In almost a month’s time, Tron [TRX] has managed to grow multifold by doubling its value and become the ninth the largest coin on the CoinMarketCap. At the time of press, the coin was valued at $0.0250 with a market cap of $1.6 billion. The coin has a 24-hour trade volume of $175 million with a growth of over 2% in the past 24 hours. The coin has, however, slipped by 0.10% over the past hour.
The Chief Executive Officer [CEO] of Tron, Justin Sun is in the middle of all that the company has to offer, especially its much-awaited niTRON summit, a Tron sponsored conference in San Francisco. The conference begins today and features stars like former NBA star Kobe Bryant as keynote speaker, along with Sun and an executive from Swisscom AG, a $25 billion telecommunications company, reported Bloomberg.
Sun, recently bought the file sharing application BitTorrent for $120 million in 2019. The announcement of BTT tokens which runs on the Tron and BitTorrent networks has proved to be beneficial for the company as the demand increased for the coin. The Chief Executive Officer [CEO] at researcher Messari Inc. said to Bloomberg in an e-mail:
“A lot of people wrote off Tron as all hype/marketing and no substance, but they made a lot of noise with the BitTorrent acquisition, and now I think it’s an open question of whether they will be one of crypto’s most high profile ‘fake it til you make it’ success stories,”
The CEO also added:
“It’s been wild to watch.”
Along with the company, Justin Sun is becoming popular as the face of the company and increasing following on the social media site, Twitter. Sun told the publication in an interview:
“We want to become the most famous brand in the world”.
Sun elaborated saying when someone thinks about cryptocurrency, Tron will be the first one, while drawing parallels to the popularity of Bitcoin [BTC]. While the smallest unit of Bitcoin is called Satoshi, after its creator, Tron’s smallest unit is called sun after Justin Sun. As per Sun, Tron had raised $70 million in Initial Coin Offering [ICO] which is largely untouched.
Sun shared a similar vision for BitTorrent and so do many others. Justin Knoll, head of the BitTorrent project said to the publication that their goal is to convert all the 100 million monthly users of BitTorrent into cryptocurrency users. BTT could be used to increase the download speed of the movies, and tip the performers, but eventually it will be used for paying for site storage, informed the head of the project. Sun had informed that BitTorrent is profitable and is generating around $25 million in revenue per year.
The aim of the company is to increase the number of distributed apps, such as games running on their network. Tron currently has 107 Dapps compare to Ethereum’s 1,374 as per DappRadar. However, this number will increase as Sun recently announced up to $100 million funds for developers who are creating Tron gaming apps.
Tron also claims to have much faster transaction times compared to Ethereum as it uses a different mechanism for verifying transactions. Tron’s 27 super representatives produce the blocks that are then voted for by the account holder of the cryptocurrency. Ethereum, on the other hand, uses miners to verify transactions, which also now moving to the proof-of-stake system. Sun said:
“Converting to PoS is a huge effort. It’s like moving a building a block away. It might be easier to tear down the building and rebuild it. It doesn’t work that way. For Ethereum, it may cost them a year or two to migrate, and that seems optimistic.”
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