Before I start explaining how Tron (TRX) Mainnet, Odyssey, is enhancing the chances of Tron adoption already, I need to explain some crucial thoughts with you. That’s, the whole cryptocurrency experience is still in its initial stages. Take fiat currencies as an example: the US Dollar or the Euro do not need a fan base. Lots of people use them because they are accepted and considered to be stable currencies by everybody in the world. That’s because they are very well established and backed by several governments in the world and by users as a default.
Crypto coins are different. No government backs them up, and the general public is either ignorant on the subject or distrustful, and no cryptocurrency in the cryptosphere so far (not even Bitcoin) is so well established. That means that every digital asset needs a user base that makes it relevant. Also, the more a coin is used, the more its demand increases thus performing better in trades and exchanges.
In other words, every crypto coin’s success starts with its users and community members buying tokens and using them for digital transactions. If this doesn’t happen, that project or currency can never take off. That’s why it’s been quite impressive to see how Tron’s Tronix (TRX) fans and believers have been at the forefront in letting the world know that Tron’s new Main Net and new autonomous coins have turned some very high expectations into reality. At this point, Tron’s network is faster and cheaper than any other (except Ripplenet and XRP) so it seems that Justin Sun is delivering on the very bold promises he made before the launch.
Justin Sun himself was proud to retweet something by a user called @Kev_TRX_4_Life who wanted to share with the world how quickly he could do a Binance to TRX transaction. He quoted delivery times and prices. Three and a half minutes for TRX to be delivered into his wallet from Binance, at the cost of 0.1 TRX which is equivalent to a thousandth of a USD cent. Sending XRP back to Binance took two minutes. That’s indeed quite fast and cheap.
#trx – transfer speed.
That is uhmmm… FAST!!!!!! And CHEAP!!!
Buh bye #ethereum !
— cryptoJunky (@cryptoJunky6b) July 10, 2018
Some other users used the chance and the general euphoria to remind and explain to other users about the coin burn. Haven’t heard about it? Ok, let me tell you. For every transaction that is done using the Tronix token some of the TRX supply will be burnt (which means it will be withdrawn from the market permanently thus diminishing supply and increasing demand.)
It will work like this. Every time a new account is created over the Tron Main Net, 0.1 TRX will get burned; every single transaction will burn 0.001 TRX. The apparent consequence is that the more Tron users there are, and the more users that run Dapps over Tron, the more TRX tokens will be burned. So in Tron’s basic economics the success in expanding the project’s user base brings the supply down thus keeping prices high.
Tron has shown to have a very loyal and excited user base. They seem to be quite happy with Tron’s new environment and are supporting it to death and screaming it to the world. They are indeed adopting the cryptocurrency, using it and trading it, and this is a sign that both the Tron foundation and Tron’s users understand the mechanics in cryptocurrencies and they’re getting the fundamentals correctly.
This all promises a great future (and mass adoption in real-world shortly) for the project, the cryptocurrency, and the community.
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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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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…