels
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…