Going by the performance of TRON (TRX) for the last two months, there are so many expectations from the community. The culmination of the various events that the network had lined up marks a new chapter not only to them but the entire crypto-sphere. The TRON Foundation and team have worked round the clock to see them off the Ethereum ecosystem.
Bidding farewell to Ethereum in style has many implications and the reality is set to sink in for the new outfit in the coming days. Justin Sun and the Foundation took the initiative to stream live the TRON independence gay on twitter.
TRON (TRX) Live stream
The steaming live of TRON independence day which reached a total of 1.7million viewers is a clear indication of the platform increasing popularity but also an opportunity to showcase the milestone for the anticipated adoption. The TRON Independence Group (TIG) has been very instrumental in the live steam.
TIG is a consensus group that comprises of 27 volunteers who are anonymously selected as the genesis Representatives (GR). However the GR team is set to be replaced by the SR whilst the TIG will oversee the process till the end.
During the live stream, TRON unveiled several candidates who are vying for the Super Representatives to give short speeches. Some of the notable prospects included GSC, TronOne, Cryptodiva, DAG, Cobo, Bitcoinworld, Bixin, OCN, Bitcoin God, Game, D2F, HyperPay, Gifto and Tron Galaxy.
Run up to TRON Big Day
The warm up TRON TRX big day started with the Guardian phase on June 24. The guardians are a team of technicians to take care of the network before the mainnet. This was followed by the Genesis phase in preparation for the first new genesis block which ushered in the TRON independence.
The other step is the constitutional phase where the elected 27 Supper representatives will take over TRON’s governance. However, this team will be representing the interest of the community. Their role is to make the system run smoothly whilst providing the needed support.
During the live stream, Sun hinted that the TRON Virtual machine will be ready for deployment on 30th July. This will come with improved security and enhanced usability. This will attract more developer adoption on the platform.
According to the TRON official blog the statement partly read;
“Currently, we have completed the development of TRON’s public blockchain Odyssey 2.0, launched the mainnet, and adopted TPOS, an improved DPOS mechanism, which has allowed TPS to break 10,000. In the last 2 months, we have made 2,153 commits, ran 384 unit tests, and created more secure and stable version of the public blockchain through bug fixes and stress tests.”
TRON has also witnessed the community growth and a lot of active participation; this will translate into growth of the coin value, a stronger global reach and acceptance.
Phasing Out TRON ERC20 Token
The celebrations and the making of a new public blockchain have seen phasing out of the ERC20 token into the TRX coin. The token has now become a true cryptocurrency with more than 35 exchanges supporting the migration from the Ethereum ecosystem to the new TRON TRX platform.
Once users deposit the ERC20 tokens to Gate.io or Bimance, these will automatically be converted to the new coin. This will prevent token holders from being locked out of the migration when the process is completed.
With the Independence Day celebrations over, the Tron TRX price has dipped to a low of $0.039719 contrary to what many expected. In the last 24 hours, the new coin has shed 6.06% to the dollar, 4.95% to BTC and 2.05% to ETH. This could be associated with the current market slump.
The hype around the mainnet could have been overshadowed by many investors concentrating more of the migration process and shunning trade for fear of missing the deposit deadline. The next few days will be a reality check for the new outfit and hopes are high that the coin will appreciate and a possible breakout thereafter.