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Tron is no longer an ERC20 Token: Time to make the switch!

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Since Tron’s new network went live, the price of TRX has not performed as expected. Impatient holders of TRX waited with baited breaths for a bullish rally in terms of price while the new month of June ushered in a new chapter for TRON. During the live stream of the launch that went public on May 31st, Odyssey 2.0 was set in motion as the TRON team once again proved their commitment and dedication to the project’s vision of web decentralization.

Frankly, TRON has outperformed most cryptocurrency projects, including big hitters like Ethereum, considering it’s a young company that is barely over a year old. For instance, the Ethereum mainnet development process took years while Tron has managed to complete its own mainnet in just 3 months. That says a lot about the team and the passion of the leaders of this startup company.

Independence Day

June 25th is fast approaching and with that comes the much anticipated TRON independence day. In a bid to prepare the TRON community for this, TRON has moved to officially announce the discontinuation of ERC20 services on its official Tron website. At the moment, ERC20 deposit services have already been discontinued while June 22 will see the discontinuation of ERC20 withdrawal services. This means that anyone holding ERC20 TRX tokens should submit a request for withdrawal to the Tron support system before the deadline set at the end of the year elapses. Community members have also been encouraged to confirm their remaining ERC20 TRX balance and make plans to withdraw and migrate to mainnet tokens.

What next for TRON

By now, Tron has accumulated over 1 million token holders and the migration after the launch of the mainnet is certainly going to affect a good chunk of the crypto world. To make sure everything is up to speed, especially on the technical part, Justin Sun (Tron’s CEO) introduced a bounty program for developers and bug finders to assist in the development of the mainnet once it went live on GitHub.

Tron’ mainnet is still at its early days, and even though TRX’s price has not reflected the hype and excitement that came with the mainnet launch, there is certainly more to expect in the coming days. There are already a couple of exchanges that currently support the token migration. According to Sun’s twitter post, CoinEgg is one of the latest supporters of the Tron Blockchain migration and token holders can move their ERC20 tokens to this exchange so as to receive the new mainnet tokens. CoinEgg will be joining other crypto marketplaces like OTCBTC who has already announced their support for the migration.

Moving forward

It doesn’t stop there. Tron is set to be the new solution for increasing liquidity for both fiat and cryptocurrencies with its new partnership with Shift Markets. Shift Markets is a New York-based FX broker with years of experience coming up with crypto exchange solutions. The partnership between Tron and Shift Markets will enable the use of TRX to bridge the gap between tradition currencies and cryptocurrencies. As a result, Tron will be available in more than 9 countries.

Final word

As it stands, it might just be too early to dismiss Tron even after the much hyped up mainnet launch seemed to disappoint. Granted, the price of TRX hasn’t skyrocketed as most investors expected, however, with more partnerships and platform developments, a lot is to be expected from this young project.

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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.

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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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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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