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Tron (TRX) should not shoot itself in the foot too often as Verge did

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Tron Verge

If you’re a cryptocurrency aficionado, you have probably seen plenty of news about Verge (XVG) over the last few months. Some of those have been pretty bad and while the maxim goes “there is no such thing as bad publicity” Verge’s deeds and performance seem to be the exception to the rule.

Let’s quickly review the most recent things that have put Verge in the limelight and why they’ve not been so great.
First of all, a few weeks ago, Verge’s leadership made a lot of hype around the announcement of a new partnership. Then Porhub turned out to be the partner in question. 

It didn’t go down very well anywhere in the crypto community. Getting involved in porn was always going to be a controversial move, for a start. And then all that previous hype created disappointment as observers were asking the question “all this because of a porn site? Really?”.

Don’t get me wrong, the Pornhub partnership was and will remain a very savvy business move, but its implementation was so clumsy that all the advantages it should have had regarding coin performance and rising price have been hampered because of the controversy. But this is peanuts. The enormous amount of new users Verge is acquiring through Pornhub, along with the demand it creates for the asset, will end up boosting the coin’s value, long as it may take.

The other main problem with Verge is way more severe and, unlike the Pornhub vs. performance issue, really endangers the whole project and it won’t just go away on itself. Verge has been hacked three different times over the last three months. That’s not the worse thing.

The worse thing is this: the very same attack was used all three times to create Verge tokens outside of the blockchain successfully. And not only the same kind of attack but almost the same type of procedure every single time.

There are two reasons for which the news about the hacks is so terrible.

Firstly, the whole point in the Verge project is supposed to be in the creation of a cryptocurrency that privileges the security, anonymity, privacy, and reliability as the project’s core values. Getting hacked three times in the very same way undermines the project credibility seriously.

Secondly, the fact that it happened three times in three months suggests that the project’s leaders and developers are doing nothing to fix the issue.

All the issues mentioned above have prevented Verge’s rise in price and even made it drop at times.

How on Earth is this related to Tron, I hear you ask. Fair question. Let’s talk about hype first. Justin Sun (who is never afraid to create lots of hype when every new Tron’s milestone comes close) announced a fortnight ago the publishing of secret new project by the end of the current month.

Because of Jack Ma’s and Justin Sun’s close friendship, one of the speculations in this regard is a partnership between Tron and Alibaba. That would indeed be huge. 

On the other hand, if Tron pulls a Verge and announces something that the community deems to be disappointing, that will hurt both Sun’s credibility and Tron’s TRX price.

If such disappointment would drive Tron’s price even lower it would be pure hell for them since the current bearish trend in the market is already hitting them.

The eternal problem with markets is the conflict between long-term and short-term value. A company or product that gets its fundamentals right and has real-life usefulness and value will always end up producing wealth.

It’s called competitive advantage. But in the short term, it’s all about fears, rumors, expectations, irrationality and other factors that have little to do the company or the product itself and everything to do with the market itself. That is why an to overhype could be so dangerous for Tron.

All that being said, if a general disappointment does happen, it could just be an excellent opportunity for rational investors as well. Tron’s fundamentals are such that they make it one of the most solid projects in the cryptosphere. It’s both a foundation and a cryptocurrency with a clear purpose, the ambition and the resources to make things happen so we think that even if it could have some hiccups at some point, its long-term high value is one of the better bets you will find among all digital assets.

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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 Maxpixel.net

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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