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.
Independence Day Facts: 1) 6/25: 1B #TRX($50M) coin burn 2) #TRON Independence Group helps launch Mainnet with 4 phases—Preparation(Done), Guardian, Genesis, and Constitutional(after SRs replace GRs. Officially online). See link: https://t.co/1rd0MKuqEn pic.twitter.com/jNKxrd7ABx
— Justin Sun???? (@justinsuntron) June 21, 2018
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.
In San Francisco this Friday around 5 PM? Join our first event, meet the team and ask your questions ???? https://t.co/gBGGTzRXnc
— TRON Foundation (@Tronfoundation) June 21, 2018
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.
For the latest cryptocurrency news, join our Telegram!
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 Pexels
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…