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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

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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