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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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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