Have you ever heard about Tron? If you can answer affirmatively, then you already know that it’s not your run-of-the-mill blockchain project or network. In fact, it’s radically different from most other blockchains and digital assets. But if you haven’t heard about it yet, that’s why we’re here.
Tron is a blockchain project founded by Justin Sun, who’s Jack Ma’s (of Alibaba’s billionaire fame) close friend and protegé. When Mr. Sun got Tron started, he already had made a name for himself as a successful technology business entrepreneur by founding China’s most important and widely used mobile messaging app. This didn’t happen very long ago, it hasn’t been even two years since Tron started.
Tron came to life running on Ethereum (as so many other exciting projects have) but, as time went by, Ethereum’s problems with scalability, low speeds, and high gas cost became increasingly apparent. Also apparent was Ethereum’s leadership’s lack of solutions for all those problems. The result was that Tron decided to launch its very own Main Net and leave Vitalik Buterin’s blockchain behind. This wasn’t an arbitrary move. Many other blockchain projects have either started their own networks or moved to different blockchains because they find Ethereum’s performance unbearable.
Tron’s new network turned out to be a dream come true. It’s fast, reliable, and while it has a concept similar to Ethereum’s gas, the cost is really cheap. It’s been so successful that only a few months after becoming independent, Tron had already the cryptoverse’s highest number of decentralized applications running on its blockchain.
But there’s one critical thing about Tron we haven’t mentioned yet. It has a very clear ambition which is to use blockchain technology to decentralize the web. That’s the priority. This is how Tron differs from most other blockchain projects: it has an objective, and it’s not purely financial. That’s not to say that it doesn’t have a native token. It does, it’s called Tronix or TRX. And since Tron includes two technologies to launch TRX-based cryptocurrencies, the network now includes lots of extant altcoins.
In many (maybe most) blockchain projects, the coin is all that matters. There’s nothing wrong with that. That’s how cryptocurrencies came into the world, starting with Bitcoin. But as the power of blockchain technology has proven it can be revolutionary in a myriad of use cases, a few new projects have appeared that aim to take advantage of blockchains for things that include, but are not limited, to issuing currencies. Bitcoin would be the classic example of a blockchain network that’s 100% centered in its cryptocurrency, but it’s not the only one. Think about Tether for instance.
Tether is another blockchain project (its blockchain is called “Omni”) seriously organized around its altcoin, called USDT. This token is a novel idea because each token is backed in reality by a US Dollar. The reasoning behind that structure is that, if you have a cryptocurrency that’s supported by something more real or physical than just calculating collisions in cryptographic functions, then the said coin should be immune to the crypto verse’s already infamous volatility. And it’s worked so far.
Tether and USDT are exciting projects that could become exceedingly relevant in the crypto verse (and even in the real world) in the following years, but there’s a problem. The Omni blockchain isn’t that great. It’s not too fast, and it’s rather expensive to transact there. But unlike Ethereum’s leadership, the people behind Tether are willing to do something about it. And what is that, I hear you ask? Well, to put it simply, they’re joining Tron.
Tether chooses Tron
Why join Tron? There’s every reason. By changing the USDT tokens from the Omni blockchain to Tron’s, you gain every advantage Tron has for the token. That means that transacting and using USDT Tron will be faster, cheaper, more reliable. And those things are not just about convenience. See, if there is something that characterizes the US Dollar in the whole world, that’s its liquidity.
That means that whatever your local fiat currency is (and it applies to cryptocurrencies too), there are always enough dollars in the market so that you can do any business you want without having to wait for somebody else to be willing to sell dollars to you or to buy them from you. The USDT Omni has been facing a situation that is not lack of liquidity, but it resembles its consequences because of the long transaction times.
So, Tether is migrating the USDT cryptocurrency to Tron, and the Tron Foundation and Mr. Justin Sun are trying to bring awareness to the community by orchestrating a 100-day campaign. And if you choose your timing carefully, that campaign could earn you a little passive income.
The campaign starts next April 30th, and it will continue until August 17th, 2019. Tron will invest USD 20 million beginning in the current month of April, and that could earn you as much as 20$ on the number of tokens you’re swapping from Omni to Tron.
So if you own some of the soon to disappear USDT-Omni tokens, you should swap them for the new Tron tokens as quickly as possible. And if you don’t, well, you might as well buy some. It will be an easy way to make 20% on your investment.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.