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TRON (TRX), the 10th largest cryptocurrency in the industry by market capitalization, is moving away from Ethereum (ETH). The transition is part of the digital currency’s desire to rival ETH in providing basic-layer blockchain foundation that will support decentralized applications (dApp).
TRX recently commenced the beta version of its independent community blockchain, Cointelegraph reported. TRX’s MainNet, also known as the Odyssey 2.0, will test its system throughout June. And on June 25, the full launching of the network’s Genesis block will take place. The TRON team is aptly calling it “Independence Day.”
As for token transitions, the slated period is between June 21 and June 24. During this time, investors holding ERC-20 standard coins will be able to swap them in a one-for-one trade for the same number of TRX.
On June 26, TRON developers will conduct what it is calling a “Super Representative Election,” during which members of the TRON community will be able to vote on how the network’s policy should take shape. Developers boast that testing their MainNet network yielded a speed 400 times higher than Ethereum’s.
Furthermore, they emphasized that among their primary aim is to focus on attaining scalability and decentralization. MainNet is designed to use a Proof-of-Stake algorithm rather than Proof-of-Work, which is used by other cryptocurrencies, including Bitcoin.
Due to these radical changes, it would seem that TRON’s market value has taken a glancing hit. The recent number of the digital currency is at $0.06, decreasing 0.3 of a percent from its previous price. The dip spells a 14 percent decline from its recent $0.07 value this week.
However, TRON did manage to accumulate a market head of almost $4 billion. The number spurred sharp comments from Vitalik Buterin, co-founder of Ethereum, calling TRX’s market value as a prime example of something that’s overestimated before it even yields results.
Wall Street analyst Spencer Bogart has similar criticisms for TRON and other cryptocurrencies. He said that investors who have TRON should sell their tokens as he considers it to be overvalued. Cardano, IOTA and NEO were the digital currencies to which the analyst gave a similar estimation, while Bitcoin Ethereum, and Ripple received a relatively tamed review.
