On June 25, cryptocurrency TRON will switch to a new standard of a TRX tokens. In what’s been dubbed as TRON ‘independence day’, the old tokens will be replaced by those backed by their own blockchain.
TRON's founder has tweeted:
Tron has begun its transition from the Ethereum network to its own blockchain at the end of May. The mainnet, called Odyssey 2.0, was officially launched on May 31. After the transition takes place, a ‘Super Representatives Election’ will be held and the project will finish its transition to its own blockchain.
Back in May, TRON representatives reported that the new platform will allow the blockchain industry to “break away from Ethereum and opens up new doors towards better scaling, commercialization and express lanes needed for global dApp development.”
How will it happen?
From June 21 to June 24, TRON owners must transfer their ERC-20 tokens onto a new network and receive an equivalent amount of TRX. As Justin Sun, the founder of the TRON, said, already 25 crypto exchanges have supported the forthcoming migration. Users need to move their assets to exchanges to avoid any losses. But if the user fails to do so, the platform guarantees that it will provide access to a permanent exchange tool that will support the transfer of old assets to new standards. Binance cryptoexchange has also announced it will help TRON users that missed the deadline to convert their currency.
Also on June 26, "Super Representatives Election" will be held with a goal to select organizations and private individuals who will become part of the TRON mainnet. Another key task of the vote is to prove that the consensus mechanism is functional through obtaining a certain number of votes.
In addition, the TRON blockchain is launching on the back of a negative market price dynamic. In May, after the TRON mainnet was launched, trade on crypto-exchanges went into the red zone. Last month, the asset lost more than half of its value in comparison to the previous period. Over the past 7 days, the price for cryptocurrency fell by another 12%. Now TRX is estimated at about $ 0.045. However, many crypto investors believe that after the slide, the price can return to their original position in a record short time due to the excitement surrounding the launch.
Recently, TRON’s competitor EOS has had a difficult time launching its own mainnet. The project could not collect the number of votes necessary to activate the new platform. However, on Saturday, June, 16 EOS mainframe was finally launched.
By Ekaterina Ulyanova