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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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