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TRON’s (TRX) Independence Day Celebration will Include Burning of $50 Million in TRX

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TRON (TRX) continues on its way to success, and the newest announcement from its founder, Justin Sun, might indicate that this crypto’s price will soon skyrocket. Sun has announced that the crypto’s Independence Day will be celebrated by burning up to 1,000,000,000 TRON tokens. According to TRX’s current price, this will be the equivalent of $50 million.

TRON plans to burn $50 million worth of TRX

It has been only a few days after TRON announced that it successfully bought BitTorrent for $140 million, when its founder, Justin Sun, announced yet another expensive move. According to him, TRON will celebrate the completion of its token migration by burning 1 billion coins, which is equal in value to $50 million.

Despite the fact that the number of TRX coins in circulation is quite high, this move will still significantly lower the available amount. As soon as this is done, we can expect that the token’s price will skyrocket, due to lowered availability. The increase in TRX coin’s price is something that its investors and TRON enthusiasts have been waiting for quite some time now, which has inspired them to full-heartedly support this move.

The decision to burn such a large amount will set the record for the amount of destroyed money, and it will all be done in celebration of TRON’s recent success. It is a smart move, well organized and well thought out, and it is expected to increase awareness as well as the price of this coin.

Sun has been known for his creative ways of promoting TRX in the past, which included several airdrops, token migration, competitions, and more. Now, however, the coin burn will definitely attract even more attention.

In addition to burning the coins, the TRON Foundation mentioned that a large amount of the remaining tokens will be locked. This is yet another move designed to reduce the risk of inflation for this crypto, which will protect the coin’s current, and future value. According to their announcement, the amount of available coin will be at around 99,000,000,000,000 after the full launch of the MainNet. However, the TRON Foundation will lock additional 33,251,807,524 tokens and will keep them locked until the start of 2020.

Four phases of TRON’s new era

TRON’s MainNet launch and token migration will mark a new beginning for this crypto, with the strongest focus being on transparency. This is why the team behind TRON has broken down the process of transition into 4 phases.

The first one is the Preparation phase, that has already started on June 18, and will last until tomorrow, June 23. This phase, as the name suggests, is used for preparing the groundwork, and will allow TRON a smooth launch of the new network. The phase will also include preparations for the Super Representative elections, which are scheduled for June 26.

Soon after this, the phase two will arrive, and it is named the Guardian phase. This one is scheduled for June 24 and is expected to last that entire day.

After that, the third phase called the Genesis phase will take place on June 25, when TRON’s new blockchain will generate its very first block. Finally, the last one, called the Constitutional phase, will take place after that, and this is the one where the completely-functional MainNet will finally be launched. This phase will start with the completion of the token swap and will mark the final and total move from ERC-20 token to real TRX tokens.

The move will also be celebrated through the Independence Day Party which will be held in San Francisco, and all TRX users and developers will be welcome to come, meet, as well as share their expectations of TRON, but also their past experiences.

TRON is currently one of the most successful and talked-about cryptos, and the market has finally allowed its price to start going up. After everything that this crypto has managed to achieve in the last month, many believe that it was about time for this to happen, and the next several days are filled with various activities that will probably influence the price even more.

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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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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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.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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