Today, June the 25th is TRON’s independence day, which marks its separation from Ethereum’s network. During a press conference held on June the 25th, 10:00 (GMT+8), Founder and CEO of Tron, Justin Sun, said that Tron was able to complete the token migration from ERC20 to mainnet.
Moreover, the community consensus initiated the TRON network and was able to generate the Genesis block, the official moment of the independence. On May the 25th, Tron launched its virtual machine in beta, on May the 31st, it unveiled the mainnet Odyssey 2.0, and on June the 25gh the company announced the creation of Genesis block marking the official separation from Ethereum.
Sun commented about virtual machines:
“We launched our first version of the virtual machine on May 25th, which is fully compatible with Ethereum’s virtual machine environment. Developers can use Solidity to develop, debug, and compile in a familiar Remix environment without having to learn a new coding language.”
Additionally, he explains that on July the 31st, they will be launching the official version of TVM, that will allow developers to use the TRON virtual machine. According to Mr. Sun, it is significantly better than Ethereum and unlocks a powerful decentralized ecosystem.
During the token migration that took place today, all ERC20 tokens will move to TRON’s mainnet. The migration is necessary because Ethereum has low transactions per second, and bottlenecks many dApps from running on the network. TRON uses a dPoS consensus mechanism that is faster than Ethereum’s.
At the same time, TRON is able to offer no transactions fees at all, but Ethereum has very high gas fees. In this way, dApp users are able to transfer funds safer and faster than using Ethereum.
Sun explains that becoming independent from Ethereum is a long and complex process that needs the support of all the community. Furthermore, Sun says that Tron’s independence paves the way for a community governance mechanism based on elections.
“TRON’s independence paves the way for a community governance mechanism that is based on democratic election. It will bring the notion of ‘popular sovereignty and natural rights of the token’ to life and provide support for all developers within TRON’s ecosystem. This is how we will realize TRON’s vision of a truly decentralized Internet.”
TRON will be launching it Super Representative (SR) election on June the 26th, an election that will make TRON one of the first communities with a self-governance system.
In addition to it, Justin Sun stated that TRX migration is supported by the most important cryptocurrency exchanges in the market and does not have an expiration date. If a user forgets to migrate tokens it will be able to do it later. Exchanges such as Binance will permanently support the TRX migration.
These are moved days in the cryptocurrency community. EOS and TRON are working day after day to offer new governance system and products to the market, but which one of these projects will ultimately survive?