Tron is officially celebrating its Independence day by moving to its own blockchain while offering a slew of updates for the Tron community.
Tron independence day hot updates
Tron is celebrating its Independence Day as it officially moves from Ethereum blockchain. On June 25th, 2018, its mainnet was initiated which was completed by Tron Independent Group (TIG). Currently, consisting of 27 anonymous, volunteering Genesis Representatives, these GRs will be replaced by SRs during the transition period.
In its official blog, Tron shared all the major details of the new phase of its journey. The launch of the public blockchain Odyssey 2.0 has been completed. In order to improve its TPS (Transaction Per Second), it has adopted TPOS which is an improved DPOIS mechanism resulting in “TPS to break 10,000”.
The constant development consists of 2,153 commits and 384 unit tests. The team further announced the release of pluggable VM by July end. Moreover, in the second half of the year, a decentralized database will also make the entry for which details aren’t provided yet. Tron has officially activated its blockchain operation and genesis block has also been produced which marks its step into a new journey.
1 Billion TRX coin burn completed & migration developments
The founder and CEO of Tron officially announced that they have burned 1 Billion TRON tokens. Yesterday when the mainnet was launched, the coin burn has also been initiated. Justin published a Weibo that states Tron had completed the coin burn.
Tron Coin burns basically means removing the coins from the total supply. In its previous post, Tron Foundation has mentioned that these burned TRX tokens will be sent to an address from where they will be unrecoverable. It has also been mentioned that it is to encourage a fair distribution of Tron that will help in controlling the inflation and reward the token holders
According to the Tron mainnet blockchain browser address, the TRX distribution has been shown as 99,000,000,000 which means the total number has been decreased by 1 billion. As for the token migration, Tron clarifies ERC20-based TRX tokens will remain valid until all the tokens are swapped. Crypto exchanges Upbit and Gate.io has already swapped the TRX tokens in the 1:1 ratio. Also, the elections of Tron Super representatives has begun as the team reminds the holders to vote for SRs.
At the time of writing, Tron has been sitting at $0.0406 with a loss of 3.63 percent in the past 24 hours. Currently, it is running in the red against BTC and ETH as well. With a market cap of $2.6 billion, Tron is at 11th spot as per Coinmarketcap.
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