Tron (TRX) migrates from the Ethereum blockchain with a $2 billion reward on sight By 0
About a ‘Fortnite’ ago, the article published on the 3 reasons why Tron (TRX) will cement its position in the top 10 raised divergent opinions amongst various factions of the crypto-community. The list was in no way exhaustive, but gave the competitive advantage Tron (TRX) has over its competition. This article aims at giving more points given the recent information released by the company.
The company on Saturday, released an announcement that it will be migrating from the ERC20 framework to launch its own public blockchain. This is one of the series of information that the TRX token holders have been fortunate to have in the last one month. The company also announced a $2 billion USD reward pool for developers, Measurable Data Token (MDT) will join the Tron Super Representative elections and finally Justin Sun, the company’s CEO and founder had a mini-biography on Forbes, on Forbes! (Yep, twice!).
Upcoming Events on Tron blockchain
A wonderful week it has been to all cryptocurrency investors out there as the charts showed all green since Wednesday 11.00 AM EAT.
This is the hour of miracles that saw the price of Bitcoin rise by over 20% to above $8000 for the first time this month. As BTC soared higher and higher so did the whole market in general, but some coins were more prosperous than others. One of such coins is Tron (TRX). What are some of the major upcoming events on Tronix blockchain?
Tron’s Public Blockchain
Tron finally gets its own public blockchain after a year of waiting.
Tron released a notice on all their social platforms of the migration of TRX from the ERC20 standard to its own public blockchain this coming June 21 st . The announcement has been welcomed by most of the users of the Tron blockchain as it gives freedom and scalability to the blockchain. The statement gave clear guidelines to all its token holders and exchanges dealing with Tron; any transaction involving Tron will be shut down on June 21 st , 22 nd and the 23 rd in regards to the migration of the network.
A statement from the company read;
“For the reason that Tron’s public blockchain main net will be launched shortly, the migration from ERC20 tokens to TRX, the cryptocurrency on Tron’s public blockchain, will begin on 2018, June 21, GMT.
We highly recommend exchange that all transactions be frozen from June 22 to June 23. After June 24, ERC20 will no longer be valid for transactions, for we will only support transactions with TRX on the public blockchain.
For token holders, with your ERC20 tokens saved to cryptocurrency exchanges (the only required operation on your part), further operations for token migration will be automatically completed for you in due time.”
For exchanges the public blockchain transition repository can be obtained on GitHub through this link .
The $2 billion dollar reward pool
Should the company divide the $2 billion reward pool to $1 billion token burn and $1 billion in rewards? This has been the mega question revolving the announcement by Tron Labs on Medium on April 12 th . If you do not understand any of these and why they are important, don’t worry, I got you.
First, the announcement made indicated that the company will be releasing the TRON Project Genesis, #TronPG, a $2 billion dollar reward pool to incentivize and grow its blockchain development community. The rewards will be offered to participants across 8 competitions in the course of 2018;
Already in progress is the Github plan that started in March 2018, the dates of the rest are yet to be announced.
Watch out as the Bug bounty, Tron Loan system and the first Programming Contest will all be unveiled in April and May in that order. To view the full plan visit the official Tron Labs Medium website.
TRX Token burns?
This is another blinder in the amazing work Tron development team is currently doing. The term ‘burning tokens’ may invoke the thoughts of wasting money in the real world.
However in the cryptocurrency world, this is a common way to increase the value of remaining coins held by investors. Let’s give an example with Tron burning $1 billion worth of TRX, with the total amount of TRX capped to 100 billion tokens.
Currently the price of a unit of TRX goes for slightly above $0.04.
This means the company will need to burn 25 billion TRX tokens to reach the estimated amount. This entails making the coins technically useless as they will be sent to an address that has no private key. No private key, no access to the coins. Simple.
The huge number of tokens to be burnt limits the company as it can only be done in a number of years, maybe even a decade. This makes it impossible to carry out at the moment, but it will surely be done in the coming years. Hold your horse’s people! Share this: .