Tron (TRX) is steadily becoming a force to be reckoned with in the cryptocurrency market. The blockchain platform aims at becoming the largest decentralized open-source protocol in the crypto space. The launch of the mainnet mid this year put Tron at the forefront of competition.
TRX is the 11th largest cryptocurrency in terms of its market cap and its so-called ‘independence day’ was celebrated on June 25th. Justin Sun, founder and CEO announced the day with a tweet inviting all to be a part of a “free, decentralised internet”.
The aim of the TRON network is to offer a fully functional, public blockchain that supports the creation and distribution of decentralised Apps. They also aim to give Ethereum a run for their money as their Odyssey release uses a Delegated Proof-of-Stake (PoS) consensus algorithm and relies on 27 block validators (Super Representatives) to produce blocks and verify transactions.
In addition to this, an official blog post added that a massive coin burn will take place to celebrate independence – a total of 1,000,000,000 TRX which at the time of writing is worth an impressive $50 million.
The celebrations of the 25th feast the migration of TRON away from the Ethereum blockchain which originally supported its ERC-20 compliant token. During the live activation of Odyssey, Justin Sun explained that the migration process is still a few days away from completion. Sun also added that the project has been able to complete the token swap for 1/3 of the crypto exchanges that are supporting the migration. This means that users are able to safely withdraw their tokens as soon as the remaining exchanges follow suit. The next step is to elect the Super Representatives in a phase that has been dubbed as the “Genesis Phase”.
Voting for SR’s started on the 26th of June and these individuals played a major role in the future functioning of the network as well as its development. Sun described it as “the ultimate phase of an independent Tron”. The elections took place over five days as those that voted need time to get their hands on their MainNet tokens. These SR’s were wholly responsible for verifying transactions as well as producing blocks.
The network’s daily transaction volume recently surpassed that of Ethereum platform. Tron clocked 599,354 transactions on October 18 while Ethereum recorded 565,791. The Tron explorer also sent a tweet detailing that 77% of all the transactions were smart contract-based. This positive indication is likely due to the recently launched TRONbet. The new platform allows users to earn TRX while playing, besides the founder Justin Sun said that 70 million TRX had already been given to winners.
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