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Tron (TRX) CEO Justin Sun Challenges Ethereum and Vitalik Buterin

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A well-known figure in the cryptocurrency world, Justin Sun is undoubtedly charismatic. Of course, that level of confidence and outreach can occasionally cause friction. Sun recently made several comments on Twitter about the Ethereum blockchain, comparing it against his own Tron project. His dedicated community latched onto these statements and ran with them. Unfortunately, this caused some friction with the Ethereum community. This may seem counterproductive, as Tron’s TRX token is still firmly in place on the ERC20 standard. However, the recent launch of the Tron test net means that the two projects will soon diverge.

Sun targeted many of Ethereum’s major statistics. Among his targets was Ethereum’s transaction rate – which still stands at an abysmal 25 per second. He went on to discuss the relatively high fee for these transactions, inversely proportional to the relatively low number of decentralized app users. The picture that Justin paints is a dire one for Ethereum – within his comparison, Ethereum is barely a competitor to Sun’s Tron blockchain.

Of course, the response was quick and biting. Vitalik Buterin, co-founder of Ethereum and head of their development foundation, had some choice words for Mr. Sun. He responded to Justin’s info-graphic with a sarcastic remark about Tron’s recent whitepaper controversy. Ultimately, Ethereum’s dominance over the smart contract field is undisputed. This includes Tron, considering their token’s status as an ERC20 standard. Until the global main net launch, Tron is dependent on the Ethereum blockchain to provide functionality to their TRX token.

Tron Listed on Bithumb

In brighter news for Tron, the last week saw their TRX token added to major South Korean exchange Bithumb. South Korea is a well known hot spot for cryptocurrency, despite their recent governmental hiccups. Leveraging cross-over appeal, Justin Sun’s success in getting TRX listed will give the coin a much-wanted boost. Although Tron has held up better than many altcoins in the recent market correction, it is still significantly below the all-time high.

Bithumb has strict rules for which coins gain listing on their site, and it’s possible that Tron’s proof of concept test net helped push them over the top. This added trading volume is a feather in Sun’s cap as he moves towards Tron’s full main net release next month. If everything goes smoothly, the Tron blockchain may actually compete against Ethereum – just as Sun claimed it would.

Updates on Tron’s Test Net

Tron’s test net has been available since the end of last month, and it has seen heavy adoption in that time frame. Sun announced over 2,500 active nodes in 31 countries, making his project one of the most active in the crypto-sphere as it stands. Given the low volume and lethargic market conditions, this is an impressive accomplishment. Recent market trends suggest that we may have reached the bottom, at least for the near future. Given the success of Tron’s test net in this environment, a market upswing could be extremely lucrative for the new blockchain.

Tron came a long way from their start as a vision and an ERC20 token. Sun’s leadership and the strong showing from Tron’s development team created a visible, working product. Not many blockchains can claim this feat yet. Whether or not Tron will ultimately fulfill all of Justin Sun’s promises has yet to be seen, but they are on the right track.

We will be updating our subscribers as soon as we know more. For the latest on TRX, sign up below!

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 Philip McMaster via Flickr

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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Altcoins

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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Altcoins

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

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SonicX
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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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