Tron Virtual Machine Activates Today, Promises 200x ETH Speed as TRX Coin Jumps in Price
Tron’s Virtual Machine To Be Activated Today With Promise Of Being 200x Faster Than ETH, Prices Jump on Exchanges
Justin Sun, the founder of the Tron community, has recently announced that the Tron network will be upgrading to Odyssey 3.1 today at pm. After that, the Tron Committee function and the Tron Virtual Machine will be online for the first time, which will mark the “Smart Contract Era”, Sun affirmed. You can read the original announcement here.
Based on community consensus, #TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you! $TRX
— Justin Sun (@justinsuntron) October 8, 2018
This new upgrade will make it possible for Tron to finally host smart contracts just like the ones from the Ethereum blockchain and to use a proof of stake system. According to Justin Sun, Tron will be 200 times faster than Ethereum and 100 times cheaper than the EOS network.
If things actually run as intended, this launch will represent a great comeback for Tron, which was being called a scam just a few months ago as there was evidence that some of its code was plagiarized and many people considered Tron to be too speculative, as well as the code of the Virtual Machine to be a “Frankenstein code” that would not work well. The time of truth has begun for Tron.
The turn of the tide happened during the summer when Justin Sun acquired Bittorrent and, under the name Project Atlas, he decided to redefine the whole project in a way that integrated the system of the companies and improved everything.
While the update was already ready for quite some time, the activation of this new upgrade was hinged upon a consensus after voting on the platform, so everything had to be ready for the lauch.
Top Ten By April
Justin Sun can be accused of being many things, but nobody can accuse him of not being an optimist. According to the leading developer of the Tron Foundation, Tron will be in the Top 10 tokens by April 2018. He said that in half a year his product would continue to improve so much that the company will be in the top next year.
However, it is fair to say that the founder of the Tron Foundation can be accused of overpromising. This would not be the first time that Justin Sun decided to exaggerate too much.
Tron Price Rises
As expected, the price of tokens rose a lot because of all the hype. Tron is now 17% up since last week as the expectations about all the capabilities of the Tron Virtual Machine are driving prices up.
While most companies have suffered from the severe bear market in 2018 and Tron is not an exception to this rule, its integration is making some of its prices go back. The all-time high of the token was $0.21 USD per token and now it sits 90% lower at $0.027 USD but it would be foolish not to perceive that the price has been steadily increasing as time passes.
Proof of Stake Protocol
Unlike Bitcoin and even Ethereum, Tron does not use proof of work protocols meaning that there are no mining algorithms being used by the company. The transactions are all processed via the Super Representatives of the company, which were chosen by on-chain voting.
By restricting the block production to a single powerful nodes, Tron is able to be a lot faster than Ethereum, for instance, which has been talking about leaving proof of work behind for a long time. With a fraction of the cost, the Tron Virtual Machine will be able to get considerably better results than Ethereum. This is important because Tron wants to sell the idea of its virtual machine to the world. The TVM will allow developers to stop using Ethereum and start using smart contracts based on the Tron technology.
The Tron Virtual Machine will be compatible with Ethereum and with the programming language Solidity. There are even plans to make it compatible with EOS, too.
ETH and EOS, on the other hand of Tron, are often bottlenecked by RAM or processing power and the two networks are facing these issues. It remains to be seen whether these promises will really take off or whether Tron will be an eternal promise that will never deliver.