TRON’s Prices Shoot up in Anticipation of MainNet Launch
The bulls took charge this time as the TRON’s (TRX) value went up in anticipation of the TRON MainNet launch happening this May 31.
According to CoinMarketCap, among all of the top 10 cryptocurrencies on the market, only TRON posted a positive growth with around 4.48 percent increase in value over 24 hours. In comparison, newly forked Bitcoin Cash (BCH) dropped 5.44 percent and TRON’s direct competitor Ethereum (ETH) lost 2.78 percent of its value.
Analysts said that the main factors for this rise were the oncoming releases of TRON’s own MainNet and Virtual Machine at the end of this month.
Investors are bullish that the migration to the new MainNet will momentarily increase TRON prices, but are also wary that the future of this smart contract platform relies on the success of the project.
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TRON’s Great Odyssey
TRON’s MainNet has been dubbed Odyssey 2.0, a name which meant an epic journey. It is fitting, as TRON begins its own adventure to compete with another smart contract platform—Ethereum.
Justin Sun, founder of Tron Foundation, said about the MainNet:
“This version has undergone stringent benchmark tests in our labs and achieves a TPS that is hundreds of times above Ethereum. Odyssey 2.0 also offers high-availability and asynchronous snapshot and reply functionalities, which improve overall stability.”
TRON itself is currently operating under the Ethereum network, and the migration away from that network signifies the desire to be better than the largest smart contract platform in the cryptocurrency world. And one surefire way to win is to get support from Ethereum’s own clients.
Sun, on a Medium post, shared that the capabilities of TRON’s MainNet are more enticing to potential developers than those of Ethereum.
On that post, he further explained:
“Since TRON is Java-based and provides a developer-friendly environment, the industry will be able to break away from Ethereum and its low-efficiency, congestion-prone network, high fees, and steep learning curve.”
Developers thinking of migration will be able to transfer their decentralized applications from the Ethereum network to the new MainNet through TRON’s TronVM version 0.1, to be launched on May 25.
Sun, talking about Tron’s Virtual Machine, said:
“This version of TronVM uses a VM Adapter that will enable complete compatibility with the Ethereum VM. All Ethereum developers will be able to use an adapter to migrate seamlessly from Ethereum dApp projects to TRON…The TRON dApp ecosystem is taking form, with over 20 startup teams developing on TRON. The first batch of recommended dApps will be published on June 5, and will include apps for desktop, website, hot/cold wallets for mobile, and blockchain explorers.”
Tronix holders can stay calm as the TRX tokens will be replaced by their respective equivalent amounts once TRON moves to a different blockchain. Several cryptocurrency exchanges have expressed their support to the new tokens and the blockchain migration, including India’s Zebpay and famous trading platform Binance.
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Journey to the Top
TRON has just entered the group of 10 largest cryptocurrencies in the world, and Sun claimed that it is one of the highest performing cryptocurrencies in 2018. But the digital coin’s progress was not enough, and the TRON team wants to be a step ahead of the competition.
Sun, in a letter addressed to TRON followers, said:
“Our next goal is to become one of the top 6 cryptocurrencies in the world. [We] will reclaim and secure this title, which will mark TRON’s global status as a mainstream public blockchain and lay a solid foundation for competition with Ethereum.
The road ahead is a long one, but we will achieve our goals one step at a time. 2018 is just the beginning.”
TRON is currently the ninth largest cryptocurrency in terms of market capitalization after leapfrogging IOTA (MIOTA), while Ethereum remains the second largest behind Bitcoin (BTC).
