TRON, the 12th most valuable cryptocurrency according to CoinMarketCap, is currently on a roll when it comes to innovations and exciting announcements. In fact, July has been one of the most important months in TRON’s development cycle, as it announced a lot of changes, starting with its mainnet launch and followed by its token swap, the acquisition of BitTorrent, and the launch of the TRON virtual machine. So much activity has analysts seeing really positive moves for its price as well.
In this article, we will break down all these developments and discuss their importance on the whole TRON ecosystem and their potential implications for the network’s future.
Even though Justin Sun, the creator of TRON, never intended for the project to leave the Ethereum blockchain, upon which it was initially based, according to a Medium post published in May, various “network issues” triggered the decision to leave the ecosystem.
Hence, on May 31st, the Tron mainnet, dubbed Odyssey 2.0, was successfully launched on the project’s GitHub page, remaining in Beta for the most of June, while developers worked to ensure that everything is as it should.
The token swap from the old ERC-20 TRON TRX to the new mainnet TRON TRX coins took place between 21 and 24 June, while 25 June was declared as being the “Independence Day.” Regarding the migration, it’s important to note that it was a 1:1 swap, meaning that the change didn’t affect any of the TRON’s users balance sheets.
Unlike other projects, the TRON token swap cannot be carried out manually. Instead, the whole process was facilitated entirely by exchanges. At the time, the TRON foundation released an article describing the specific exchanges that completed the migration, including Bit-Z, Bitfinex, Bitpie, Coinnest, Coinrail, Bithumb, Bibox, Binance, Okex, Bittrex, Bixin, Gate.io, Huobi Pro.
With an impressive 100 million active users on a global scale, BitTorrent is the world’s largest file sharing service, and it’s also a part of TRON. With the acquisition of BitTorrent, TRON has essentially made another step towards “independence,” and towards a truly decentralized Internet, which has always been TRON’s mission.
BitTorrent was bought by the blockchain startup for $140 million. According to various reports, BitTorrent is to help TRON further improve its image and help develop new technologies.
Secondly, BitTorrent’s P2P ecosystem would potentially help mine coins more easily.
The move makes a lot of sense for TRON since BitTorrent was a pioneer in distributed computing. And, since the whole concept of cryptocurrencies and blockchain is built around decentralization, it’s easy to see how BitTorrent can benefit TRON by incentivizing people with more than just free content.
The partnership is, without a doubt, mutually beneficial since blockchain tech can provide various advantages such as transparency, traceability, and the confirmation of ownership. With the help of TRON, BitTorrent could even eliminate piracy, one of the oldest problems for torrent and file sharing platforms.
As described by BitTorrent’s blog, the new move will bring various changes, but the highlight is represented by the fact that the company will continue its operations from TRON’s new San Francisco HQ.
TRON Virtual Machine (TVM)
With a mainnet launch, the acquisition of BitTorrent and the never-ending social media presence by the blockchain company, July was a very interesting month for TRON’s fans (also known as Tronics). The month ended on an optimistic note for the blockchain startup, as TRON also launched an upgraded version of its virtual machine on July 30th.
As described by TRON’s official GitHub repository, the TRON Virtual Machine, TVM for short, is a “lightweight, Turing complete Virtual Machine developed for the TRON’s ecosystem. Its goal is to provide millions of global developers with a custom-built blockchain system that is efficient, convenient, stable, secure and scalable.”
In short, a virtual machine can be regarded as an operating system or environment that emulates another computer system. As a whole, TRON’S Virtual Machine was designed to make the ecosystem better.
This has to do with the fact that TRON used to run on Ethereum’s blockchain (before the mainnet launch) and it also has to do with dApps and smart contracts. Therefore, TVM is designed to offer increased compatibility with Ethereum’s VM, EVM for short. One of the main goals of the TVM is to allow Ethereum developers to compile and tweak their existing codes so that smart contracts and dApps can be ported to TRON, in order to run on the official TRON mainnet.
By having the ability of solving the shortcomings of other systems, TRON’s new virtual machine will also act as a gateway towards attracting new developers into the ecosystem. Unlike Ethereum’s EVM (which depends on Gas to function), TRON’s TVM ensures that smart contract operations and transactions are free. This, in turn, offers developers far greater flexibility and freedom to develop complex and possibly game-changing applications. Finally, the TVM is very lightweight which translates into reduced resource consumption in order to guarantee system performance.
Despite various successful announcements and projects over the past couple of months, TRON does not show any signs of stopping. Justin Sun recently teased about TRON’s “secret project,” that’s set to be revealed on July 30th.
“I think one of the most important values of Tron is we delivering our products and mission on time. So as you see, we delivered our testnet on the March 31st, our mainnet on may 31st, and officially are launching our mainnet on June 25th. The next very important milestone is July 30th- we will deliver our official virtual machine. All the decentralized exchanges and applications on the Tron platform are plugged into the Tron ecosystem. July 30th we will launch one of our secret projects,” the CEO stated in one of his public speeches.
Currently, it’s quite obvious that TRON is so much more than just a cryptocurrency, even though the TRX token still plays a fairly big role in the ecosystem. The company is constantly trying to change the online entertainment world completely, and it plans to do so through the use of the decentralized network.