Tron Independence Day: What TRX Coin Holders Need To Know Today
Tron Independence Day: What is it and what’s at stake?
The much talked about Tron Independence day is less than 3 days away. Founded last July, Tron has set out to “decentralize the internet.”
When Tron completes the token swap it began last week, they will have migrating the last of its users' funds from Ethereum to a new proprietary blockchain. For investors, the moment marks a historic “independence day” of sorts, but it could more broadly become a make-or-break moment for the project, which though controversial, already finds itself among the top cryptocurrencies globally.
As part of the commemorative events that are set to take place, Tron Foundation has revealed that TRX tokens worth approximately US$ 50 million will be burnt. This is one billion TRX coins which according to Tron Foundation will perhaps constitute the largest amount of money ever destroyed for purposes of celebrating a monumental event.
After the burn, the number of TRX coins will consequently fall to 99 billion. Tron Foundation is currently holding 33,251,807,524 TRX and these will remain locked till January 1, 2020.
Letter to the community: #TRON Independence Day. Celebrate on June 25th as we become a free, autonomous, and self-governed decentralized internet. Join us in celebrating with a 🔥🔥1 billion #TRX coin burn! @Tronfoundation https://t.co/NZrpDq6V9V pic.twitter.com/NFmIjRAF6u
— Justin Sun (@justinsuntron) June 21, 2018
TRON Yet to Prove Themselves
The project has yet to rigorously define what this means in practice. Tron's rhetoric may seemingly resemble that of many cryptocurrencies that emerged from 2017's token boom, the project is distinguished by the size of its funding and the outspokenness of its founder, former Ripple representative Justin Sun.
Tron has positioned itself as a competitor to ethereum and decided to launch its own protocol to address ethereum's “inefficiencies”, the project was rebuked earlier this year for using code from the protocol without providing an attribution. Tron has done little to dispel concerns. On the contrary, the significant alteration of its roadmap, specifically its decision to abandon its original plan to develop on ethereum in favor of creating its own mainnet and its decision to use a delegated proof-of-stake system, further exacerbated them.
Sun, on the other hand, is attempting to position his project as the “Microsoft of the blockchain,” which he says succeeded “because they were able to take the computer and make it into a PC, making it into a consumer good.”
Sun explained himself by saying:
“Ethereum is like IBM back in the day, making those big supercomputers. And I'm not saying that ethereum does not have robust technology, but I'm saying that ethereum is just like IBM. They only focus on tech, they don't focus on user experience.”
Final Take on TRON (TRX) MainNet
Many can argue that TRON found itself in an unfavorable situation as it was launching its Genesis block during a time of market turmoil. But you can also argue that this is the best time for a project to fully launch its MainNet for attention will be diverted to the product that is the platform rather than the performance of the token in the markets. This way, the crypto-verse will learn the capabilities of the platform. DApp developers will in turn flock to the new platform as its features are much better than those of any other platform out there including Ethereum’s.
Tron (TRX), has also been affected by the market crash and is currently trading at $0.040 and down 8.45% in the last 24 hours. Despite the decline, the token has managed to achieve a major victory in the markets by edging out IOTA (mIOTA) from the number 9 spot.