Justin Sun Burns 800 Million USD worth TRON (TRX) ERC20 Tokens
In a recent tweet, Justin Sun, the Founder and CEO of TRON Foundation announced that he burned 800 million USD worth of TRX ERC20 tokens.
— Justin Sun (@justinsuntron) November 1, 2018
For those thinking that he burned a large amount of the cryptocurrency’s circulating supply, he didn’t. As clearly mentioned, these tokens were ERC20 tokens. The upgrade of TRON to its Mainnet had rendered these tokens useless. Thus burning up of all of those tokens had no effect on the circulating supply.
While this turned out to be a bump for a lot of people, there’s a lot going on in the cryptocurrency’s network which is actually bound to amount up to a lot.
Recently, the foundation partnered with JOYSO, the hybrid decentralized trading platform for cryptocurrencies which reduces the risk of being hacked and provide users with cost-efficient trading
The partnership would be a means for the two to build a hybrid decentralized exchange for TRON Networks, enabling JOYSO to become an infrastructure for the Decentralized Applications (DApps) on the network which would, in turn, lead to better sustainability of the cryptocurrency’s blockchain.
Will Hsieh, JOYSO’s CTO, commented on the partnership:
“TRON’s blockchain provides a conducive environment for token issuers where it is affordable and user friendly. This will attract more users to join TRON’s ecosystem and boost its token economy. With our expertise, JOYSO is able to provide a safe and simple solution for exchanging of tokens on different blockchain hence creating a more sustainable network.”
TRX has been added on other digital wallets such as HyperPay and Trust Wallet as per the announcements made recently. Much of the progress made on the cryptocurrency’s front is due to its active community. One of the most prominent faces of the cryptocurrency’s community is Team Tronics which recently had a meeting in New York.
The event started off with Drew Wise, the Co-founder and Team Leader of Team Tronics, introducing himself as well as the team:
“I’m Drew Wise, the Team Leader and Co-founder of Team Tronics and I just want to say thank you again for coming out and TRON, for helping promote this event. We’ve got a lot coming. Team Tronics was found in April 2018. We are a group of community members who came together to represent TRON and really grow TRON […] We are the largest community team and we are a mobile team. Since we are mobile, we have created an international community in which we focus on strengthening and promoting the TRON blockchain.”
He then briefed everyone about the changes and developments in Team Tronics:
“We have a new logo […] and a new domain for our website which is tronics[dot]io. We have a new team structure—we are a global, decentralized team so we all work together to really push TRON to higher heights. We will have a new, updated website very soon […] and projects in development.”
Informing everyone about the vision and mission of the team, he said in the meeting:
“Our mission is to drive a strong network. We are a group of very passionate Tronics and we want to drive adoption and to raise awareness about TRX. I believe that education is a key step forward for blockchain and cryptocurrency adoption. We have been contributors since Testnet and we have really really grown a lot since then. Our vision is to be the most influential blockchain community in the world. We want to build an ecosystem which benefits the users and gives them the best experience on the internet.”