Tron (TRX) grew by over 20% this week – Here’s why

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Tron has finally seen some growth after months of disappointment. The cryptocurrency seemed doomed to failure due to allegations of plagiarized whitepapers. However, TRON has finally started to recover and already back to the number 14 rank amongst the world’s best cryptocurrencies.

What Happened?

Ever since the white paper allegations, it has been downhill for Tron. The cryptocurrency fell massively up till now, from being in the top 10 cryptocurrencies in the world to falling almost close to rank 20 at one point. However, Justin Sun, the owner of Tron kept working on his currency and didn’t give up. One of the main reasons for the sudden increase in interest for Tron is due to some huge announcements made by Tron.

In an interview, the Tron team announced that the launch date for Tron’s main net has been moved up. Instead of launching on July 1st, now it will launch on May 31. However, the test net date won’t be changing according to Lucien Chen, Tron’s CTO. The test net is supposed to launch on March 31st. The accelerated launch of Tron’s main net is great news for Tron enthusiasts as it only shows that the Tron team hasn’t stopped working after receiving a major setback.

According to Chen, they were able to bump up the main net date by grading all the main net functions according to different user needs. Of course, the main net will have all the functions given in the test net, but obviously, it’ll be more fine-tuned and it’ll also have more high-performance functions. The functions that received a lower grade on the priority scale won’t completely be cut from the final version of the main net, they’ll just be added later on as upgrades. Chen was also asked about the architecture of Tron to which he replied:

“Tron has a 3-layer architecture, which includes storage layer, core layer, and application layer. In the storage layer, we designed Tron unique distributed storage protocol, including block storage and state storage. In the design of underlying storage, we introduced the idea of graph database to meet the needs of diverse data storage in the real world. In the middle layer, we have designed the modules of smart contracts, account management, consensus and so on… In order to better serving developers to create Dapps, we chose Java as the smart contract language, followed by future support of other advanced languages… In the application layer, the developer can use the interface to easily bring about abundant Dapps and implement the wallet by themselves. Finally, the contract of TRON is completely defined by google protobuf, and naturally supports multilingual extensions.”

Tron’s team answered other questions as well but this isn’t just the only latest development regarding Tron. If you follow Justin Sun’s twitter, you will know that the man works hard to get his currency on board many exchanges. The recent listing Sun has successfully achieved is with cryptocurrency exchange Bittrex.

The cryptocurrency exchange posted on Twitter regarding the availability of the TRX token on its platform. Furthermore, another tweet by Upbit followed which also lists TRX on its platform now. As soon as these announcements were made, Tron’s price started surging and it’s evident from Sun’s recent tweet as well:

Tron was also briefly amongst the top 4 cryptocurrencies in the world in terms of trading volume. It seems the main trigger for Tron’s recent upward movement were these announcements, however, there are other possible explanations as well.

The Coin Burn

If you’ve been following Tron, you’d know that there has been a planned coin burn for the cryptocurrency in March 2018. In the coin burn, circulation of Tron tokens will be significantly reduced, thus shooting its price upwards.

Now that March is here and the coin burn is so close, this was perhaps the most logical time to get a hold of TRX tokens. This is due to the fact that prices were currently low due to Tron not doing well and circulation was also high which made prices even lower. Once the burn occurs, prices will go up a bit which would give favorable returns to whoever purchased TRX currently. Therefore, the current upward trend might have to do with the coin burn too.

The Idea behind Tron

Amidst all the chaos that ensued after the whitepaper scandal, many people forgot about what Tron actually was. The idea behind Tron is actually really innovative: Tron aims to provide a decentralized platform for content creators.

The media platform would let artists post whatever they’d like without having to go through the extensive and restrictive processes they currently need to go through to get their content published. Sun aims to make a hassle-free platform with Tron at its center. Therefore, there is potential with Tron which some people might finally be realizing especially after the recent announcements.

Tron Dogs

Perhaps one of the newest ways to use any cryptocurrency is by using them in a video game. Tron Dogs is a new video game that incorporates the cryptocurrency within itself. The game has gained a lot of momentum recently and will soon be launched on its own platform. Once the game is out, Tron’s value will surely go up as you need TRX tokens to complete transactions within the game. Thus, it would make sense to purchase Tron now when it’s cheap before the Tron Dogs enthusiasts eventually drive prices up.

One of the more logical reasons for Tron’s upward movement has to do with the recent announcements. Tron wasn’t available on mainstream or as generally well-known exchanges until this point for some countries. Now that bittrex and Upbit have Tron aboard, many people have access to the currency which is why Tron volume has recently shot up. Although since the announcement the price has already fallen down a bit, it’s still above 20% than it was last week.

It’s impressive that Tron has survived for this long after taking heavy losses. It just goes to show the commitment of the people behind Tron. Now the hard work is paying off and things are starting to look good for Tron again. It’s only a matter of time before the digital currency makes it back into the top 10.

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