Tron’s price surges amidst wave of news
Tron’s price has been soaring lately as a wave of positive news surrounding the cryptocurrency were announced.
On April 29, Tron (TRX) founder Justin Sun tweeted about the long-awaited main net launch for the platform. The team is six months ahead of schedule, with the launch planned for May 31. Since his tweet, the token jumped into the top 10 cryptocurrencies, rising a whole 10 percent, while the rest of the market falls.
The price has now corrected from a high of $0.101197 to $0.091127 as of this writing, and it seems that interest will only climb higher shortly. This rise is due to a few different factors.
— Justin Sun (@justinsuntron) April 30, 2018
Sun’s tweet about the main net launch is big news for the platform. Named Exodus, it has been in testing since March and has run successfully so far. Once the full version is launched, TRX transactions will be nearly free: about five cents per token. This price is much lower than the average trading fees of Bitcoin and Ethereum, which vary around $5 and $1 respectively.
The Tron network will no longer be dependent on the Ethereum blockchain either. The full system will now be able to handle over 1,000 transactions a second — making it much more scalable than similar projects.
To properly govern the network, every single TRX holder can become a Super Representative, of which there will be 27.
We will hold the first #TRON Super Representative Election on June 26, 2018, 27 Super Representatives will be elected by 65,748,111,645 #TRX in the community. Please run for the SR and vote for it! Every $TRX counts! https://t.co/eUWxXGqnqR pic.twitter.com/YrLCupmFTG
— Justin Sun (@justinsuntron) April 12, 2018
Each Super Representative is elected by all token holders every 24 hours. Representatives keep the network running by doing essential functions like generating blocks or keeping track of earnings. The first ever Super Representative Election will take place on June 26th, 2018.
While the TRON project is often criticized for moving slowly, it seems that they are ready to pick up the pace.
Sun has recently announced the opening of an office in Taiwan to participate in the countries’ Blockchain Self-Regulatory Organization (SRO.)
Justin: #TRON will open an office in Taiwan soon, and participate in the Taiwan Blockchain Self-Regulatory Organization.
— Justin Sun (@justinsuntron) April 23, 2018
Taiwan has recently formed a favorable opinion on blockchain and cryptocurrencies in general, so this could be a strategic move for the TRX project.
By getting involved in the SRO, TRX will essentially be partnering with the Taiwanese government to bring awareness to the blockchain industry. The goal is to promote transparency and education of the new technology. These movements will hopefully address the public’s general fear of blockchain and build a supportive community around the industry. These movements have lead Taiwan to be named the “blockchain island.”
While Tron is far from being one of the top known cryptocurrencies in the market, its team is working hard to make sure it’s a successful digital currency. How will the price fare weeks from now remain to be seen?