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You are here: Home / Archives for Decentralized Applications

Decentralized Applications

Coinbase Launches Ethereum Layer 2 Network For Decentralized App Development

February 24, 2023 by Mishal Ali

Coinbase, the biggest cryptocurrency exchange in the US, recently announced the launch of Base, an Ethereum Layer 2 (L2) network. The platform aims to offer a safe, cost-effective, and user-friendly means for building decentralized apps, also known as “dapps,” on-chain. 

The goal of the network is to onboard a billion users into the world of cryptocurrency by providing an ecosystem that is accessible to developers. However, it will serve as both a platform for Coinbase’s on-chain products and an open environment for developers to build their own solutions.

The Details Of The Coinbase Base Launch

The testnet version of the Ethereum Layer 2 network was unveiled at ETHDenver by Jesse Pollack, Coinbase’s senior director of engineering. Pollack emphasized that Base was designed to be a platform that makes it easy for developers to build apps that users actually want to use. 

He also noted that the existing suite of the company’s developer tools would be integrated with Base. Unlike some other L2 networks, Base will not sport its own dedicated token. According to Pollack, “These networks don’t need tokens to be successful.” 

However, the new network will be integrated with consumer products from the company, such as Coinbase and its Wallet, and enable developers to access the 100 million-plus users in the Coinbase ecosystem with $100 billion in assets.

Furthermore, Coinbase and its venture arm, Coinbase Ventures, are taking steps to accelerate the growth of the Base platform by establishing the Base Ecosystem Fund.

This fund will provide investment opportunities for companies and organizations that are working to build on the Base platform, thereby fueling innovation and development within the ecosystem.

Pollack believes that Base will attract developers from various platforms and that many will eventually go multichain. He stated:

We expect there’s going to be many of these Layer 2s, and that’s why we’re building based on the OpenStack, that’s open source that anyone can use to run one of these L2s or roll-ups.”

The Base is a secure and scalable platform for decentralized apps that incorporates Ethereum’s security and Coinbase’s expertise. It simplifies dapp development by providing access to Coinbase’s products, users, and tools and enables multichain applications with easy-to-use bridges and gasless transactions. 

The platform aims to be decentralized, permissionless, and open to anyone, with the goal of creating a modular Superchain powered by Optimism. It also aims to bring billions of users into the crypto economy by adhering to core principles of interoperability and open-source availability. 

Related Reading | Binance Shifts To Semi-Automated System For Token Reserves Management: Report

Filed Under: News, World Tagged With: Coinbase, Decentralized Applications, Ethereum

RSS3’s white paper outline plans to create a decentralized information protocol

February 7, 2022 by Lipika Deka

RSS3, a feed-in Web3.0 that claims to be a more powerful open protocol taken from RSS [Really Simple Syndication)] has released its white paper on 7th February 2022. Through the post, RSS3 laid out plans on building a decentralized network aimed primarily at information processing and thereby taking its popular internet feed update to the next level i.e, Web3.

That is however far from easy. “To realize a system like that, especially with decentralized architecture, is extremely challenging. This is because blockchains carry theoretical limits no matter how one optimizes the consensus algorithm,” the post read.

RSS3 as per the blog would offer every individual an RSS3 file that would be source data of a profile with a constantly-updating feed. That user-defined feed can be used as an aggregation of all the cyber activities by different applications to create social media, content networks, games, or other e-commerce platforms.

RSS3 enabling free-flow of information

Really Simple Syndication or RSS claimed to be the first information distribution protocol that got massive adoption at a time when ‘datasets were decentralized and permissionless.’ According to the blog post, when centralized data monopolies came into the scene, they provided users with low entry barriers

In addition to that these corporate giants then ‘accumulate money and power by controlling the flow of information by acting as broadcasting centers.’ And that is the reason behind building the RSS3 project. Further, the blog stated,

“In order to revolutionize the status quo, a new protocol that makes every cyber persona its own information distribution center is needed.”

The technical paper also noted that building a decentralized information processing protocol from scratch was no easy task and that it might take another six to eight months for creating the RSS3 nodes. As for now, the developers are working on building a DAO to govern all matters related to RSS3 and its network.

Apart from Ethereum, the platform has collaborated and supported Arweave, Polygon, BSC, Arbitrum, Avalanche, Flow, and xDAI.

The team behind the decentralized protocol has closed two funding rounds led by major investment firms like Coinbase Ventures, Dapper Labs, Dragonfly Capital, Fabric Ventures, Youbi, etc.

Filed Under: News Tagged With: Decentralized Applications, RSS3, Web 3.0

Binance Smart Chain Welcomes New Protocol Under Its Belt

March 3, 2021 by Chayanika Deka

Binance Smart Chain [BSC] has been bustling this bull market. The latest one to jump into the bandwagon is ‘The Graph’ which happens to be an indexing and query layer of the decentralized web.

According to the latest announcement by the exchange giant’s blockchain system has integrated with the indexing protocol, The Graph which is used for querying networks like Ethereum and IPFS.

The integration is set to allow the developers to create applications on Binance Smart Chain using subgraphs. The official blog post also revealed that The Graph protocol reportedly solves the problem of indexing for blockchain data.

The release further stated,

“Users no longer have to trust teams to operate servers and developers can deploy to reliable public infrastructure. BSC developers can master subgraphs using Graph Docs which will be supported via the hosted service.”

Besides, blockchains based on Binance Smart Chain are set to join ‘The Graph’s’ current support for Ethereum, POA, Polygon, and Fantom.

Owing to the latest integration, the developers can leverage the protocol to explore querying of subgraphs for increased data access. These ‘Subgraphs’ in question already exist for decentralized platforms [DeFi] such as Uniswap, Synthetix, AAVE, Gnosis, Balancer, Foundation, and many others..

Furthermore, the protocol will also assist the Binance Smart Chain to build all kinds of decentralized applications [DApps] for DeFi, non-fungible tokens [NFTs], gaming, marketplaces, and more.

One of the leading decentralized exchanges [DEX], PancakeSwap, has reportedly requested the integration of The Graph on BSC.

Binance Smart Chain: Sneak Peek

Launched in September 2020, Binance Smart Chain made a debut just in time DeFi revolution gained serious traction. As network fees went up on Ethereum, the conversation began to shift to alternative blockchains.

Since then activity on BSC has seen tremendous growth. In the last week of Feb, one of the largest DEX aggregators by trading volumes, 1inch went live on Binance Smart Chain as it branched out from the Ethereum network.

Filed Under: DeFi, News Tagged With: Binance, binance smart chain, Decentralized Applications, Decentralized exchanges, DeFi, Ethereum (ETH)

Binance Smart Chain Transactions Are Now Over 2x Ethereum’s

February 21, 2021 by Chayanika Deka

Binance Smart Chain is on a roll.

Binance’s blockchain for developing decentralized applications [DApps] has proved to be one of its top runners. In the latest development, Binance Smart Chain’s [BSC] daily transactions have not just exceeded that of Ethereum’s but are now more than 2x than the latter.

This was revealed in the latest edition of the Binance Weekly Report. It also stated that BSC has processed 3.2 million transactions as of 19th Feb. This makes the total figure stood at nearly 250% more than the 1.3 million transactions on Ethereum

Defi
Binance Smart Chain Transactions Are Now Over 2x Ethereum’s 5

In addition, the total value locked [TVL] on Binance Smart Chain has neared an astonishing $11 billion. Interestingly, the TVL figures on its projects have doubled in a span of a week, from $4.69 billion to $10.84 billion, according to Defistation’s latest charts.

Binance Smart Chain Stats

chart
Binance Smart Chain Transactions Are Now Over 2x Ethereum’s 6

The unique addresses on the Binance Smart Chain have surged by more than 270% in the last seven days alone. The monumental rise, as depicted by the above chart, is undoubtedly in response to the high Ethereum transaction fees which continue to be expensive as the network works at a 98% capacity.

This, in turn, has led investors to onboard the BSC train seeking a more efficient alternative with high yields at low fees.

chart 1
Binance Smart Chain Transactions Are Now Over 2x Ethereum’s 7

With a quick scan of the above chart, it was found that that the average Gas price on the BSC network was around 16.75 Gwei as of 20th Feb as opposed to 201 Gwei on Ethereum

The fact that the workings of the Binance Smart Chain are fairly similar to that of Ethereum has given the blockchain a massive edge. Devs need not worry about transaction fees and focus more on innovating. All this while leveraging the existing developer tooling they are familiar with in the ETH ecosystem.

BNB Steals the Show

20210221 binance coin charts coinmarketcap
Binance Smart Chain Transactions Are Now Over 2x Ethereum’s 8

Binance Coin [BNB] not only surpassed several crypto-assets but also toppled the world’s largest stablecoin USDT. Despite a minor retracement, the exchange token was still up by 103.27% over the last week and was trading at 103.27%.

While macroeconomic factors like the prices of Bitcoin and Ethereum reaching all-time highs has catapulted BNB’s value, there are other things at play as well.

But BNB is reaping rewards from the newfound attention on Binance Smart Chain whose impressive activity reflected the rising demand for DeFi products on the cheap.

Filed Under: DeFi, News Tagged With: Binance, Binance Coin (BNB), binance smart chain, Decentralized Applications, Ethereum (ETH)

Bitcoin Development Fund Unveiled by Human Rights Foundation Worldwide

June 11, 2020 by Arnold Kirimi

The Human Rights Foundation (HRF) has announced an open-source Bitcoin Development Fund for Cryptocurrency Privacy Developers. Chris Belcher’s Coinswap Privacy Protocol will be the first project to benefit from the funds.

The HRF announced new developments through the HRF blog post. As stated in the announcement, human rights activists are at the forefront of supporting Bitcoin developers who contribute to the privacy, decentralization and sustainability of the network as a financial means for human rights activists, journalists and civil society organizations worldwide.

Announcing @HRF's Bitcoin Development Fund: a privacy-focused campaign to support developers making Bitcoin a safer tool for activists and journalists around the world.

Our first grant is to @chris_belcher_ and his exciting work on Coinswap!

Learn more: https://t.co/2B9pfERJv7

— Human Rights Foundation (@HRF) June 10, 2020

Coinswap to benefit from HRF’s Bitcoin development fund

According to the announcement, the first grant would go to Chris Belcher ‘s impressive Coinswap proposal. The UK-based startup has had a significant impact on the Bitcoin community as a key enhancement to the privacy of the Bitcoin Network.

In addition, HRF Chief Strategy Officer Alex Gladstein pointed out that, as a pioneering grant to the Bitcoin Development Fund, the Kitty would focus more on network privacy than on other related objectives. He added that the long-term vision of the Fund is to provide significant support for the “privacy, resilience and decentralization” of the network.

The Bitcoin Development Fund was supported by an unknown donor who wanted to see financial support for open-source development , in particular the general security and privacy of the human rights activists and non-conformists network to be used in the political world.

Any Bitcoin developer is open to submit a proposal to HRF for the fund. The Foundation has organized a team to review bids submitted by developers around the world.

A growing trend in organizations backing open-source Bitcoin development

The latest move by the Human Rights Foundation is among the many organizations’ efforts to provide financial support for the open-source development of the Protocol. Such financial backups are the lifelines of Bitcoin open-source developers who often do this at no cost from passion.

The open-source Bitcoin protocol was first established more than ten years ago by an anonymous Satoshi Nakamoto, and it is maintained by open-source developers. In addition, HRF is trying to raise more funding to support such initiatives through crowdfunding campaigns. Ninety-five percent of the funds raised will be used to support selected projects.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), Decentralized Applications, Developer, Human Rights, Privacy Coins

IOTA In Policy Making and Regulation

February 14, 2020 by Richard M Adrian

Great administration is basic for the development of good technology. Both, be that as it may, have a sort of harmonious relationship. The mandate of future-minded policies is to create a world strict compliance laws that do not affect the prosperity of innovation.

It would seem that the blockchain’s practicality was only aligned to finance. However, trends in the application and implementation of blockchain have proved otherwise. Blockchains are driving social transformation and the creation of new governance structures.

The Internet of Things (IoT) and its coin IOTA, is working with national, regional and global level policymakers to create sustainable governance. 

Implications of Blockchain and DLT in Policymaking

The biggest challenge the blockchain needs to overcome is regulatory scrutiny. To understand the implications of innovation policy makers and financial regulators are still digging in. The space is still uncertain and it is highly speculative how policymakers will choose to regulate it.

Meanwhile,  the social impact sector is also attempting to experiment and adapt blockchain. This has led to the rise of terms such as blockchain charity, decentralized justice, and governance.

IOTA is fascinated to address all these challenges. The internet of things coin is betting on a better world where people with good intentions come together to design and deploy beneficial technology. 

In a press release on its website, IOTA announced to incorporate a distributed ledger non-profit foundation in Germany. The foundation will steward fundamental commitments of the European Union in law, governance,  constitution, and human prosperity.

Challenges in governance that the foundation wishes to address include administrative costs and unclear regulatory structure. There has been proof that smart contracting can help reduce overhead costs by cutting intermediaries in administration.  

IOTA Public Regulatory Affairs and PolicyMaking

IOTA together with its Public Regulatory Affairs teams is providing expert briefs, lawmaking reports, educative workshops and reports to compliance and policymaking bodies across the world. The foundation will work with major advocacy groups and innovators around the IoT and  DLT space.

Therefore forging partnerships that are likely to contribute to the deployment of effective, principled and innovation-friendly public policy frameworks that hold public interest at its core. In the release, IOTA promised that it would hold this responsibility seriously. 

In 2018, Malta made history as the first government to set a regulatory framework for blockchain, distributed ledger, and cryptocurrencies. The engagement of government in the decentralized universe made the Island one of the most favorable destinations to set a blockchain enterprise.

This shows how significant favorable governance structures can be for the development of blockchain innovation. The structure of the IOTA foundation makes governance an important mission to its mandate.

For instance, the foundation gets the majority of funding from government grants.  Donations from various individuals and enterprises make the organization put the interest of good intentions into its heart.

IOTA believes that active engagement with policymakers and regulators will drive the next phase of growth for the distributed ledger.  

It is interesting and fascinating to watch the unfolding of this technology, especially the interweaving of Blockchain and the Internet of Things in governance. 

 

 

 

Filed Under: Altcoin News, Education, Industry, News Tagged With: Blockchain, Crypto Regulations, Decentralized Applications, IOTA (MIOTA), IOTA market

Tron Remains the Second Most Popular Platform for Dapps

October 8, 2019 by Tabassum Naiz

Largest Dapp directory published a quarter three dapp market report, which unveiled that the Tron has added 500,000 users on the mainnet in Q3, and the platform remained the second most popular network for building Dapps.

Dapp/Decentralized applications on top of blockchain platforms like Ethereum, Tron, and EOS have become a hot topic these days, especially for developers.

As per the latest market report presented by Dapp.com, the largest directory of the Dapps, the Tron blockchain platform still stands as the second most popular network for developers to build their decentralized applications. The first being Ethereum, which saw a steady performance for Q3 in comparison with the other blockchains. 

Tron has become the Largest Blockchain Platform

The report highlights the significant growth of Tron users and states that the platform becomes the most significant blockchain platform that launched since 2017. It reads as follows;

TRON has added another 500,000 users on the mainnet in Q3 – with a total amount of over 3.7 million mainnet addresses

Moreover, the Tron network has become the ultimate choice for gaming projects. Following the significant findings, Dapp.com’s Q3 report quickly gained the attention of Tron boss, Justin Sun, who then took to Twitter and appreciated the Dapp platform for the excellent Q3 report. He tweeted;

#TRON has added another 500,000 users on the mainnet in Q3 – with a total amount of over 3.7 million mainnet addresses it has become the largest blockchain platform that launched since 2017.

Thanks @dapp_com for the excellent Q3 report.👇https://t.co/gVGvmybBrI#TRX $TRX

— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) October 8, 2019

However, on the back of the report, Tron gained a momentous growth in terms of market capitalization. The token, which was standing on the 14th most significant spot, has captured the eleventh largest place on the graph of Coinmarketcap today.

At the time of reporting, Tron is scoring higher with 6.58 percent within the past 24Hrs, which notably influenced its market capitalization. While it’s trading volume counts $1,078,248,667, the token is currently trading at $0.016 against US Dollar.

An overall market assessment of Dapp for Q3 shows that the transactional volume of these Dapp is down nearly 40 percent. Only 148 dapps launched in Q3 of this year, whereas it was 164 dapps every month during the first half of 2019.

Disclaimer: The presented information is subjected to market conditions 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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Tron News Tagged With: DApp, Decentralized Applications, EOS, Ethereum (ETH), TRON (TRX)

Justin Sun Backed Tron dApp Wink Secures Massive Giveaway from Dapp Listing Platform

September 16, 2019 by Tabassum Naiz

Tron based Wink dApp has received a massive boost from Dapp Listing Platform, Dapp.Review. The platform is giving away 1,500,000 Win tokens.

Announced recently, Dapp.Review, a Dapp tracking platform is offering the first three winners 1 Million, 250K and 150K WIN token respectively. WINK dApp is probably the most-powerful dApp launched on Tron network and has acquired accountable users and transactions to date. The dApp also launched its native token, WIN, via Binance launchpad recently. Following the giveaway, Dapp.Review states;

Stake your WIN and get daily dividend or sold them to make a quick buck.

1,500,000 WIN Giveaway

Interested participants are expected to gain some WIN tokens first, and three winners will win 15000 WIN, 3750 WIN, and 2250 WIN respectively as stated earlier. The participants are encouraged to follow the Twitter handle of Dapp.Review and tag at-least three friends. Further, the platform says that it will give the prize randomly to the top 3 users. Moreover, it will also pick two users to share 50000 WIN as a giveaway.

https://twitter.com/dapp_review/status/1173582973381120002

To note, WINK is the largest high-performance e-gaming platform on the Tron (TRX) blockchain, which has a reward mechanism called WinDrop. Using WinDrop system, users can earn rewards for holding the WIN token. In the said process, the TRC-20 Win token encourages users and developers to participate in its network via various campaigns.

The announcement seems less-promising at the moment as the coin is currently experiencing a decline of 1.70 percent within the past 24 hours. Notably, the token is now holding the 88th position in terms of market capitalization, counting trading volume as $43655.

During the binance launchpad of Win token, the crypto exchange Binance affirmed that the Tron-based token aims at building itself as a leader in the blockchain gaming space via the launch of various high-quality decentralized applications. The Binance research further noted that;

“This will be accomplished by leveraging the WINk team’s experience for game/ecosystem design and by enabling other development teams and users to guide the growth and direction of the platform through a unique governance mechanism.”

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Tron News Tagged With: DApp, Decentralized Applications, TRON (TRX), Tron Tokens

Second Quarter of 2019 Saw TRON DApp Users Increase by 300,000 Plus

September 11, 2019 by Naveed Iqbal

Dapp.com is an analytics website that tracks decentralized applications available on the internet today. The platform released its 2019 Q2 report a couple of days ago, and TRON occupies the first place in terms of active users on DApps.

The main aim of Dapp.com is to demystify decentralized technologies to assist individual users, developers, and companies to feel more at home using this new technology. From the information Dapp.com gives to the crypto community, it makes it easy for interested parties to join the decentralized environments.

According to the Q2 2019 Decentralized Application Market Report, decentralized applications or DApps have managed to remain strong in Q2 2019 performing more than it was expected.

According to the report, the total transaction volume increased to about 3.28 billion US dollars while the number of transactions recorded and amount of transaction volume recorded for the Q2 period touched an all-time figure of approximately 1,159,482 and 325 million respectively. During the second quarter, 484 new decentralized applications (DApps) were introduced to the market, which was significant growth in comparison to the previous quarter. Dapp.com states,

“484 new decentralized application was introduced to the market in Q2. At the time of writing, Ethereum, the number two ranked crypto asset by market cap, remains the first option for developers, followed by Tron and EOS.”

The platform added,

“Recently launched blockchain technologies like TomoChain and IOST are quickly creating a name for themselves in the market, but the first tier blockchain technologies have already gone way ahead.”

Also, according to the Dapp.com market report, Q2 saw a new record for active users being set at 1,159,482 as well as best performance for transactions and transactional volume. Over 700,000 new users used DApps at least once in Q2, marking the highest number in one quarter.

According to @dapp_com, #TRON was the platform with the largest growth of new users in the second quarter. With adding 310,503 new users, #TRON's overall size of active users surpassed #Ethereum to reach the first place. #TRX $TRXhttps://t.co/7aufzd5MWg

— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) September 11, 2019

According to the report, 35 percent of the existing decentralized application users used DApps at least once in the Q2 period among the six blockchain platforms. This is the highest number of user usage ever recorded in one quarter.

Ethereum DApps

In the case of Ethereum, user activeness usually has an active association with ETH prices where the more significant the ETH price, the higher the number of Ethereum DApp users. Since mid-May 2019, more and more token holders are being transformed to DApp users daily as ETH prices keep on appreciating.

EOS DApps

On the other hand, EOS has a high load to prove the massive investment it raised during its funding stages. In regards to user activeness, EOS has the most active DApp user base with more than 65 percent of its users using DApps in Q2 2019. According to the report, about 34 percent of EOS holders have interacted with EOS Decentralized Applications at least once which is the second-highest after the number 2 ranked crypto asset by market cap, Ethereum.

According to the report, EOS owes its Gaming applications credit for its significant trading volume, which is responsible for more than 65 percent of the transactions. However, a recent publication has revealed that its not actual humans who transact on the EOS platform. According to the release by AnChain.AI, EOS is guilty of extensive malignant bot activity on its network.

According to investigations, about 50 percent of special Bot accounts were found to be responsible for about 75 percent of the total transactions on the EOS platform. These damming revelations are based on scrutiny of the top 10 Gaming decentralized applications operating on the EOS platform, which account for 65 percent of the transactions.

Given the fact that Bots are software applications that run automatic tasks over the internet, Bots are employed to enhance DApp rankings through bot transaction on the EOS platform. By doing this, the bots manage to increase the liquidity of DApp utility tokens, earning good returns on payout dividends or even interrupting competing DApps by clogging them with traffic.

Tron DApps

Although Tron has the most significant number of active DApp users in the market, it takes the third position. According to the report, 82 percent of all Tron decentralized applications, 338 out of 412, stayed active in Q2.

Contrary to Ethereum and EOS, Tron appears to have a negative association between its active users and token price. The fewer users the Tron DApps register, the higher the Tron (TRX) prices and vice versa. According to the report, Tron grew the most throughout Q2 out of all the surveyed platforms.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Tron News Tagged With: DApp, Decentralized Applications, TRON (TRX)

TRON hits 500 million Smart Contract triggers in the latest breakthrough

August 14, 2019 by Naveed Iqbal

Tron’s original plan to dominate the blockchain technology sector seems to be on the course. According to a tweet by TronScan, a block explorer based on the Tron platform, the Tron blockchain has hit a new milestone of having over 500 million smart contracts recorded now.

With over 2 million user accounts, Tron’s blockchain platform seems to be budding at high speeds growing by between 10,000 and 50,000 users per day. Tron’s decentralized application weekly report confirms the news about the rapid development of the Tron environment.

TronScan findings were retweeted by Justin Sun, Tron Foundation CO and founder. Crypto followers and more so Tronics, Tron Community members, are elated with the announcement. The latest Tron milestone furthers the conviction of Tron community members that their favorite cryptocurrency and blockchain technology is leading other blockchain technologies in terms of mass-scale adoption.

📢Big news! #TRON hits a new milestone: 500 Million Smart Contract Triggers! #TRX $TRX @Tronfoundation @justinsuntron pic.twitter.com/HY0Pt7cpN7

— TRONSCAN (@TRONSCAN_ORG) August 13, 2019

At present, blockchain platforms are facing significant challenges in achieving high scalability and high rate of TPS (transactions per second). Crypto pundits agree that Tron TRX is a blockchain platform and cryptocurrency that has managed to find solutions for these problems and is a working technology that is ready for mass adoption.

A smart contract is a computer protocol that supports the verification and performance of virtual currency transfer between two entities in a prearranged condition.

Smart contracts are credited for being effective and flexible, making the computer protocol one of the most significant blockchain-based operating systems. Smart contracts enable the development of DApps which are better known as decentralized applications which operate on Tron’s blockchain platform.

In October 2018, Tron Foundation took the giant risk of building its infrastructure to a completely decentralized internet by activating its virtual machine. In his usual style, Justin Sun, Tron CEO and founder, announced this news in a tweet that Tron Foundation was going to update its MainNet to a level of ushering in the smart contract stage. This has since happened and is in operation.

A smart contract is a relevant tool that is much needed in the growing crypto market to assist in the development of decentralized environments for peer-to-peer transactions.

The debut of the smart contract protocol gives power to Tron and its significance aligning them on a level to compete with other crypto big wigs like Ethereum. Due to their inability to handle its growing network, Ethereum is losing its vantage point as the most robust blockchain platform operating via smart contract.

Tron, the Leader in DApp Usage

According to findings published by DAppReview last week, Tron TRX is the number one crypto platform in regards to 24-hour trade volume on its decentralized applications (DApps). Tron TRX leads EOS and Ethereum, both of whom host decentralized applications (DApps) on their blockchain platforms.

DAppReview is a company which publishes on-chain data analytics, among other things. DAppReview made public this information last Friday on their Twitter page which was quickly retweeted by Justin Sun, the founder and CEO of Tron Foundation.

According to the findings, the 24-hour trade volumes on the Tron platform was at about 643 million TRX that is worth more than 18 million US dollars.

By looking at the findings, it is clear Tron has overtaken Ethereum, which managed to record about 40,000 ETH worth about 9 million US dollars. Ethereum performed so unexpectedly that it was overtaken by EOS which came second place with 2.5 million EOS being exchanged worth more about 10.5 million US dollars.

#DApp Daily Report:

💵Volume#TRON 💲 15.7M (785.6 #TRX)#ETH 💲 10.3M (50.1K ETH)#EOS 💲 8.1M (2M EOS)

👥User
EOS 130.8K
TRON 27.8K
ETH 20.1K

Top 3 DApps by volume
🥇@WINkorg
🥈@NestCore
🥉@SoloLink_1 pic.twitter.com/jWneECsSqQ

— DappReview (@dapp_review) August 14, 2019

As the Tron ecosystem continues to attract more developers and users, the framework for its integration continues to grow mirroring its growth. This is predominantly true for online platforms. While PCs, applications, and websites may not be exposed to decentralized technologies, Tron smart contracts are bridging the gap from these centralized platforms to a distributed system.

At present, it would be right to say that Tron supports the development and deployment of decentralized applications (DApps) in the most convenient manners.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Tron News Tagged With: Decentralized Applications, TRON (TRX)

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