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Tron (TRX) Sees the Silver Lining
Volatility is part and parcel of the cryptocurrency market. The first quarter of 2018 had largely seen a bearish trend in the cryptocurrency market and most the coins were in the red. However, the beginning of Q2 of this year seems to have brought on the silver lining.
Top-ranked cryptocurrencies like Tron (TRX) have overcome the turbulence and seems to have geared up for a bull run. Those who have been watching TRX think that the crypto-coin is going to make a big development in the near future that will list it within the top ten cryptocurrencies. One major reason behind this development of Tron (TRX) is its hardworking and enthusiastic development team. Some reports reveal that near about 41 contributors have given over 1,440 commits.
Justin Sun, the founder of Tron, had recently announced on Twitter about a possible liberalization of cryptocurrencies in Taiwan.
“Livestream with Taiwanese legislator Jason Hsu in 30min at 11 am GMT+8 to talk about blockchain & cryptocurrency. Taiwan is moving towards liberalizing crypto! Livestream in Mandarin, EN subtitles coming soon.”
Justin Sun Challenging Vitalik Buterin and Ethereum (ETH)
The challenge started when Justin Sun had started comparing the Ethereum blockchain to Tron on Twitter. Sun mocked that the transaction rate on the Ethereum blockchain still stands at 25 transactions per second. Moreover, the fee for these transactions is also higher than that on the Tron blockchain (zero fees). The launch of the test net of Tron last month had heralded separation of Tron from the ERC20 platform. This is expected to seriously affect Ethereum considering the fact that Tron has an extensive user base on its dApps. If the features provided by Tron offer more than that of Ethereum then the users are more likely to migrate from Ethereum. According to Justin Sun, Tron has developed its native platform by keeping in mind what Ethereum lacks.
Justin Sun’s voice clearly stated on the launch event of the test net:
“From today to the last day, we are no longer the ERC20 token and in the future, we will compete with Ethereum as a dApp platform. We will compete face-to-face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum. I will explain to you why we can surpass Ethereum in the future.”
Tron presently boasts having over 100 million users on its dApps. These will be transferred to the main net after its launch. This can even make Tron one of the largest blockchain dApp platforms.
With the launch of the main net, Tron claims that it is capable of solving scalability issues. Progressing towards the path of completely solving it, the Tron network will be able to conduct 1000 transactions at the rate of 1000 per second after Main Net’s launch. It is expected by the development team that the number will only increase as the developers continue to add to the platform. Tron has interested many cryptocurrency enthusiasts and recently Justin Sun had declared that there are more than 2500 active nodes in 31 countries. The statistics suggest the Tron main net project as one of the most active projects in the cryptocurrency arena.
The Tron Airdrop of 30 million coins
Even though Justin Sun had challenged Ethereum that the development team will raise Tron to newer heights, it cannot be ignored that Tron was initially developed as an ERC20 token on the Ethereum blockchain. Tron had thus generously announced on 21st April 2018 that it will airdrop 30 million TRX to the Ethereum community. According to the team of Tron:
“TRON will airdrop 30M TRX to the Ethereum community as a show of our gratitude towards Ethereum for their support during TRON’s ERC20 phase, in addition to preparing for the Super Representative Elections after mainnet launch. TRON will airdrop 30M TRX (equivalent to approx. USD$1.7M) to an active user with a balance of over 1 ETH after January 1, 2018.”
The airdrop will reward 10 to 100 TRX tokens to the ETH holders that they can exchange for the main net tokens later. The TRX token holders will have the right to decide on the different types of nodes and delegates.
According to coinmarketcap.com, at the time of writing, the price of TRX shows $0.07 USD approximately, the volume (24h) nearly $570 million USD. (As of 24th April 2018) The news of the airdrop saw a surge in the market cap. The recent developments and the unique features of the crypto coin are lending towards an uptrend in the second quarter. According to the team of Tron, the objective in Q3 of 2018 is to offer comprehensive support to third-party APPs and also aims to provide reliable system-level support. It will also incorporate optimized peer to peer network systems and performance focused pluggable smart contract virtual machines. The last quarter of the year is reserved for cross-chain communications and privacy concerns.
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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 Gina via Flickr