June 25th marks TRON’s Independence day
Founder and CEO of TRON, Justin Sun, announced that TRON had its Independence Day press conference marked on June 25th, 2018. This day marks the day of TRON’s independence from Ethereum.
TRON has completed its token migration from ERC20 to mainnet. TRON has now become one of the most competitive major public chains in the world.
TRON has been actively growing since its inception. On may 25th, it launched a virtual machine in Beta which was fully compatible with Ethereum’s virtual machine environment. Developers could use Solidity to debug, develop and compile in a familiar environment without any need to learn a new coding language altogether.
May 31st saw the launch of mainnet Odyssey 2.0. And now, TRON has announced the creation of Genesis block which signifies TRON’s independence from Ethereum. Justin Sun also announced the launch of the official version of TVM on July 31st which will allow the developers to develop decentralized apps with the help of the TRON virtual machine. The decentralized apps that will be launched will unlock a powerful decentralized ecosystem and are claimed to be significantly better than Ethereum.
The Conference also highlighted two major updates which is also what exactly marks TRON Independence Day. The updates are:
1. Token Migration
2. Genesis block creation
TOKEN MIGRATION OF TRON
Token Migration, scheduled for June 25th, is all about the migration of ERC20 tokens to TRON mainnet. The migration is necessary for several reasons.
1. TRON does not charge any transaction fees when compared to Ethereum’s high fees with respect to transactions.
2. TRON uses a DPOS consensus mechanism which is ten times faster than that of Ethereum. Ethereum, on the other hand, has low TPS which bottlenecks many dApps from running on the network.
3. TRON uses a bandwidth model to enhance network security so that users and dApp developers can transfer funds in a safer and more convenient manner.
4. The community of Ethereum is not fully democratic as Ethereum uses PoW which makes it really difficult for the users to participate at a low cost. TPoS consensus mechanism of TRON gives every token holder the right to vote. The community can participate in a democratic election and vote for representatives.
The independence of TRON from Ethereum will pave the way for a community governance mechanism. It will lead to a truly decentralized internet and help the industry reach a stable phase of growth.
Justin Sun also announced a giveaway on Twitter as follows:
— Justin Sun (@justinsuntron) June 25, 2018
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