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Tron’s (TRX) $100K Mainnet bug bounty tells a lot about their confidence

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Tron (TRX), one of the substantial blockchain based operating system and top 10 cryptocurrencies in the world launched their Main Net yesterday without any hitches or glitches. The migration of Tron’s network from Ethereum’s blockchain to its resident blockchain has been the most talked about event inside the cryptocurrency community. Right after the Main Net launch, Justin Sun, the founder of Tron, announced compensation for anyone who will be able to find any security hole in the Main Net.

Posting on his Twitter account, Justin revealed a huge reward to anyone in the general public or from the developer’s community who will find any erroneous coding in their Main Net. With the migration set to take place on 25th June, everyone is encouraged to take part in the reward program that will end on 25th June.

Justin Sun tweeted:

By doing this, Tron will be able to detect and fix issues if any is found. This smart move from the founder and the management is to deploy a proper firewall that will prevent future hitches and glitches in the Tron system.

Tron is not taking any chances with its new blockchain and is investing big money in ensuring their Main Net is safe and secure unlike EOS, who offered a $10,000 bounty for any critical bug that has the potential of risking their main net launch on June 2.

Some bugs could be small, pose no risk, easy to solve, and does not directly affect the network entirety. However, if you manage to spot a huge error that might allow hackers to take advantage of the loophole to steal big amounts of TRX coins, this is worth the bounty payment of  $10 million ($10,000,000).

Justin’s Personal Invitation

Tron’s CEO personally invited all interested parties in joining the crypto’s Independence by downloading the Odyssey V2.0, Tron’s main net, on GitHub. It is also an exceptional time for any developer who wants to prove their skills are worth $100K. In retrospect, it only demands a few days of sitting in front of your pc and going through a bunch of codes.

It seems Justin Sun learned a lot from the trouble Ethereum faced with the EOS case where glitches in Ethereum’s smart contracts got around 600,000 ETH of user funds frozen in the Parity Wallet platform. This was discovered last year.

The entire Tron foundation, management, and Justin Sun can be lauded for a job well done for successfully launching the Main Net without any technical difficulties and going even ahead to invite computer geeks to tinker with their system in a show of confidence in their new blockchain.

What’s next for Tron?

At present, Tron (TRX) is trading at $0.057, a 5.51% decrease in last 24 hours. So, Tron is still on its losing trajectory in a market that either is not moving upwards as of now. Either way, experts are predicting an upsurge of value shortly after the Main Net settles down. It is just a matter of time before we see this happens.

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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

Altcoins

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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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