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.
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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 Philip McMaster via Flickr
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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