TRON launched its virtual machine on May 25th and its mainnet on the 31th, which means that TRON has achieved a major technical breakthrough and become completely independent from ERC20. The independence allows TRON to become one of the most competitive public blockchains. Apart from that, it is also highly possible that TRON will be a pioneer in the era of Blockchain 4.0.
The Overture of Independence
It’s been almost a year since TRON created the token contract with Ethereum ERC20 on August 28, 2017. TRON founder Justin Sun noted, TRON already completed its first round of distributed fundraising, community building, and cooperation with major global trading platforms with Ethereum’s help .
We are grateful to Ethereum--they helped TRON take a huge step forward. Yet TRON's progress in 2018 can be described by a Chinese proverb: The student will surpass his teacher, and the young generation will surpass the old one.
TRON listed some of Ethereum’s weaknesses when launching its own mainnet. For instance, being limited by network performance, Ethereum is not capable of providing support for next-generation dApps. Autocracy of the foundation and the developers also prevents Ethereum from resolving the existing issues in community governance. Users are unable to make their voices heard through voting, and the expensive gas fee as well as the outdated gas mechanism are posing great challenges for dApp developers.
These issues have more or less undermined the confidence of the investors. As time passes by, small problems will become serious bugs, such as the Mentougou incident years ago and the more recent EOS incident. It is the developers’ responsibility to prevent these from happening.
What kind of impact will TRON’s independence have on the entire industry?
1. Provide powerful infrastructure in order to realize a scalable growth
2. Establish community governance consensus accompanied by fair and democratic elections. This is how we will honor the popular sovereignty and natural rights of the token.
3. Provide an ecosystem for every dApp developer and promoting a decentralized Internet.
The Progress of Independence
Here are some of TRON’s remarkable achievement for for virtual machine, community, developers, applications, and trade volume,
TRON has launched its first version of the virtual machine on May 25th, which is fully compatible with Ethereum’s virtual machine environment. Developers can use Solidity to develop, debug, and compile in a familiar Remix environment without having to learn a new coding language. On July 31th, we will launch the official version of TVM, which will allow developers to use the TRON virtual machine to develop decentralized apps that are significantly better than Ethereum and unlock a more powerful decentralized ecosystem.”.
TRON already has 1.08 million token holders, far more than other cryptocurrencies. Justin Sun’s personal Twitter account has more than 448k followers, Tron Foundation account has more than 300k followers, with 50M+ total impressions. In addition, there are more than 3.82 million videos about TRON on Youtube, with 1,500 new videos per day. TRON’s other new communities are also going strong: TRON has 70k Reddit followers, almost 1 million Weibo followers, 100k Wechat followers, and 300k Telegram followers.
TRON announced its 2 billion USD reward program that includes TRON Accelerator, Bug Bounty, hackathons, and programming competitions. This program has so far attracted 42 teams from 14 countries and regions. Hundreds of developers participated in the TRON one-million-dollar programming contest and developed 16 blockchain browsers and 43 different e-wallets.
DApps built on the Tron Protocol is starting to take form. It has finished building infrastructure products such as a blockchain browser and an e-wallet that is compatible with multiple platforms. For Q3, TRON has more than 100 million users and will transfer them to TRON mainnet step by step starting from classic Internet and Ethereum. Meanwhile, top three decentralized exchanges and game developers on Ethereum have also decided to join TRON Protocol.
TRON is now among the five communities with the world’s biggest transaction volume and enjoys 500 million to 1 billion USD transaction volume per day. It is now supported by more than 50 major exchanges from 30 countries and regions with over a hundred transaction pairs.
The Era of Independence
Multiple iterations of blockchain have been released since its creation 10 years ago.
Phase 1.0: The blockchain back then was a digital currency application for coins like Bitcoin, providing support for distributed ledger and Bitcoin circulation.
Phase 2.0: Blockchain started to be more widely used in financial industries where digital currencies collaborates with intelligent contracts.
Phase 3.0: The blockchain industry started to dig deeper into the fields of government, healthcare, culture, and art, playing an important role in domains like intellectual property protection and information security management.
Phase 4.0: Blockchain will become the foundation of all industries in our everyday lives. It will establish an ecosystem that significantly changes how we live.
A thorough revolution requires a solid infrastructure, and this is a goal TRON must achieve. All the things TRON has done provide new opportunities for future applications of blockchain. TRON’s rapid growth could uncover a long-awaited truth: Blockchain 3.0 is already behind its time, and Blockchain 4.0 is on its way.
As a representative of the Blockchain 4.0 generation, TRON launched its mainnet, accumulated 2153 commits, merged 547 branches, published 15 versions, added 102 features, implemented 384 unit tests and passed 461 functional tests within only 200 days. Furthermore, TRON’s Odyssey 2.0 is significantly faster than Ethereum, and it is able to safeguard the democracy and decentralization of protocol control.
As a representative platform for blockchain 4.0 technology, TRON possesses multiple technical strengths, with an early-stage unique competitiveness and technical barrier. As the whole blockchain industry is still in “hibernation,” TRON, as an industry leader, will still have to take on a lot of responsibilities. It’s not as difficult to become the new leader as it is to stand strong and stay competitive in the industry in the long run. TRON should still move forward together with the whole industry with a bigger picture in mind.
Blockchain to the power of TRON! We look forward to witnessing more significant value created by TRON for the blockchain industry.