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Tron tokens worth of $50 million burned, now what? Will TRX price rise?

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Yesterday, June 25, 2018, was an exciting day for Tron Foundation; this is because the cryptocurrency scored its independence and became a ‘self-governed’ platform. Also yesterday, Tron celebrated its Independence Day, and Justin Sun stated on the official Tron Foundation Blog the events that were to commemorate and perhaps the most important of them all was the token burning event.

The burning of coins in the crypto-sphere ensures that the tokens left will be re-valued because most digital currencies have a finite average number. Furthermore, a coin burn can also be seen as a way of generating new tokens to destroy the tokens that were not sold.

Tron Foundation earlier disclosed that after the $1 billion worth of coin burn, it would conserve a substantial number of “locked” tokens to avoid an inflationary process and to protect the value of TRX tokens:

“The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.”

Tron’s coin burn marks the greatest in history as the most significant amount of currency burnt in a day in celebration of a historic moment, according to Tron Foundation.

It is important to note that Tron Foundation stated that the burning of tokens would begin from the foundation holdings making sure that token holders aren’t affected in any way. These events plus Tron’s MainNet (Odyssey) launch process will be the finale of all research and development works done by Tron Foundation and its users.

Nevertheless, Tron’s coin burn can be seen as a new phase for the blockchain platform. As this phase got actualized yesterday, new TRX tokens were distributed to exchanges, and also, wallets got swapped. It simply means that as a user of Tron (TRX), if you HODL the token, there is a high possibility that your wallet or exchange might be automatically swapped.

In addition, exchanges will decide when they would want to move their TRX tokens from ERC20 to Tron MainNet tokens. After TRX tokens have been moved to Tron MainNet tokens, users could withdraw their tokens and make deposits on the wallets supported by Tron and begin to vote for the first Super Representatives Election slated to hold on June 23, 2018. That’s all done.

Right now, the price of Tron (TRX) is in the red, and this is due to the current market situation. With Tron’s (TRX) coin burn and the migration of TRX tokens from ERC20 to Tron MainNet tokens, the price value of TRX has the ability change.

However, a change in the price value of TRX may not be actualized due to the market volatility and other factors that control the value of the tokens daily. Also, the tokens that got burned were not a part of the circulating supply, which means that the coin burn will not affect the market supply. So, it is not ‘must’ that the coin burn will affect Tron’s price dramatically. For now, let’s keep our fingers crossed and see how things unfold in the next few weeks!

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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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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…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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