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Is Tron TRX really a big deal or just hot air?

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Tron TRX
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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:

This made Ethereum’s leader, Vitalik Buterin, react by accusing Mr. Sun of copy and pasting his content. He was not very pleased.

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:

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:

Reddit user on Tron

The snapshot of Reddit user’s comments.

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

Altcoins

HODLing Stellar Is A Good Plan For 2019

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HODLing
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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Altcoins

Reasons To Invest In Electroneum In 2019

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Electroneum
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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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Bitcoin ETF
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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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