As Justin Sun twitted, this morning, the countdown to Tron’s Independence Day, which happens to be on June 25, 2018, when Tron ditches Ethereum’s blockchain and migrates to its own Mainnet, there was a fair bit of excitement among the investors. But what followed next, during was a mini bull rally as investors across the globe began buying Tron (TRX) taking its price to as high as 18%. This rally seemed indicative of the bright future and so it was applauded by the investors.
— Justin Sun (@justinsuntron) June 19, 2018
Tron becomes stronger as it goes independent
Tron had announced in the last week of May, that it would be moving to MainNet on June 25, 2018, while the token swap begins on the 21st to the 24th of this month with the full blockchain migration being complete by the 25th during the Tron Independence Day. The Independence is seemed to be really positive for Tron as it would give the token a few advantages that it was denied of being on the ERC 20 blockchain. According to Justin Sun, this move would make Tron a Numero Uno performer in the crypto markets as it would back by the following features.
- Negligible fees: Tron plans to create a seamless MainNet network which would make Tron transactions practically free. Tron Labs have specified that the network would support ultra-low transfer fees of a millionth of a TRX.
- Scalability: With its own network Tron will have a space of its own to scale to any level which is necessary to prove its use case in real world. This was highly impossible on Etherum as it was loaded with network congestions due to the enormous amount of blocks it managed.
- Consensus: For Consensus, TRON on MainNet would use Delegated-Proof-Of-Stake(DPoS) compared to Proof-Of-Stake Mechanism of Ethereum. This is in a way the next level feature which is way less centralized and uses less electricity, among many other cool features
- Differentiating TRON from the market: TRON’s exit from the Ethereum blockchain onto its own MainNet creates a fresh space for the currency to exist. This surges the ways in which TRON can now be developed as a central currency and also enhances the utility of TRX. It will also now support custom smart contracts and allow programs to be hosted on Tron’s Network
- Building a futuristic and successful platform: Once the Tron blockchain is launched, Tron will be able to support the building applications and issuing tokens for its current partners, thus making a new futuristic platform.
From the investor’s point of view, the confidence would be really up as the team will have delivered on it’s road-map destroying all FUDS that existed of it being a scam.
Tron’s profit is Etherum’s loss
TRON has shown the potential that it’s MainNet Network could be a serious contender and ready to compete with already existing blockchains, such as Ethereum and Bitcoin. TRON has the ultimate goal of creating a “truly decentralized Internet”. In words of Justin Sun
“we will no longer the ERC20 token, and in the future, we will compete with Ethereum as a DApp platform” “We will compete for face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum. I will explain to you why we can surpass Ethereum in the future”.
The migration will also create a sought of a mess for Ethereum as Tron will take away users and resources reducing the same from the Ethereum’ network. Besides, Mr. Justin Sun has also talked about getting their hundred million Dapp members away from Etherum to Tron’s Main Net, and that could be really bad for Ethereum. This also lays a roadmap for other coins to create the own MainNet network and in future migrate to them leaving Etherum behind in competition.
Will this migration of Tron propel other coins as well to move out of ERC to their own MainNet? Will Tron eat in Etherum market share? Do let us know your views on the same
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.