A famous saying among marketers is that a considerable fraction of all the money you will ever spend on marketing is just a waste, but you can never tell what precise fraction that is. But marketing and promotion remain critical activities in any enterprise, and that includes the Cryptosphere. You can have the best blockchain operating at the higher transaction speed and a safe coin that’s easy to use, but if nobody knows it’s there, then nobody will use it, it’s as simple as that.
We’ve already seen projects in which marketing comes first; it’s designed and planned before the working product even exists. That’s how many ICOs have managed to raise money when the currency in question is still just a promise. Then the money raised becomes even more marketing, and sometimes that money doesn’t even go to develop the platform and the technology.
Which brings us to our subject. Tron lacks for no publicity, by now it’s probably the best-known cryptocurrency project in the world after Bitcoin. It has a massive number of fans and detractors. And they’re particularly good at marketing.
It all started as Justin Sun, Tron’s founder, CEO and the primary developer had a go at Ethereum at Twitter:
Why #TRON is better than #ETH: 1. 10000TPS vs. 25TPS 2. zero fee vs. high fee 3. consistent Coinburn vs. no coinburn 4. Java vs. Solidity 5. strong extensibility vs. no ex. 6. 1 billion USD developers rewards vs. no plan 7. 100 million users vs. small number #TRX $TRX pic.twitter.com/WvxH5EToa8
— Justin Sun???? (@justinsuntron) April 6, 2018
This made Ethereum’s leader, Vitalik Buterin, react by accusing Mr. Sun of copy and pasting his content. He was not very pleased.
8. Better white paper writing capability (Ctrl+C + Ctrl+V much higher efficiency than keyboard typing new content)
— Vitalik Non-giver of Ether (@VitalikButerin) April 6, 2018
The result was that Tron kept silent about Ethereum. They instead focused on launching and promoting their new Main Net (which will see them leave behind the Ethereum blockchain). Then, last June 1st, Mr. Justin Sun published again a graphic similar to last April’s one in which he, again, compares Tron vs. Ethereum to Tron’s advantages.
Some of the facts (which are more like promises) were revised, hopefully, to make them more realistic. The transactions per second speed went down to 2000 txps from 10000. Such a radical revision stinks of propaganda, something somebody wrote because it looked good and not because the technical data could support it in any way.
But the Tron Main Net is now deployed, and in public beta testing so this kind of number is now a matter of measurement, not marketing and if it doesn’t live up to expectations people will notice. Ethereum’s transaction speed remains at 25 per second which is quite slow (still, higher than Bitcoin’s) but Mr. Buterin and the whole Eth team are known to be working hard at updating the technology so that it becomes swifter. But even being that “slow,” Ethereum does transactions almost in a million, daily, which remains a dream for Tron.
Then there’s the issue about “100M dApp users” that Justin Sun claims to expect will join the Tron network almost immediately. True, Tron will be able to bring users in from Mr. Sun’s previous company, Peiwo, which does have a huge user base in China as a social media app and could indeed guarantee millions of new dApp users but, a hundred? It seems a bit of an exaggeration and few people are taking it at face value.
Simultaneously, Mr. Sun claims that Ethereum has users in the thousands, which is technically true but misleading. The IDEX app alone (Ethereum’s most popular one) has 150,000 users. While this number of users doesn’t mean it’s going mainstream, it’s still a far cry away from “thousands.” But Ethereum possesses hundreds of apps, that’s just the most popular one.
And we can’t talk about Tron’s marketing without saying something about the “developer rewards.” It was initially going to be a fund of a billion dollars used to motivate and attract new developers to create decentralized apps in the new Tron Main Net.
And now, it’s two billion.
It seems Mr. Sun has that kind of money lying around and, let’s face it; he likes being spectacular. And it looks like it works. This incentive package has accumulated 2,153 commits, merged 547 forks, added 102 new features, and released 15 software iterations. But let’s keep things in perspective, two billion is a lot of money, and it’s doubtful they will get enough developers to spread all that money around.
Mr. Sun: The charismatic leader
If you’re going to have a cult, you are going to need a personality behind it. In Tron’s case, that’s none other than the inimitable Justin Sun who has probably become the most recognizable and respected character in the crypto business. An exceedingly intelligent man who was personally invited by Jack Ma, the Alibaba‘s founder (I didn’t need to tell that, right?), in person to study at Hupan Unversity (which is Ma’s pet project, he is the principal and still teaches there).
After graduating from Hupan, he attended the University of Pennsylvania and went back to China where he started Peiwo, a social media app that is the one people in China and Asia prefer, it’s been an enormous success Peiwo alone has guaranteed Mr. Sun’s inclusion in the Forbes list of 30 under thirty for three years straight. After Peiwo, he founded Tron which is the organization behind the Tronix (TRX) crypto coin.
So Mr. Justin Sun has plenty of successes under his belt, there is no doubt about that. He’s among the best-respected businessmen in Asia, let alone China. And he’s excellent at marketing and great gestures. He’s eloquent, and nothing short of enthusiastic just read the following tweet by him:
— Justin Sun (@justinsuntron) June 1, 2018
The NASDAQ ad
So NASDAQ is dealing on Tronix now? No, not really. Tron just was in an ad on NASDAQ corner, they got mentioned in the ad, they didn’t become big business overnight. So they did hit NASDAQ, but this is advertising you can buy it if you have the money. So Mr. Sun is most likely making one of his legendary marketing moves, but this time he’s overdoing it. Tron is not on NASDAQ, just in the ads. Paid ads at that.
And there was the live stream. It got broadcasted at the same time the Main Net was launched. In this stream Mr. Sun spent more than an hour where he discussed (in untypically bad English) where Ethereum is left behind by the Tron, spitting out buzzwords and talking about transforming the world. It wasn’t a great cast (if you ask me), the light was deficient, and everybody around him was wearing Tron (TRX) t-shirts. While he remains a respected leader in the business world, this particular video made him look like more of a dictator.
That kind of move only helps Tron’s detractors. A user on Reddit who goes by the name ‘drstrangerub,’ has something really interesting to say about Mr. Sun’s marketing strategies:
He’s not probably wrong but does that matter so much? The world’s future could be in Asia so if they like to go for Justin Sun’s exaggerations what difference could that possibly make? It surely doesn’t help with the western audiences, but the west isn’t making the difference in the crypto world so far so, why should any serious player worry that much about them?
But even in that context, the western markets are embracing Tron. Tron’s Tronix currency is among the top cryptos then and, for all his posturing, Justin Sun keeps delivering on promises. That all said, I think there is no need to be panic as yet. From partnerships to connections and to listing on a huge number of crypto exchanges already, the project has put things together in the right way. Just let Tron’s MainNet settle down, and see it growing, starting from the end of this month.
So, in a nutshell: this is not the time to drop Tron. It just would be wise to see how the Main Net performs before going all the way in. But despite Tron’s marketing, it just could be the case that they do have a great product. We will find out soon.
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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
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. One of the ways to have a successful trading…
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.
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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.”
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