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Here’s how the bear market uplifted Tron’s network bloom

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About a couple of weeks ago, Justin Sun, Tron’s CEO and founder, published a tweet announcing that the Tron foundation is creating a fund to rescue developers on the Ethereum and EOS networks. There’s a catch though. Said developers can only benefit from that fund if they bring their decentralized apps and project to the Tron Network. That’s a fair twist.

The bear market has been causing projects to stop functioning.

Mr. Sun’s tweet could have been prompted by another tweet issued by the ETCDEV team. It’s one of the main development teams working on Ethereum Classic. They had to stop working because of lack of funding. Mr. Sun also wrote that one of the team’s developers contacted the Tron foundation in another tweet:

https://twitter.com/mary_janex1/status/1071276170157613056

Projects are taking Justin’s offer seriously, and they will boost Tron’s development. One developer from ETCDEV officially announced his tie with Tron just a little while ago.

The awful bear market we’ve seen for almost a year now has provided the perfect conditions so that Mr. Sun’s invitation for Ethereum and EOS developers to join the Tron network will make the network flourish.

This month, the Betguild team moved the Bitizens gaming app from Ethereum to Tron. Also, we saw how the Tron foundation launched the Tron Accelerator program which will spend a million dollars to support the creation of new decentralized apps for the platform.

That financial advantage makes it a lot more likely that dApp developers will move their projects to Tron, which is a platform that’s been hailed for many good reasons. It can manage 2,000 transactions per second (worldwide, it charges zero fees for processing smart contracts that are within a certain bandwidth, and the option to use zk-SNARKS to enhance privacy. Very few blockchains can offer comparable advantages. The niTron summit will take place next month, in San Francisco, and, it just so happens that Tron is compatible with the Ethereum virtual machine.

Final Thoughts

The recent market conditions pushed many dApp projects to either settle for less or just shut down completely. Mr. Sun and Tron foundation, on the other hand, are trying to persuade them to leave Ethereum and EOS behind so they join Tron, which could allow them to keep their projects alive even as the market keeps going down and they’re even providing financial incentives for them.

Tron’s dApp catalog remains very small when you compare it to Etherum. But 2019 could be the year in which we see it explode as developers take Mr. Sun at face value and join Tron. And that’s not a longshot. Everdragons has already made a move, and many other projects are expected to do the same just because of simple self-preservation.

As we write this article Tron’s TRX is trading at $0.014275. It’s trading in green numbers against the dollar (up by 8.87% in the last 24 hours).

Image courtesy of Pixabay.

Tron’s TRX and Ripple’s XRP: Meet the markets next two bulls

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Today it’s one year since Bitcoin reached that $17,000 price. It was the height of the cryptocurrency market in ten years, and then, it all went down from there. We’ve spent a full year seeing how all coins lose value and the market going down the drain.

Yet, we also know that a bull run will happen sooner or later. We don’t know when, but it’s just unavoidable. Crytpo has sunk to the ground four times already, and it’s recovered each time and surpassed expectations every time.

The next bull run will come for sure. But all sheep are not equal. When the bulls rid us of the bears, some coins will perform very well, and some others will remain irrelevant. This is going to happen because in these times of hardship some projects are using the bear market to be prepared and create value for their coins, and some are not.

Several coins are working along these lines. And they’re doing it so well that they’ve gained a bit of ground even as the market is receding. Which are those, I hear you ask? Well, let’s talk about two of those: Tron’s TRX and Ripple’s XRP. They’ve performed well in very adverse conditions, and they should be on everybody’s eye as things keep developing.

Ripple’s XRP keeps moving on

So you want to know about a digital currency that has an obvious use case? Ripple is the one for that. The Ripple blockchain has been trying for years to become the future in international payments, using their native cryptocurrency (XRP) as the tool that will allow for that.

Ripple’s platforms (xCurrent, xRapid) are being deployed by financial institutions the world over. In most cases, Ripple’s partnership is at a pilot program stage, but some crucial banks in the world (think Santander) already have deployed it at the production stage. So XRP has been moving forward, and that’s allowed it to be solid in a market that’s sinking everybody else.

Even in the currently calamitous market, XRP managed to become the world’s second largest cryptocurrency by market capitalization, toppling Ethereum in the way.

Tron’s TRX: The way of the future

If you check Coinmarketcap’s data for Tron, you’ll find 159 trading pairs. That two more than Stellar Lumen’s XLM which is at 157. It’s listed in more than 100 exchanges, and some of them allow for crypto/fiat pairs as well. Justin Sun, Tron’s CEO and founder, referred to this as Justin Sun gas.

And that’s not all. Tron is now the 10th currency by market capitalization. For that, it had to beat both Cardano’s Ada and Monero which are very respected and had been performing relatively well.

The project has been partnering up with big firms in the technology world and is always looking for ways in which it can expand the ecosystem.

Tron bought BitTorrent recently which just comes to show it’s ready to push the boundaries in crypto in ways nobody else can even imagine for the time being. Tron wants for the whole world to become decentralized and work on blockchain tech. It’s very own blockchain tech, if possible. And it’s getting there.

Image courtesy of Pixabay.

Tronbet, first ever Tron DApp, gets a billion in volume

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Tronbet was the first decentralized application to be deployed in the new, independent Tron main net. Several peculiarities bear mentioning this app. It’s community owned, for a start. Most importantly (and rare) is that it’s fair.

Most betting systems in the world are not fair. No, we’re not saying that betting websites are thieves. They’re not. But they calculate their odds in such a way that winners do not get a return that corresponds to the mathematical probability of winning. The house always offers odds that will allow it to win from 1% to 5% and there’s nothing wrong with that. If the house is not winning something out of every bet (won or lost), then it has no incentive to offer the service to users.

And Tronbet pays you accordingly to the fair mathematical probability, without taking away anything from you so the house can keep going. That in itself is quite extraordinary as online betting or gaming usually is. Also, there are no transaction fees in this app.

It’s being a very successful gaming platform. A couple of days ago, it reached an important milestone by having more than a billion Tronix coins in volume in less than a day.

The community is exceedingly happy about the app because it works and it’s allowing it to earn new coins and having some fun at the same time. It has 2,213 users according to the app’s leadership’s last tweet.

This also shows how optimistic and bullish the Tron community remains about the token’s value, even as the market keeps its price down. The betting app’s volume has been growing exponentially since it came online and it’s gathering more and more interest from the Tron community as well as the crypto community as a whole.

The game is as simple as it is addictive. You just pick an interval from 0 to 99. Then the app will calculate for you the probabilities and odds that a random number will result in a win for you. You place your bet, you roll it, and you find out what happened. Bets are placed in Tron’s native currency (Tronix, TRX), and they are also paid in the said currency.

As Tron aims to decentralize the whole web by means of blockchain technology, the popularity it’s achieved in the community is quite relevant. Tron is now the biggest decentralized network in the world because it includes BitTorrent now. The full integration between Tron and BitTorrent (called Project Atlas) has not been finished in full, but imagine what could happen when it’s finally done.

BitTorrent has about a hundred million users scattered all over the world and, when Project Atlas does its job, each and every one of those users could become a member in the Tron community and also a player of Tronbet. In this context, the gaming app would not be reaching for the sky but the galaxy.

This kind of achievement shows why Tron has been able to keep moving forward even as the market keeps shrinking. Over the last couple of weeks, it’s beaten Cardano and Monero to become the world’s tenth most capitalized cryptocurrency.

Image courtesy of Pixabay.

Green Flag, Red Flag: Tips to Evaluate a TRON ICO

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The simple saying ‘Better safe than sorry’ takes a lot of precedences these days when it comes to choosing an ICO to invest within the TRON ecosystem. We have witnessed an astronomical growth regarding transactions being handled by the TRON network, a lot of credit for that goes to the SRs and the projects running on TRON protocol.

In a short span of time, we have seen close to 1600+ tokens being launched using the TRC10 protocol which is also helping a lot in terms of enhancing the usage. Most of these tokens trade only using TRX pair, ICO purchase is also through TRX only.

All these are helping TRON eventually hold its ground in this bear market and also promises for a prosperous future as a lot of these projects gets into mainstream usage. TRON (TRX) has made the token creation process super simple and almost free with the cost of token creation being just 1024 TRX. This is helping a lot of projects which had an idea but lacked access to funds and resources to launch their projects.

Having said this, there is a flip side to it; low entry barriers are also allowing a lot of ‘scamsters’ get into the system. They are creating tokens with the intent to exit scam at some point of time and escape with the investor’s fund.

Lack of regulation in this domain makes it all the more difficult for you to recover your funds once lost. The objective of this article is to assist you with 10 pointers which will help you evaluate a project and make an informed decision. Our humble request to all of you reading this article is not to gamble/speculate when it comes to ICO investments.

Success takes time; hence legit projects will take time, but the ROI will be phenomenal. Becoming millionaire overnight is a myth, it takes a lot of patience, perseverance, and knowledge to sail through this roller-coaster ride and achieve your financial goals. So be smart and choose wisely.

In this article we use a simple strategy to evaluate a project – Green Flag means the project is good to invest, the Red flag means we need to avoid investing in it. So here are our 10 pointers to conduct an essential evaluation of a project:

Product

This is the heart of any business. GREEN flag goes to the project which has a working or planned product, a clear use-case, has plans to launch BETA versions. Also, you need to evaluate if using blockchain actually makes it viable and useful.

RED flag a project which has vague or undefined use-case or is too simple that every kid off the blocks is doing it. Simple tipping/meme tokens are classic examples of this where you need to carefully access the usability and how the project differentiates itself from other off the mill projects.

Few note-worthy projects which can be given green flag on this aspect are – IGG, CyberTron, TronWatchMarket, TronWeeklyJournal, SEED, WIN, BeatzCoin, GEMS, Book.

Team

This is again one of the most important aspects to access a project. A team which is not public has a higher probability of pulling off an exit scam. The blockchain is about transparency, and if the unit itself is not transparent, then it’s a big RED flag. So look out if the project has a team, who are the developers, advisors, marketers.

Does the team has public profiles visible on the portal, do they have previous business / ICO / blockchain experience. Is the project happy to post the photographs of the team on the official website? Give it a RED flag if you don’t find these basic information, give a GREEN flag if the results of your finding are satisfactory.

Few projects which score green here are – TRWJ (Tron Weekly now), IGG, KsumNole, SEED.

Token supply and pricing

This is an excellent indicator to access the intent of the project. This differentiates the professionals from the noobs. A big RED flag goes to ICOs which creates ridiculously high supply which runs into thousands of billions/trillions with an absurd ICO price on www.tronscan.org ranging from 0.1 to 50 TRX for each token.

If you do simple mathematics you will realize that we will run out of all the TRX available and still the ICO will not be 100% sold, which means the creator doesn’t even intend to achieve full ICO sale, a clear exit strategy. If you observe this RED flag then immediately drop the idea of investing in that project as high chances you are dealing with a scam or a noob and both are not good for your investments.

GREEN flag goes to projects which if 100% sold at the ICO price covers only a small percentage of TRX supply thus leaving enough space for its value to grow and give good ROI to early investors.

White paper and website

These are the first impression of the project and again are a big differentiator between professionals and new kids of the block. Give a GREEN flag to a project which has a detailed whitepaper and website which clearly explains the project, product, use case, roadmap, key benefits, token distribution allocation, etc.

A RED flag goes to projects which either do not have these ready or it’s just for namesake. A project should have this basic stuff ready before they venture out to garner funds from the public.

Social Media

In the digital space, social media is the strongest tool available to create a huge global customer base. A legit team will strongly invest a lot of time and energy to build up their social media presence.

Give a GREEN flag to the project which is active on most of the social media channels like Twitter, Telegram, Reddit, Medium, Facebook, Instagram, Slack, etc. A RED flag goes to projects which create it for namesake and do not actually use it to build the community or engage proactively.

Communication of the team

The communication by the community managers and teams are a good indicator of accessing the true intent of the top bosses. Check if the community managers are engaging with the community to build relationships with them and spread awareness about the project, developments, future plans or are they just trying to hard sell the ICO.

Also, transparency of the community managers goes a long way in establishing the trust for the project. Give a GREEN flag where the admins are real and transparent, their social media profiles are matching in different platforms (i.e. they are the same person in the telegram, twitter, facebook, linkedin, Instagram, etc.) and they are actively involved in spreading knowledge and awareness.

Give RED flag to the admins whose real identity you cannot access. Real people who believe into an idea/project and are entrusted with the task of promoting it will never be required to hide their identity.

Pre-mine and freeze

A legit ICO will have a clearly defined roadmap for token release and distribution. GREEN flag goes to projects which follow their roadmap and keep the un-utilized tokens frozen as defined.

RED flag for projects which put 100% of supply into circulation and trade on day one itself, high chances they just want to sell whatever they can before they pull the plug.

Market size and potential

Give a GREEN flag to the project which has identified a niche market and are leveraging blockchain to create a global customer base. Typically products which have a global use case, sizeable customers already spending money in that domain( which will shift to blockchain over a period of time) are good green flag indicators.

RED flag for the projects which hardly has any existing or future market because the use case is vague or non-practical.

Community

Communicating with the community can give you a lot of indications about the project. Give GREEN flag to a project where the community is loyal and knowledgeable; they vouch for the product and the team, discussions in the group is constructive and project-centric. A RED flag where the community is not aware of the project as high chances they were just bought or are bots.

Commitment

This parameter kicks in a little later but still helps in safeguarding your money from becoming ZERO. Give a GREEN flag to the team that values responsibilities and delivers on time – be it a product release, partnerships, merchant onboarding, events, commitments to investors, etc. Vice-a-versa for teams which frequently backs out from their own words.

Apart from these also be cautious about the fake/counterfeit tokens which almost look real to the legit tokens except for a small change in the alphabets. It is advisable to buy your tokens from legit exchanges / tronscan link shared by the project officials / from the official telegram channel of the project. You are venturing into risky domain when you enter private sale groups having low control over the fake tokens.

Very few things in the world are perfect, but we need to aspire towards perfection on a daily basis. So after evaluating a project on above parameters if a project scores 8-10 it could be considered safe, any score below five should definitely be skipped for the time being till the team proves it another way around.

Due diligence and a little time investment can go a long way in not only safeguarding your money but also to give you phenomenally high ROI in the long run. It’s just a hunt to avoid garbage and fill your bags with gold.

Hope all of you create massive wealth in years to come. Happy Investing!

Image courtesy of Pixabay.

Trading Tron gets quicker and easier as TRX makes it to SwftCoin

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Just a couple of days ago, Tron’s Tronwallet got upgraded with the addition of Decentralized Exchange (DEX), where 5 new pairs have been announced. The stride to magnify their community’s passion does not just pause there.

In one of his recent tweets, Justin Sun, the creator and the CEO of Tron, announced that, to make the crypto trade safer and faster, they have partnered with the cross-chain wallet app Swftcoin. Users now will be able to trade TRX through Swftcoin at low fees and excellent speed, as it utilizes AI & patent-pending cross-chain transfer algorithm.

What’s SwftCoin all about?

SwftCoin is basically a globalized platform for the transfer of digital currencies. The platform provides one-click transaction service which takes merely up to 1 minute to complete the transaction. SwftCoin’s asset transmit services are available for the crypto community on both mediums; website and mobile application.

The main objective of the platform is to better the potency of crypto-sphere by providing cheap, thoroughly-protected and impenetrable transaction services, which is achieved by incorporating AI algorithms, the blockchain, extensive learning, and big data.

The transition of assets through SwftCoin is quite fast and easy to follow because of the cross-chain technology it uses. Also, its AI algorithms help the crypto-community allocate their virtual estate if they wish to.

Tron: What’s more to come

In its weekly report, the Foundation hinted at few of its future plans. They are going to launch Tron Ecosystem Co-builder Plan to support freelance developers, dApp developers, Tron-backed startups and more by catering a permanent platform for them to communicate and to be in cahoots with the Tron foundation. Though the exact date of the launch has not been revealed, the news surely has brought some excitement to the community.

Not too long ago, another interesting announcement came by the Sun-led Foundation in the form of Tron Accelerator program. The program will be promoting innovative ideas and rewarding the best with $200,000. Along with that, they also have a plan to award over 55 teams. Up until now, more than 7000 views have been cited and beyond 100 teams already have signed up for the Tron Accelerator contest.

TRX market right now

For the last 24 hours, the market as a whole hasn’t salvaged any breath even after a long four weeks bearish trend, with most of the cryptocurrencies still in the red, according to the CoinMarketCap. Tron is trading at $0.01309, with a little decrease of around 2% throughout the day. The coin boasts $867,468,760 as its current capitalization.

Image courtesy of Pixabay.

Bitcoin is sinking so as Tron and others with it. Now what?

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Bitcoin’s been going down all week long. It’s been bad, and it could go as low as 3k in the next few days, despite several days moving sideways. It could remain moving sideways for a while which is terrible for investors that are either buying or selling short. In other words, current market conditions make you damned if you do and damned if you don’t. So what to do now?

In this article, we’ll try to share our perspective with you, but before we try that, we have to remind you that this is not financial advice at all. If you choose to get into Bitcoin or to get out, it has to be your own decision, which should be informed by doing your own due diligence and research.

We will start by acknowledging the elephant in the room. The year has been terrible for Bitcoin. There’s no doubt about that. Next Monday it will be a year since Bitcoin has kept going down constantly (save a few meaningless fluctuations) and it’s lost roughly 80% of its value. This is terrible news for those who bought tokens almost a year ago when it was at its peak. But does it really mean that BTC was a bubble that popped? We don’t think so.

First of all, this has happened it the past. Bitcoin has sunk four times already by more or less the same percentage that it’s lost this year. And every time, it’s managed to recover and skyrocket again, beating every prediction and reaching previously unsuspected heights. Despite the current situation, Bitcoin remains the most profitable asset over the last ten years (and this includes traditional financial instruments such as stocks, forex, and commodities).

Second of all, you and us, and everybody else need to understand that Bitcoin is not just a digital currency. It is, but it’s also an international payment system. In that regard, it’s been (and it remains) incredibly successful. Whatever way the market behaves Bitcoin is moving money around the world at quantities that are comparable to those of MasterCard and Visa.

In other words: it remains a useful resource, and as long as it’s useful, it will be valuable. In fact, the more useful it becomes, the better suited it will be to be independent of speculative pressure which is what is ruining the market for everybody as we write this.

The third is this: for the last decade the crypto market has been in the hands of retail investors because institutional investors have been too afraid to join the action. That is changing. A partnership among Microsoft, Starbuck’s and ICE (the company that owns the New York stock exchange) is about to bring online a new venture called Bakkt.

The new company will strive to offer financial services based on digital assets so that you can pay for your latte using bitcoin on your mobile phone. And this is not the only such initiative. Many big players in Wall Street are getting ready to wet their feet in crypto finally. This will inject a lot of money and demand for Bitcoin tokens, and it will create a bull run the likes of which have not been seen in ten years.

So what to do? Be patient, be intelligent, be disciplined and well informed. Think usefulness and vision of a coin. Tron, for example, has a powerful vision (of decentralizing the whole internet) and incredible real-life use cases – of course, Bitcoin has a strong case too. Consider value before price. Don’t try to win the lottery in a couple of weeks. We can’t tell you when but things will pick up.

Image courtesy of Pixabay.

Tron (TRX) hits 2.42 million transactions in a single day

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As it’s been usual throughout the year, the good news keeps flowing for Tron even as the market remains under a strong bearish run and Tron’s token’s price (TRX) is still low because of the Bitcoin pairing it enjoys (or suffers) in most of the world’s exchanges.

This Monday the Tron network processed 2.42 million transactions in a single day. Why does this matter at all? Because Ethereum, which was the platform on which Tron started, has never processed more than 1.349 million transactions in a single day.

This news is interesting for Tron fans, of course, but any conscious neutral observer in crypto should notice this and draw conclusions. In this article, we will explain to you why.

Ethereum, founded by Vitalik Buterin who is still the project’s leader,  was a pioneer. It was the first second-generation blockchain network; it created smart contracts as well as decentralized apps and that allowed for many other projects to use the network to launch ICOs for tokens based on ETH20 technology and to create blockchain networks that, while functioning over the Ethereum network, were not the same entity. That’s how Tron and EOS came to life for instance.

Ethereum was a breakthrough in crypto, but it’s been plagued by problems over the last year or so. Users have been complaining about the network’s lack of scalability which, in turn, makes it slow or unavailable at times. But the gas price has also become a disadvantage for many users because it’s just too high (and this is a network in which gas price gives you priority for your transfers to be included in the next block).

All those disadvantages gave some of the Ethereum-based projects reasons to develop autonomous blockchains so that they could become independent. But not just independent, also scalable, faster, safer, and much cheaper. That’s what Tron did.

Since Tron became independent, releasing its main net in May this year, many experts have considered it could overthrow Ethereum’s dominance in smart contracts and decentralized apps because everything you can do in Ethereum you can also do in Tron. But in Tron is way faster and cheaper. So there’s been a bit of morbid interest in seeing how and when Tron will take over Ethereum as the world’s premier smart contract and ICOs network.

That hasn’t happened so far. Tron’s dApp catalog remains rather limited, and not that many new projects have chosen to use TRC20 instead of ETH20 to create new tokens and issue ICOs.

But that’s exactly why this seemingly sterile statistic matters so much. Tron may not have that many users, apps, contracts or ICOs as Ethereum. But it’s already processing almost twice as many transfers every single day as Ethereum on its best day.

So it’s early to declare Ethereum dead. Even earlier to say it died because Tron killed it. But Tron keeps growing as Ethereum keeps shrinking. Ethereum lost its place as the second largest coin by market capitalization to XRP a couple of weeks ago while Tron went from 13th to 10th last week.

Tron is here to stay and grow. And while Ethereum doesn’t address the problems it’s had for more than a year now; it’s risking that very status.

Image courtesy of Pixabay.

Tron TRXMarket lists three trading pairs as it goes live

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Tron announced that it will launch its new decentralized exchange and will list three trading pairs: BET/TRX, FUN/TRX, GOC/TRX on the platform. That has happened now already. The good news was broke on the official Twitter page of TRXMarket:

Confirming the initial news by TRXMarket, the CEO of Tron Foundation, Justin Sun, also twitted a few hours after that the decentralized exchange is about to be launched and will list the aforementioned trading pairs. The CEO further added to the tweet that this is just the beginning for the decentralized exchange as more developments are set to come up very soon.

According to Tron, TRXMarket will be a decentralized exchange – just like Binance and the rest – where the exchange and trading of Tron-based tokens can be performed. Again, the decentralized exchange will enable the trading on tokens that are produced on Tron’s MaInNet.

Additionally, TRXMarket is also part of Tron Super Representative (SR), as Sun Tweeted a few months ago that TRXMarket will run for Tron Super Representative.

Subsequently, it has also been stated from the company officials that TRXMarket is not controlled by Tron Foundation, due to the fact that the two bodies are distinct from each other. It seems that Sun and his team are poised to maintain a ‘hands-off’ attitude towards the control of whole Tron ecosystem as they aim to make sure it is completely decentralized.

Concerning the tokens that would be listed, as of now, Tron community will now have the opportunity to only trade/exchange BET, FUN, and GOC and as time goes on, more tokens will be added to the exchange.

Nonetheless, there are several positive hints that TRXMarket will also be the decentralized exchange for other digital coins such as Bitcoin, Ethereum, and Ripple in the future. The decentralized exchange will also to be available across the world, thus, playing a vital role on Tron’s aim to decentralize the internet.

Tron seems to be getting close to achieving its goals every day and the TRXMarket is the most-fresh proof. TRXMarket is a big stride for the blockchain platform, as it has the ability to convert 100-billion ERC20 tokens in few days with fewer efforts. The TRXMarket would be a part of the DAG (TrustNote minable Directed Acyclic Graph) public ledger, due to the inclusion of TRC20 tokens and protocol.

DAG helps to remove any type of blockchain issue acquired by traditional blockchain methods. The DAG system is actively protected by TrustNote consensus, ensuring the scalability of the system. No doubt, this is a big development for the future of TRC20 tokens.

Image courtesy of Pixabay.

Tron’s Tronix (TRX) and mass adoption

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Tron has kept advancing at a very fast pace. It’s barely a year old and it’s already released a developer’s toolkit and an accelerator competition that will help quicken the availability of dApps in Tron’s network.

Tom Mao, one of Tron foundation executives, in charge of technical division and writing, recently told CodeXpert that Tron has found a way to solve the scalability problems that have plagued Ethereum and Bitcoin. Those two cryptocurrencies have a massive consensus protocol system that makes them very energy intensive and has centralized the mining activity in a few, powerful hands.

“So what Tron does, what it brings to the table that’s different from Bitcoin and Ethereum – especially different from Ethereum – is that it’s essentially using a very unique delegated proof of stake system where TRX holders have the right to vote for Super Representatives who they feel the best help with the Tron ecosystem and widespread adoption of TRX. So that helps to really democratize and decentralize the power – as opposed to the mining cartels – down to basically you and I who can buy TRX and exercise our voting rights.”

Tron executive added,

“There’s a process to apply to be a Super Representative Candidate (SRC) and the role of a Super Representative (SR) is to produce blocks for the Tron network. But what they really do is they’re trying to help spread widespread adoption of TRX. Make people aware of Tron and TRX. And then also hopefully sponsor projects that create DApps in which TRX is used and adopted.”

Talking about the Tron SRs, Tom said,

“The top 27 Super Representative Candidates become Super Representatives, and the elections are held every six hours.”

Mr. Mao also detailed the recent technical developments, explaining how exciting they are for the Tron community’s growth. He specifically included four major toolkits for coders. Tronbox, Tronstudio, Trongrid, and Tronweb. What are those? Keep reading!

YouTube video

Tronbox is a framework that allows developers to integrate dApps into the Tron network; Tron studio is an IDE for compiling, testing and deploying smart contracts; Trongrid is a load-balanced API service that allows you to access the Tron blockchain; Tronweb is a colossal API call library that allows for integration with Javascript, Python, and PHP.

He also invited developers to bring their Ethereum dApps into Tron and explained why it’s a good idea in terms of incentives.

Justin Sun, Tron’s founder and CEO has also expressed his interest in having Ethereum projects adopt the Tron blockchain and he explained why: it’s a better network. Cheaper, safer, faster. And some crucial projects (Everdragons, for instance) are taking the invitation seriously and moving to Tron.

Tron has always held the promise to be the definitive Ethereum killer. It hasn’t delivered on that yet, but it’s delivered on everything else so don’t be surprised if, sooner or later, Ethereum loses its developers and users to Tron. Remember that even Tron used to be an Ethereum project that chose to become independent because of all of the problems that have been plaguing Ethereum over months now.

Image courtesy of Pixabay.

Transaction fees: Tron vs. Ethereum vs. POA

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The days in which Bitcoin was the world’s only blockchain are long gone. There are hundreds of digital assets right now, and each one is a different blockchain, even if some are not 100% independent than others (for instance, many coins are based on Ethereum’s ETH20 technology, some others on Tron’s TRC20).

So the panorama can be confusing because it takes quite a bit of technical knowledge to understand exactly how each blockchain differs from others (especially when it comes to the consensus protocols). But one question still lingers in every user’s mind: how much will my transactions cost? We’ll endeavor to explain to you exactly that in this article.

Transaction fees: Why do we need them?

A blockchain is comprised of lots of independent nodes working in tandem and reaching consensus according to each network’s protocol. Independence is critical here because it implies that there must be some kind of incentive for those who run and support a node. That incentive usually comes in the form of tokens which come, at least in some proportion, from user transaction fees.

So we need the fees because that’s how we support every blockchain’s infrastructure. And that’s not cheap if you realize that Bitcoin alone is burning more electricity that some countries in Europe.

But that’s not all. Fees are useful also because they prevent users from wasting a network’s resources. For example, it’s not a good idea for hackers to try and do a DoS attack if they have to pay for every single request. So fees keep the network secure and available for significant projects.

So fees are not just an arbitrary thing, They matter a great deal. Now that we’ve (hopefully) persuaded you that fees are important (even good for you), let’s find out in some detail what is the deal offered by three of the most essential blockchain networks.

Ethereum

Ethereum is the first and quintessential second-generation blockchain. That means it created the first smart contract platform using the Proof of Work consensus protocol in which miners run the most important nodes. There are no limitations on the number of miners that can join the network.

They all compete between themselves to solve a mathematical problem (a cryptographic collision in a hash function that will create the next block). The miner who solves it first gets a reward for creating the next block. That needs specialized hardware and lots of power. So miners need to buy hardware and pay for their electricity which is why the rewards must be significant.

In the Ethereum environment, a transaction’s cost equals Gas times the gas price.

Gas: Ethereum needs to know the amount of computer power and storage it must provide to save and complete the transaction. That’s called “Gas.” If your transaction is a simple exchange of tokens, it will be cheap, but if you’re interacting with smart contracts and de dApps, it will be different.

And it could be tricky because the gas amount is computed only after the transaction is done. If you should want to know beforehand how much each of your transactions will cost you will need to ask the dApp provider how much the price has been in the past for similar operations.

Gas price: that’s how much you pay for every unit of gas/computing power, and it depends on your transaction. It’s paid in the native token (ETH in this case). Then miners rank pending transactions by price for blockchain inclusion. Miners get a better deal by processing higher gas prices, so more expensive transactions are completed sooner. The price changes all the time, and if you don’t choose it correctly, your transaction can be left in the Ether (no pun intended) for days.

There’s no doubt that Ethereum is a bonafide decentralized blockchain. But its protocol lacks scalability, and it can be very expensive, or slow, or both, especially when the network is loaded which happens often because of the most trivial reasons, such as betting games.

POA Network

PAO uses Proof of Authority (PoA) as a consensus protocol, hence the name. Unlike Ethereum, the number of miners is limited. Each validator (block producer) builds a block each time. This makes this chain light, efficient, and quick.

Fees are computed in POA using the same formula as Ethereum’s: it’s gas times a fixed price.

Gas: It’s the same definition as with Ethereum.

The difference between POA and Ethereum has nothing to do with the gas definition. The thing is that POA does all the tricks a decentralized blockchain can do while keeping things simpler. The PoA consensus allows for lower gas prices and for a straightforward transaction system. It’s designed to allow horizontal scalability, but not necessarily high loads.

Tron

Yet another consensus protocol for yet another blockchain. In this case, it’s called Delegated Proof of Stake (DPos), and it’s at Tron‘s blockchain’s heart. A limited number of privileged users (known as Super Representatives and elected by the community in a worldwide voting process) are the ones who create the blocks, one at a time. This design has allowed Tron’s blockchain one of the world’s fastest, safest, cheapest, and more reliable.

There are two ingredients needed to calculate Tron’s fees. They’re called Bandwidth and Energy. You take both of them and multiply it times a fixed price.

Bandwidth: this is the piece of the network (so to speak) needed to execute and save your transaction. The price is fixed (almost negligible) for simple financial transactions, but it can vary for dApps and smart contracts. But unlike Ethereum and POA, it can be easily calculated in advance if you just know the size (in bytes) your transactions needs.

Tron’s network allows for a bit of free bandwidth for everybody, roughly equivalent to 15 financial transactions.

Energy: The network needs a certain amount of power to compute and execute your transaction. That’s called “Energy.” If you’re asking for a simple transaction, then the Energy amount you need is zero. But smart contracts and dApps do need a bit of energy (just as Gas in Ethereum), and different transactions cost different amounts.

It’s not as straightforward as with Bandwidth because the SR knows the energy price only after the transaction is completed so, again, you need to have some idea of how previous, similar transactions, cost so you can know how much you’ll need to pay.

Freezing: this is Tron’s extra ingredient. If you freeze some of your Tronix coins, that will get you a bit of free Bandwidth, Energy, and also the ability to vote for SR’s which are often willing to reward voters with free tokens. The more coins you freeze, the more free transactions you get. Freezings also make the token scarcer, so it helps to drive its price up, so it ends up helping users, hodlers (if Tron has any) and SRs.

Tron’s system could seem quite a bit more complicated than the previous two. And it is. But it’s also faster, cheaper, it ensures a number of free transactions for all users.

Even if you overdo things and have to pay for transactions, it’s way cheaper than Ethereum or POA, and it also rewards SRs. Last but not least. These rewards facilitate vertical scalability in the network (unlike POA which is horizontal, or Ethereum, which is basically non-existing).

Image courtesy of Pixabay.