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TRON (TRX) Makes Progress as Mainnet Date Reaches Close

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The entire crypto world is brimming with excitement for its Test Mainnet which is going is to happen at the end of the current month, the 31st. On that day, the Tron blockchain is supposed to migrate from its existent ERC-20 standards to its own blockchain. Recently, more announcements have been made by Justin Sun, the founder of Tron regarding the progress being made for the fated day. If we consider Tron’s recent performance in crypto markets, there are signs of recovery and support from its dedicated community aka Tronics. Token holders have already been notified to transfer their TRX from Ether wallets to exchanges which are supporting the migration in order to avoid withdrawal and trading. In this article, we shall discuss the most recent progress made by Tron Foundation for the upcoming event.

Support for Mainnet for D-Day Increases

Tron has already announced that the token migration from ERC20 to mainnet TRX is going to take place between 21st June to 25th June. A TRX holder has to deposit the coins to mainnet supporting exchanges before the last date of migration. Some of the biggest cryptocurrency exchanges have declared their support for Tron Mainnet migration. Recently on their twitter, Tron foundation shared a picture that contains names of all renowned TRX migration supporters. The list includes Binance, Bitfinex, Gate.io, Coinnest, Coinrail, Bit-Z, BiBox, Bittrex, Bixin and Zebpay. The co-operation Tron has received from these crypto-influencing giants is sure to result in a movement in Tron’s status on charts and contribute to its current rankings. The founder of Tron has already made a clear statement that with the Mainnet release, TRX is headed towards becoming 6th largest cryptocurrency in the globe once again.

Tron’s Weekly Progress Report

According to the recent technical reports published by Tron foundation, there has been active progress towards the fast-approaching mainnet launch. Developers have improved log information and exception handling of network modules. The stability of network modules has been facilitated. The consensus mechanism documentation was improved by testing and reviewing funds-related code. They continue to work on increasing the transaction speed, repairing bugs and pressure testing. It’s evident that these weeks are going to be extremely busy for people at Tron foundation as they have a responsibility to successfully meet the expectation of the global community. Tron has also accepted on working with more digital asset trading platforms to support the token migration.

Bitpie Wallet Joins Hands with Tron

The latest addition to Tron’s token migration list is a well-known wallet service provider called ‘Bitpie’. Every person who has exposure to cryptocurrencies and the wallets holding them knows the efficiency and level of security provided by Ethereum wallets (either hardware/cold wallet storage) such as MyEtherWallet and Ledger Nano S. in case a TRX holder has kept their coins on either wallet are advised to transfer to the above-mentioned exchange wallets. Tron has recently posted on medium regarding Bitpie wallets supporting Tron tokens migration and blockchain upgrade. According to the announcement, TRX holders and investors are being urged to deposit their ERC20 compliant TRX to Bitpie wallets in order to receive the equal amount of TRX tokens. There will be a weekly exchange for those who choose to deposit TRX after 21st June. This recent announcement has relieved Tron’s community since it’s the first wallet support declared for Tron migration and the Bitpie wallet is a user-friendly wallet with functions such as instant trade, built-in exchange and it can successfully manage blockchain asset for its users.

Other Upcoming Tron Events

It’s not just the token migration and the mainnet release for which Tron has made quite an effort to stand out, the team behind Tron has already mentioned its other launch events which are to take place close to the mainnet day. Tron is also expected to launch Virtual Machine, Tron VM v0.1 on 25th of May for which TRX holders and investors are keeping their eyes peeled. The virtual machine will pave Tron’s path towards TRX migration and become a separate crypto entity. The Tron virtual machine is made in such a way that it would be compatible with ethereum virtual machine. Among all the details of the upcoming virtual machine release, it is developed to ensure that all dApps which were originally built on Tron’s platform based on Ethereum can migrate their projects with ease. As far as the trails of announcements go, the expectation bar for Tron is rising higher. Although the currency hasn’t made a prominent upward trend since a few days, there are chances that bulls are HODLing TRX closely.

Final thoughts

As per the current data on CoinMarketCap, Tron is placed as the 10th biggest cryptocurrency of the world with an individual price of $0.072 USD that’s increasing at the rate of 9.53%. after the recent recovery signs, the total market capitalization of Tron has reached an approximate of $4.72 billion USD and since the past 24 hours almost $468 million USD worth TRX has exchanged hands, which signify that the Tronics have already started depositing their ERC20 Tron coins on mainnet supporting exchanges to prevent all sorts of losses due to the upgrade. Though the current situation is exciting for Tron there’s still chances of the paradigm getting shifted. So its advisable to stay on the safe side and enjoy the show.

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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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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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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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