TRON describes itself as a ‘global broadcast platform’. It is currently number ten in the cryptocurrency Premier League, with a market capitalisation of approximately $4 billion according to coinmarketcap.com and $6.2 billion according to its own website.
It was created by Chinese national Justin Sun using the Ethereum blockchain. According to Sun, it is the shortcomings of Ethereum which have forced the move, and he clearly stated that he wants TRON to compete with Ethereum.
Why #TRON is better than #ETH: 1. 10000TPS vs. 25TPS 2. zero fee vs. high fee 3. consistent Coinburn vs. no coinburn 4. Java vs. Solidity 5. strong extensibility vs. no ex. 6. 1 billion USD developers rewards vs. no plan 7. 100 million users vs. small number #TRX $TRX pic.twitter.com/WvxH5EToa8
— Justin Sun (@justinsuntron) April 6, 2018
Allegations surfaced in January that large sections of the company’s whitepaper had been copied wholesale from other cryptocurrencies, without references. Sun issued a vague response blaming translation issues.
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The time had come to move.
According to a press release, TRON will today be released on its own blockchain in open beta. Public testing will take place this month, and then TRON will “shed its ERC20 identity and become a true token within the TRON ecosystem.”
The genesis block will be laid on the 25th of June, a fateful date which the team is calling “Independence Day”.
TRON uses a proof of stake system with delegate nodes selected by voting – the first “Super Representative Election” will be held on the 26th of June. A list of candidates is available on its website. According to the press release: “The TRON Network is a basic-layer public blockchain that improves upon the Ethereum model by featuring a high-throughput, high-extension, and high-reliability support for the protocol’s decentralized application operations.”
TRON further claims that its delegate system is 400 times faster than Ethereum. I have discussed the pros and cons of this system in other articles, but seeing Ethereum mentioned so many times in the press release, one has to wonder what happened between Sun and Buterin…
The migration will be streamed live for those interested.