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Founder Justin Sun Wins Bid for TRON (TRX) Super Representative

TRON (TRX)–Barely a day after announcing his candidacy in the TRON Super Representative election, founder Justin Sun has accumulated the necessary votes to hold such a distinction.

Just one of 27 nodes, “Super Representatives” on TRON’s network function to validate transactions and guide the network operation, in addition to collecting rewards, which constitutes a major part of the TRX-based Main Net that was hyped throughout the first half of 2018. While any TRON developer is free to run for election (with over 60 candidates vying for the remaining spots as of writing), TRX holders are the ones who ultimately make the decision through a voting process that involves their coins. One TRX is worth one vote, with the ability to cast for candidates occurring in a regular cycle. In order to become a Super Representative, a candidate must obtain a minimum of 100 million votes (backed by the TRX of actual investors). Previous candidates to achieve the hallowed status of Super Representative have taken weeks to accumulate the massive number of votes required to win the election.

It took TRON Founder Justin Sun just twenty-four hours. 

Sun first announced his candidacy to run for Super Representative election on Wednesday to mixed reviews by the community. While Sun has been an ardent figure for TRON, regularly promoting and informing the TRX investment base through his Twitter account, some found fault with the optics of a coin founder–who holds a disproportionate amount of the total TRX supply–participating in a process that should be democratic. However, Sun did his best to alleviate community concerns by reiterating that his funds, along with those of the TRON Foundation totaling 33 billion TRX, are locked in escrow for the foreseeable future. In addition, Sun made a bid that his position as a Super Representative was one of twenty-seven voices, as opposed to being looked upon as the leader of the representatives.

As the founder as well as a candidate, I am determined to go through the selection process like everyone else, which displays TRON’s inclusiveness and openness as a decentralized and autonomous community. I sincerely hope that members of the TRON community could vote for me. As one of the firmest believer of TRON, I am excited to witness more miracles coming along our way, and I hope everyone in the community can execute their rights to vote for the SR candidates.

Following his election, Sun continued to draw mixed opinions from the TRON community over how the elections have been handled. While Sun maintains that his candidacy, and subsequent election, is a justification for the efficacy of the TRX-based voting process, other voices in the community contend with the perception of the situation. Justin Sun has been the vocal leader of TRON since launching the currency in September 2017. He has grown to a Steve Jobs-esque persona through his promotion on Twitter, and is one of the more active and vocal founders in the space of cryptocurrency. Add to that his high profile purchase of BitTorrent, which has only increased the magnifying glass on the young creator, and some are beginning to worry he his gaining too much authority over what should be a decentralized cryptocurrency in TRON.

However, others find little fault in Justin Sun’s bid for SR election, and actively encouraged it. For one, news of Sun running in the election was not new–he informed the community of his intention to run in a Medium post back in April. Another: Sun was fairly elected, albeit in a much shorter time frame, through the same democratic voting process as any other candidate. Yes, Sun is extremely high profile, particularly when compared to his competition. It is also possible that Sun could have negotiated support from heavy TRX bag holders to pump his voting count. But given his position with TRON and regular appeals to the community and investment base, it’s no surprise the charismatic founder was able to garner 100 million votes in barely a day.

Sun becoming a SR is a natural progression for him to participate with the currency while not holding the centralized authority as a CEO or founder. Now Sun is beholden to the same rules and process as all other 26 reps, creating a theoretically level playing field for the position.

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State of TRON (TRX) Post Independence Day

TRON (TRX)–Despite the plummeting cryptomarket over the past two weeks (down nearly 60 billion USD in market capitalization), TRON has managed to push forward with the development of the currency. Monday June 25th marked the official genesis block of TRX on Main Net, signifying the moment that TRON officially distanced itself from Ethereum’s ERC-20 token to establish an independent public blockchain. While Main Net has been a successful launch for several months now, the critical beginning to TRON’s digital platform has officially started, allowing for founder Justin Sun and the TRON team to work towards the creation of a new media landscape.

As opposed to Bitcoin, which is currently struggling to find a way around the crippling miner fees and slow transaction times that have characterized periods of peak use, TRX (the native currency to TRON), has been established with the ability to scale. As outlined by Justin Sun in early May, TRX on Main Net has the utility to be a top of the market currency. Transactions using TRON consume 0.00001 TRX, which means a single coin purchased today for 3 ½ cents could provide a user 100,000 TRON based transactions. In addition to negligible fees, TRON has a network capable of handling 10,000+ transactions per second, which eclipses that of even Ripple’s Xrapid banking system. In addition, similar to the format of Ethereum with ERC-20 token creation, TRON has designed a system for developers to produce their own cryptocurrency on Main Net, thereby allowing for near-infinite innovation outside the parameters of TRX. This gives inherent value to the TRX coin (1024 TRX = one new cryptocurrency), while also allowing developers the freedom to expand away from TRON’s native currency if they so choose–and still retain the benefits of Main Net.

Despite being less than a week into the official start of TRON’s independent blockchain, it has become clear that the TRON team has prioritized two features in their currency: overcoming the issues of scale ahead of an influx of users, and giving developers the tools to expand in a multitude of directions. Given the currency’s position as re-defining the digital landscape of entertainment media, both are necessary for long-term development.

Speaking on a livestream to commemorate Monday’s Independence Day, TRON founder Justin Sun lauded his team for their poignancy in meeting deadlines related to the development of the currency, including March’s Test Net launch and the most recent creation of the genesis block. He also alluded to July 30th being the next major date in TRON’s development, with the release of the TRON Virtual Machine (TVM–a user-friendly tool for the creation of blockchains) and also hinting at a “secret project.”

While Sun has yet to give further details on what the TRON team has in the works, the days following the launch of the independent blockchain saw TRON making substantial partnerships in the industry of online adult entertainment. Pornhub, the world’s number one porn site in terms of traffic and the 31st largest website overall, has established a program to start accepting TRX for payments (in addition to ZenCash and the previously announced Verge). To accompany this monumental partnership, the TRON team produced a tongue in cheek video playing on the future of money and other cultural references:

TRON followed up on the Pornhub announcement with another X-rated partnership in the form of Brazzers. While TRON has been a vocal pursuant of gaming, social media, publications and even education on Main Net, clearly adult entertainment is going to factor in as a feature. As of now, these websites are not publishing content on TRON’s network, but instead accepting TRX as a form of payment for premium services.

While the rest of the market reals from double-digit losses to extend the bear cycle, the TRON community has new outlets for adoption to sift through, in addition to the upcoming announcement of Justin Sun’s “secret project.”

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TRON (TRX) Providing a Model for Top-Down Decentralization

TRON (TRX)–Yesterday TRON celebrated a milestone in the currency’s development, by claiming June 25th as Independence Day. While the coin’s Main Net was launched at the end of last month, Monday marked the official start of TRON’s independent blockchain (migrating away from its ERC-20 roots), with the creation of the TRX genesis block. The event saw a coordinated effort between founder Justin Sun and the various members of the TRON team, conducting a live feed event in addition to highlighting upcoming projects for the currency. In particular, Sun hinted at the next major date for TRX as July 30th, with the release of TRON’s Virutal Machine (TVM) and a to be announced “secret project.”

For those investors and industry enthusiasts who have been paying attention to cryptocurrency for the past year, TRON has had one of the most storied journeys to its current position as 11th in total market capitalization. The coin was first released to the market in September 2017, amidst the crackdown and rumored ban being imposed by the Chinese government on cryptocurrency and ICOs. While the coin struggled to gain price traction through its first three months on the market, December brought one of the largest pumps in all of cryptocurrency history. TRX started the final month of 2017 trading at 0.002 USD and peaked in the first week of January 2018 at 0.30 USD, constituting a price increase of 14900% (to put that figure in perspective, BTC experienced 1900% price growth from the beginning of 2017 to its peak in December). The subsequent fallout in price, which hit 0.025 USD at its lowest point, brought both media and investor backlash in the form of FUD and other frustrations.

However, Justin Sun and the TRON team continued moving forward with their project, meeting the March 31st deadline for the launch of Test Net (the precursor to Main Net), in addition to community-based projects such as the bounty program, TRON loans and the 2 billion USD Project Genesis reward fund.

Sun has been on the receiving end of harsh criticisms, at times unfairly, for his forthright approach to marketing. In December, his frequent twitter updates were viewed by some as attention grabbing ploys to pump the price of TRX. However, Sun and the TRON Foundation have been at the forefront for handling the conundrum of top-down decentralized currencies.

The most powerful feature of cryptocurrency is the decentralized protocol of the technology and ethos of the community. Yet investors have clearly given preference to the familiarity of central authority figures. Litecoin struggled in the aftermath of founder Charlie lee selling his stake in LTC, but has overall benefited from his steady presence in the industry. Bitcoin Cash is almost entirely at the mercy of Roger Ver and his divisive tactics. Ethereum, despite having a broad base of GitHub commits, takes its cues from Vitalik Buterin.

TRON has received significant benefit from the guiding hand of Justin Sun and the Tron Foundation, which outweighs any implication of control. Yes, the founder and team behind TRON control nearly 34 billion coins. But thus far, they have used their funds to further the TRON brand with the 1 billion TRX coin burn (which amounted to the destruction of 50 million USD) in addition to the aforementioned community programs. The core TRON team is driving the decentralized growth of TRX, despite their appearance of authority. Through their focus on currency utility (high tps, negligible fee transactions, and limitless growth on Main Net) the TRON foundation has created the impetus for TRX adoption and greater investor interest. They have utilized the features of their coin to pivot in the direction of incentives that reward Main Net development and projects that will drive users to TRON’s burgeoning network. 

While TRX prices may not reflect what the coin has accomplished over the last 4 months, the groundwork is being laid for a usable currency with near-infinite possibilities through Main Net. The excitement for TRON’s growth is palpable among the investor base, almost entirely thanks to the effort of Sun and the TRON team. 

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TRON (TRX) Announces Blockchain University, Enrollment Opens Fall 2018

TRON (TRX)–Just hours ahead of TRON’s self-proclaimed Independence Day, and the official launch of the genesis block on Main Net, the TRON Foundation has posted a video to their Twitter account detailing a “blockchain university.”

Dubbed Tronics University, the brief, thirty-second video is surrounded with platitudes regarding the future of technology in conjunction with blockchain, in addition to espousing the benefits of decentralized educational sources.

Going under the tagline of Decentralised education for the new decentralised world, the video poses common questions for both newcomers to the industry and those outside of cryptocurrency, such as “What is blockchain,” to the more specific “What are DAPPS?.”

While details surrounding the project are scare as or writing, the video gives the impression that TRON is attempting to create a go-to portal for both understanding cryptocurrency in addition to offering a deep-dive into the technology behind crypto and blockchain. TRON’s Independence Day marks the usable starting point for Main Net, a crypto-based digital platform that is attempting to reshape the world of online media. Most had assumed TRON would target popular entertainment outlets such as gaming and social media, but it appears the TRON Foundation is also heading in the direction of education, with Tronics University almost certainly being a service offered through the aforementioned Main Net.

“A university should be a place of Light, of Liberty, and of Learning.”–TRON quoting Benjamin Disraeli in their release video for Tronics University

In addition, the video ends with the phrase “Earn to Learn,” giving the impression that TRON might flip the script of traditional education by imposing a reward system for users to participate in the university. As opposed to the common education model, with costs becoming more bloated with the passing years, TRON could look to set the standard for teaching on Main Net by enticing students through small, TRX-based payments. Given the utility of TRX transactions on Main Net (0.00001 TRX consumed per transfer), TRON has the ability to institute “micropayments,” thereby paying students in real-time for their efforts related to studying and completing assignments. The company could also impose TRX rewards based upon completions, such as payouts for achieving a certain level of proficiency with blockchain and cryptocurrency.

We already know that Justin Sun and the TRON Foundation have set aside 2 billion USD worth of TRX as apart of Project Genesis, a reward fund that seeks to incentivize and catalyze development of TRX on Main Net in addition to the creation of new currencies through TRON’s coin burn system. Tronics University could be an extension of that fund, paying out rewards in an effort to draw interest to the platform of Main Net as an educational portal and provide stimulus to the broader industry of cryptocurrency and blockchain.

Given the decentralized nature of cryptocurrency, the TRON Foundation could be laying the groundwork for future migration on to Main Net with Tronics University. The model they establish for learning and enticing student participation will be looked at by outside developers, or those who see the innovation in creating decentralized learning portals. While blockchain is the most logical subject for the TRON team to focus on in their premier attempt at education, it opens the door for further dissemination of knowledge.

With the global appeal of the internet, digital-based education that is low cost or free has long been touted as an untapped resource. While the TRON Foundation is just getting their foot in the door with education and the Main Net platform, it could establish a precedent for further development.

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How TRON (TRX) Will Profit From Coin Burn

TRON (TRX)–To commemorate TRON’s Independence Day on June 25th (the official start of Main Net’s genesis block), the TRON Foundation is planning a coin burn of 1 billion TRX, worth nearly 50 million USD. As the press release states, the burn will constitute the largest destruction of money in human history. In addition, the 33 billion TRX combined fund of founder Justin Sun and the TRON Foundation will be placed in a locked account until the start of 2020, which further negates the rumor of Sun selling his primary holding in early January.

The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.

While TRON is no stranger to marketing stunts, the one billion TRX coin burn has a much larger purpose. In addition to increasing the individual value of each token, the burn will have a systemic effect on investor attitudes towards TRON.

Installing a Sense of Scarcity

The 100 billion coin supply currencies have found themselves in a bit of a predicament. Regardless of the inherent divisibility of cryptocurrencies, high supply coins offer greater market liquidity, which is a benefit to both exchange speculators and users of the coin. It also keeps the price-per-coin low, which, from a buyer’s standpoint, provides some psychological distance from the intimidating price of Bitcoin (the average, non-crypto investor will see BTC’s elevated price as a barrier to entry).

However, the high coin supply also negates the feeling of scarcity that has arguably driven the price of Bitcoin and Ethereum so high over the preceding year. Fear of Missing Out is a strong, enabling force for Bitcoin investors, in the sense that BTC has a relatively small circulating supply (which also increase the danger of contentious hard forks).

By burning 1 billion TRX (which amounts to 1% of the total circulating supply of the coin), Justin Sun and the TRON Foundation are signaling to investors that they are committed to raising the intrinsic value of the currency. The immediate aftermath of the coin burn is not to bring about a 1% increase in price, but to offer long-term leverage to the investment base, and to provide a touch of the aforementioned scarcity that has proven valuable to low-supply coins. In effect, the TRON Foundation is burning 50 million USD they have control over now to further the interest of the currency as a whole in the future. This move comes in addition to Project Genesis, a 2 billion USD resource fund to grow the development of Main Net and TRX-based applications. The TRON team has proven they are willing to forgo immediate profit in an effort to raise long-term value, which is a sentiment investors can easily recognize. 

Catering to the Needs of Investors (and Eventual Users)

The TRON Foundation has figured out the game of cryptocurrency-related marketing: almost all of the currencies on the market, even Bitcoin (in the absence of Lightning Network), are not ready for the type of adoption necessary for real usability. That’s not to say the currencies don’t have potential in the world of digital marketplaces and fintech development–they are just not at the point of feasibility. This past January’s bull run, when average BTC transaction fees jumped above 55 USD, proved that cryptocurrency has a long way to go before achieving the scale necessary for market saturation.

TRON is targeting the needs of investors now, in an effort to draw greater attention to the currency and build the foundation for its user base. The honest truth is there is little reason to own TRX (or almost any currency), outside of what it offers through price speculation–at this point in time. That will drastically change with the development of the Main Net platform and the integration of crypto into IoT devices and smartphone app marketplaces. The TRON Foundation is getting ahead of the war for growing user bases by building a fervent and committed investment base. Yes, investors drive up the price of the currency which directly benefits the TRON Foundation and Justin Sun’s holdings. But it also keeps the currency in market spotlights and media headlines, in addition to giving incentive to current holders to refrain from selling their TRX. Despite the massive fall in value for cryptocurrency over the last six months, there is a hesitancy to sell TRON if TRX continues to decrease in availability. While markets rarely behave in a rational nature, coin burns on the scale of billions do grab the attention of investors and give TRON a small degree of appreciation that has largely been lacking since its release.

Some will continue to view the coin burn as another attention-grabbing, publicity gimmick by the TRON Foundation to keep the currency relevant in the news cycle. After all, even with the destruction of one billion tokens, Sun and the TRON team command over 33 billion TRX (worth 1.4 billion USD). However, keep in mind the company is actively destroying 50 million dollars worth of currency. Even if the burn is a calculated attempt to raise awareness for TRON, it still comes at a personal cost to the developers of cryptocurrency. Instead, TRON’s coin burn is furthering the interaction between the team behind TRX and the growing investment base. As opposed to most transactional currencies, TRON is relying upon its growing user base to both develop and participate on Main Net, thereby increasing the overall value of the technology.

A 50 million USD investment today could bring billions in return if the TRON team can manage to establish a digital platform to rival other media networks.

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Tron (TRX) Testnet Is Live And So Is Justin Sun (Online)

Tron’s (TRX) Justin Sun is Live on Twitter and Periscope for the launch of the much awaited Testnet network. He is doing a good job, despite having a cold, of explaining the goals of The Tron Project, release of Testnet and covering the following topics according to the schedule that was set on the online flyer a few days back.

The schedule is as follows:

  • an introduction of TRON’s products, technologies and team members
  • Technology progress of TestNet and the Outlook of MainNet and its expected release on May 31st
  • Introduction to the P2P technology
  • Reward for developer contributors: ongoing and future plans
  • Display of blockchain explorer, wallet and other products.

The live stream should be live for another 40 minutes from the moment of writing this.

Earlier in the Livestream, Justin was noted as saying that the Tron team is 100 strong with new team members joining in from big companies such as Amazon, Alibaba and Tencent. The fact that they have left this big organizations, means that they believe in the vision of the project.

With the Testnet live, Mainnet is only 2 months away and will have the capability of migrating all Tron projects to its blockchain including the original ERC20 tokens in a ratio of 1:1.

Also to note is that Tron already has decentralized apps on it platform as can be seen on the project’s website. The most notable is Peiwo which is an audio-based post-95s social software. It has stress free anonymous chat mode and one click speed matching and helps users to realize real and effective communication.

A second DApp is Game.com which creates and integrates game content through the blockchain to help digital currencies to provide entertainment service applications and promote rapid development on the blockchain.

Kitty Live is another DApp which is a live streaming app similar to Periscope and particularly popular in Asia and the Middle East. Other Decentralized apps that the Tron team is working on include, GIFTO, ODYSSEY, OBIKE, Mico and GSC.

The Tron Main-net will be able to cater for more Decentralized apps and hopes to be the choice of many developers for the network is based on Java programming language – which is popular and easier to use – rather than the complex Ethereum Solidity programming language.

With all this information, it is possible that TRON is the future of the Internet.

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Tron’s (TRX) Technical Team Live On Periscope For TestNet Launch

In a Tweet not more than 7 hours ago, and at the moment of writing this, the Tron Foundation has announced that the Tron (TRX) Technical Team will be live on Periscope from 10am to 11:20am, March 31st, 2017 and on UTC + 8 time zone. The tweet goes ahead and urges the Tron believers to Be There or Be Square.

This last phrase is a common English saying that is used to encourage someone to do something. A square, in many references and primarily in English slang, is a dull, rigid and out of touch individual. I doubt any of the Tron (TRX) fans, traders and believers want to be branded as such.

So what is Periscope and how do you tune in to the live broadcast?

Persicope is a live video streaming app for Android and iOS. The app lets you broadcast and explore the world as you live it and in the current moment. This aspect of any app is what is famously known as Live Streaming in the age of social media where you can broadcast to anyone and everyone at any time irrespective of time zones.

I am sure you are asking how you will log onto the Tron Event and watch once you download Periscope. Well, at the bottom of the flyer in the Tron foundation tweet earlier mentioned, is a QR code that you can scan to tune in to the broadcast.

So there you have it ladies and gents. The stage is set for the Testnet launch and a live broadcast by the Tron Foundation team.

Topics of discussion during the Live event include:

  • an introduction of TRON’s products, technologies and team members
  • Technology progress of TestNet and the Outlook of MainNet and its expected release on May 31st
  • Introduction to the P2P technology
  • Reward for developer contributors: ongoing and future plans
  • Display of blockchain explorer, wallet and other products.

Be There Or Be Square! 

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Test Net And A Few Tron (TRX) Price Predictions

The Test Net countdown is live on the Tron (TRX) website. The much anticipated launch of the Beta version of the Tron Network is slated for release on the 31st of March, less than 5 days from today and at the moment of writing this. As a result, the world wide web is a bee hive of activity and ‘buzz’ surrounding the Tron project that has weathered the storm of FUD from all angles. Its founder, Justin Sun, was the victim of lots of FUD earlier on in the project but he has kept his cool and continued to push the project ahead – firing on all cylinders.

So much so, that the release of Main Net has been bumped up to May 31st of this year – exactly 2 months after the release of Test Net.

It is with such excitement about the events ahead in the Tron project that there is a lot of excitement about the price predictions of the token down the year 2018 and beyond.

One price prediction puts Tron (TRX) at $0.27 by the end of the year. This is after the consideration that Tron (TRX) will be the main medium of transactions on the Tron Network that is slated to be released in May. Also, more developers will start using the platform as the days go by leading to an increase in the price of the coin. By coin, this means that down the year, Tron will be on its own platform after Main Net is released, and not on the Ethereum (ERC20) one of the ICO. The token migration methods have not been confirmed but it will be on a 1:1 ratio.

Other price predictions without giving definite dates, put Tron (TRX) possibly at the $0.57 – $0.62 range, $3.15 or $5.72 depending on several conditions such as reception of the platform by developers and past performance of the token in the markets.

All in all, the buzz around Tron and the technology that is about to be released should have an impact on the price of the token and later, the coin. The big question is, are there more investors buying ahead of the launch of Test Net and Main Net to allow for an upward surge in the value of Tron (TRX) in the markets? Will the volume be sustained long enough for a higher support line in the charts?