Decentralized digital content entertainment platform and Ethereum competitor TRON’s TRX token has surged by over 19% in the last 24 hours as positive market sentiment gathers momentum ahead of the impending TRON mainnet launch.
Rising from a low of $0.068 in the early hours of the 20th, TRX ascended to $0.077 by the end of the day on a wave of hype surrounding the launch of a new TRON website, speculation surrounding TRON founder Justin Sun’s announcement of a TRON virtual machine, and the upcoming TRON mainnet launch, which is set to occur on the 31st of May.
Backed by a young, professional, adaptable team, $TRX is officially in #crypto top 10, aiming for top 6. Stay tuned for 5/25 TronVM 2.0, 5/31 Mainnet, 6/26 SR Election, and more. 2018 is just the beginning. Watch us take the world by storm. #TRON https://t.co/1X0PNGKnEH pic.twitter.com/D1wqeMlmqy
— Justin Sun (@justinsuntron) May 9, 2018
Justin Sun Announces TRON Virtual Machine
Sun announced the launch of the TRON virtual machine on the 9th of May, following up a Medium post outlining the current state of TRON mainnet and ecosystem development. The VM will allow for complete compatibility with the Ethereum VM, making dApps built upon the Ethereum blockchain interoperable with the TRON mainnet:
“May is an exciting month for TRON. TronVM v.0.1 will be launched on May 25. 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 VM places TRON a position to compete directly with Ethereum. The Java-based architecture of the TRON project, according to the development team, provides the blockchain industry with the opportunity to decouple from the “congested” Ethereum network:
“The industry will be able to break away from Ethereum and its low-efficiency, congestion-prone network, high fees, and steep learning curve. We will open the doors to a new cryptocurrency stage focused on scaling and commercialization, providing next-generation infrastructure and express lanes needed for global dApp development.”
TRON Odyssey 2.0 Mainnet Ready to Launch, New Website Goes Live
The launch of the TRON mainnet will see TRX shift from an ERC20 token onto the TRON blockchain, promising a range of features that include a transaction rate “hundreds of times” faster than Ethereum.
On May 31st (GMT+8) we launch #TRONmainnet and begin our move from the #Ethereum platform, with already more than 1 million $TRX hodlers ready for fair elections. Be sure to tune in for the livestream event. #TRON $TRX pic.twitter.com/yygAl2yCC6
— Tron Foundation (@Tronfoundation) May 20, 2018
The TRON mainnet will go through a testing period subsequent to launch, with the genesis block scheduled for June 25th.
In the lead up to the launch, however, the TRON team have invested a significant amount of effort in streamlining the presentation of the project — TRON launched a redesigned website on the May 15th that delivers a range of new features aimed at providing the TRON community with a greater level of insight into the progress of the project.
TRON Goes Head-to-Head with Ethereum
TRON’s marketing efforts appear to be aimed at placing the project in a position of direct comparison with Ethereum, with the TRON marketing team focusing on the “stagnant” nature of the blockchain industry as a whole:
“Compared to most stagnant crypto companies, TRON is agile and embraces change. In 2018, we will bring our young, professional approach, one that embraces change, into the lax and conservative structure of old.”
In a letter to the TRON community, Sun states that both Bitcoin and Ethereum have “failed to uphold” the core values of blockchain technology, with miners, founders, and developer teams exerting too much control over their respective networks.
With TRON currently ranking at 10th highest crypto by market cap at $5.5 billion, more than 50 teams have expressed interest in operating as “Super Representatives,” which will be elected at the conclusion of TRON’s “Exodus phase” on June 26.
Cover Photo by Michael Paredes on Unsplash
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