TRX Takes the Lead Among Top 25 Coins On Tron 4.0 News
Following the news that the next version of the Tron network should launch on July 7, the platform's native coin, TRX, has seen the biggest rise in the last 24 hours among the top 25 coins by market capitalization.
Tron's founder Justin Sun announced this Sunday via an open letter to the community the upcoming launch of Tron 4.0, dubbed 'Great Voyage,' marking the end to the Tron Odyssey version. Sun called this "a pivotal moment in the history of blockchain," and described it as "not just the manifestation of Tron's "Decentralize the Web" vision but is also the financial infrastructure for the coming blockchain generations."
At pixel time (09:22 UTC), TRX trades at USD 0.018 and is up by 6% in the past 24 hours and by 13.5% in a week. At the same time, the total market capitalization is almost unchanged in a day. The second-placed crypto.com chain (CRO) went up 4.5% in a day.
As for the upgrade, which the letter says is about decentralized finance and not just dapps (decentralized apps), the blog post further explains what it encompasses:
- TRONZ Privacy Protocol Upgrade: a smart privacy protocol supported by a virtual machine; supports three types of TRC20 shielded transactions, corresponding to three zero-knowledge proof instructions. TRC20 shielded transactions support all TRC20 standard tokens, and the protocol covers TRC20 tokens only. "TRX will not in any way be made anonymous." The transaction fee for a shielded transaction is c. TRX 3 (USD 0.055) on average, and there is no limit to the number of tokens that can be transferred. A private key can also be used for multiple private addresses, while users can send their private query keys to third-party agencies to verify transactions.
- TPOS Dual-layer Consensus Mechanism: the combination of two consensus mechanisms reduced the block confirmation time from 57 to 3 seconds.
- TICP Cross-Chain Protocol: its implementation allows any two blockchains to establish cross-chain communication; there's currently a limit to the number of chains allowed to connect to the Tron public chain.
- Financial institution and enterprise blockchain solution: designed to allow the deployment of a customized application blockchain based on the needs of a specific financial institution or business, thus cutting the project cost and time needed for it, while also pushing adoption of a new blockchain system, according to the blog post.
Its creators also claim that Tron 4.0 will be small and medium developers' first choice for building dapps, as well as that it'll "become THE gateway for financial institutions and enterprise users to enter the world of blockchain."
The blog post further compares Tron to Ethereum, stating that the latter has 3.5 times higher fees on average, while Sun has been generally arguing the former to be superior - thus, a better platform for developers and blockchain-based apps. Meanwhile, data aggregator and analysis firm DappRadar found that Tron won in the daily active users category when comparing January 2019 and January 2020, while per analytics service DappReview, Ethereum beat Tron in the dapp category in the first quarter of 2020.
Meanwhile, as reported, Tron and Justin Sun have also been in hot water over the ongoing Steem-Hive saga, which even included a confrontation between Sun and Ethereum co-founder Vialik Buterin.
Sun and the exchange he invested in, Poloniex, will do a livestream today, where a new project Sun hinted at might be announced.
Learn more: "Tron Is Better Than Ethereum!" A Bitcoin Game