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Tron (TRX) Testnet Surprises the World

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Justin Sun, the CEO of TRON, surprised the world by introducing TRON’s testnet. TRON has depended on the ERC20 TRONix token or the Ethereum network all this while. However, TRON’s success story seems to be beginning now as they transfer all their 100 million users to their brand new central system which will be launched in June.

TRON is helping content creators establish a direct network to their customers, making sure that there are no intermediaries. The process will make sure that the user data is protected as well.

Impact of the Testnet

Although the company expected a positive outcome from this new decision that they have made, it looks like TRON is not really meeting such an expected outcome.

The projects market cap has fallen to $900 million as of yesterday. However, this could also be a result of the fall in the overall crypto market. Over the last few days, the market is witnessing a downgrade as most of the prices seem to be going down.

This launch of the Testnet will be very helpful as it gives the project enough data to perform such a transfer. Some predict that although TRON has seen a massive dip earlier this year, there are chances that the price will go up by the month of May.

With this new launch, the company also announces that TRON will make sure to meet its 2018 goals. According to users, the 26-year-old CEO might also be aiming at TRONs potential success as the most substantial Blockchain dApp platform. This new plan regarding the migration will be released within this month.

In a pursuit to meet the expected goal, TRON is also starting a campaign in order to have a global look. This way they will be achieving a global reach and can also get listed in the significant cryptocurrency exchanges. The company expects to be listed on Coinbase as this will help the value to go up a lot more than it is now.

Many investors have been quite critical of TRON’s market impact. Nevertheless, the company is sure to make some difference because they are hoping to get nearly a hundred members in order to make sure there is a smooth operation after Testnet is proved successful. They are also looking to get team members from their partners such as Alibaba.

Since there are many other coins of high-demand, it is not very easy for TRON to make such a massive impact at once. The problems that affect the blockchain technology and digital currency will eventually play a negative role in all the other coins. At this moment even the top coins like Bitcoin is facing a huge crisis.  And so the growth of other coins is likely to be impacted as well

Although the launch of Testnet was a considerable surprise to the digital currency market, this transfer is only a Testnet. The impact of this new move is yet to be witnessed. We will soon know whether TRON will become successful or not. At this moment only predictions can be made.

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 Trinita via Flickr

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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