TRON, the tenth largest cryptocurrency, has announced that it will launch its very own public blockchain today on May 31. This release comes as part of a major transition that TRON is currently undergoing, where it intends to move from the Ethereum blockchain on which it is presently based to an independent blockchain. This project is a significant undertaking and will involve token migration as well as major work related to scalability and increased decentralization. What’s more, it is intended for the entire transition to be completed in less than a month’s time.
This move from the Ethereum blockchain to TRON’s independent blockchain is known as Odyssey 2.0, and TRON’s mainnet beta testing period will extend through the better part of June. Furthermore, the formal launch if the network’s new blockchain will be market by the mining of its genesis block on the 25th of June. June 25 is already being called ”Independence Day” by members of the TRON community.
The move to TRON’s blockchain will also involve a token migration from the old Ethereum-based blockchain to the new independent platform. Investors will have the opportunity to exchange their ERC-20 TRON tokens on cryptocurrency exchanges and receive a corresponding number of TRX tokens that are supported by the new blockchain. However, this move to an independent blockchain will also cast some doubt upon Ethereum’s dominance when it comes to providing a ”basic-layer public blockchain platform that supports decentralized application development”. Moreover, the TRON mainnet utilizes a Proof-of-Stake consensus algorithm.
One of the major benefits that TRON’s individual blockchain is expected to bring is a large improvement in speed. TRON developers have already argued that their independent network can be up to 400 times faster than the Ethereum blockchain. TRON is also announcing that this transition means that it will ”shed its ERC-20 identity”, as it adopts an independent blockchain that reportedly features superior scalability and decentralization. TRON’s trading market price has not been affected in any principal way by this news. However, TRON has previously garnered criticism from Vitalik Buterin, who has argued that TRON is dramatically overvalued. TRON currently sits at a market capitalization of $4B.
This transition is being undertaken as recent news indicated that the TRON founder, Justin Sun, was looking to acquire BitTorrent – however, this is still unconfirmed. However, it nonetheless seems clear that TRON is actively planning for the future.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.