The Tron Foundation led by Justin Sun is celebrating Tron Independence Day on 25th June as their first anniversary of introducing their native Tron blockchain. Before June 2018, Tron was operating as an ERC-20 token on the Ehtereum blockchain. Nevertheless, the protocol behind Tron remained still the same.
Justin Sun has scheduled a live stream to highlight the growth and development of Tron in the past year. He tweeted,
“Goodbye E$! Happy Independence Day! #
Tron will also highlight the plans of the community and their goals in the live address. He also tweeted,
“…Are you ready? # is there to celebrate. Let’s make the most of it!”
Ethereum is one of the first cryptocurrency platforms that has supported a plethora of coins in the beginning. Not only Tron but also Binance (BNB) coin was earlier developed on Ethereum platform. After the new chain is designed and fully developed, the cryptocurrencies are shifted from one blockchain to another; following the same protocol. The old ERC-20 are burned in equal amounts as transfers to the new chain.
Tron initiated its mainnet launch on 25th June 2018. Nearly 100 exchanges and wallets including OKEx, Huobi, Binance, Bittrex and so on have completed their token migration process. TRON Foundation processed all the ERC20 Tokens retrieved.
The token migration process is completed with more than 99.1% of the 100 billion TRX tokens already done. Binance also performed its token burn process recently by shifting BNB coins from ERC20 to BEP2 tokens.
Tron has often led Ethereum in the bid for transaction volume and scalability. However, Ethereum 2.0 development and it’s market dominance is an increasing threat to other smart contract platforms like Tron, EOS, and Cardano. The total market dominance of Ethereum is around 10% with total market capitalization at $32 billion while the total Mcap of Tron is only about $2.5 billion.
Do you think that Tron Foundations marketing attempts will lead to the growth of TRX in a competitive environment? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com