TRON’s 'Independence Day' from ethereum blockchain is drawing nearer. A four-stage plan has been laid out and now with the preparatory stage successfully completed, the system is reportedly up and working without bugs.
TRON cryptocurrency is the brain child of a young entrepreneur Justin Sun. Currently using the ethereum blockchain to operate, however, Sun has already started to migrate TRX to its own mainnet. This operation has been named TRON ‘Independence Day’ and is due to commence on the June 25 and will be live streamed according to Sun.
H-24 before TRON's Independence Day! We'll Live stream this historic moment on Twitter, looking forward to celebrating it with you! pic.twitter.com/d9lBFI8fCe— Justin Sun (@justinsuntron) June 24, 2018
The first stage of the migration was the preparatory stage and has already been completed.
The second stage is known as the ‘Guardian phase’ where genesis representatives (chosen from the community) have undertaken the process of “verifying version information, network parameters, and authentication”.
Third to come is the ’Genesis phase’ and it's the most anticipated one. This is where the first block is to be created and the election of super representatives (those responsible for governing the mainnet) is to take place.
The final ‘Constitutional phase’ will see TRON split from ERC20 onto its own mainnet and be co-governed by the TRON community.
The launch of TRON’s own mainnet will also be marked with the burning of $50 million worth of TRX tokens during the celebration. This could, in theory, bring up the price of the TRX and of course, the community is all for such an outcome.