Tron Virtual Currency Looks to Dethrone Ethereum

Tron (TRX) token stacks up USD 1 billion in market cap to join the top ten coins ahead of core platform launch.

by Kyzmoff
21 May • 1 min
In Tech
Decentralized digital content entertainment platform Tron is causing a major buzz in the crypto world as everyone awaits the migration of its TRX token from Ethereum's ERC20 standards to its own blockchain, scheduled for May 31. The cryptocurrency added over USD 1 billion to its market cap over the last 24 hours foraying into the top 10 biggest cryptocurrencies, with a capitalization of USD 5.3 billion at the time of writing.

"From today to the last day, we are no longer the ERC20 token and in the future, we will compete with Ethereum as a DApp platform. We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much larger ecosystem than the Ethereum" co-founder Justin Sun said during the announcement of the Mainnet.

Tron's own network, TronVM, will be launched a week earlier for back tests to enable complete compatibility with the Ethereum virtual machine. The system will enable decentralized apps (DApps) built on Ethereum to switch seamlessly over to Tron. Most of June will be a testing period for the main network as Tron is aiming to lure Ethereum developers to its network through reward programs and airdrops.

The Tron protocol is trying to create a global free content entertainment system by allowing each user to freely publish, store, and own data while incentivizing on DApps.

TRX price soared over 120% up since the announcement of the migration plan on March 31, 2018, outperforming Ethereum (ETH), which went up 80% and Bitcoin (BTC) which is 20% higher during the period.