Crypto Technology

Tron Announces 30M TRX Airdrop and Clarifies ERC20 Migration

Martin Young | April 23, 2018 | 2:00 pm
tron
Crypto

Tron Announces 30M TRX Airdrop and Clarifies ERC20 Migration

Martin Young | April 23, 2018 | 2:00 pm

Tron is one of those altcoins the social media circles love to hate, primarily because the team are forever posting updates and minor partnerships – which some would see as a good thing. One way to garner more attention for your cryptocurrency is to announce an airdrop and the Tron Foundation did just that over the weekend.

Gesture of Goodwill to Ethereum Holders

Originally developed as an ERC20 token on the Ethereum network, Tron is set to separate and go it alone with mainnet launch planned for mid-June. It is currently building up to the testnet launch on May 31 and the coin price has performed well in recent weeks. In March TRX was one of the best performing altcoins as all of the others lost ground and crypto markets shed 40% of their total value.

The airdrop of 30 million TRX tokens will be for the Ethereum community as a way of saying thanks for the support during the ERC20 phase.  It also aims to entice Ethereum users over to the Tron network. However, in a medium post the foundation remained critical;

“Ethereum played a vital role in TRON’s early stage development, and we want to express our appreciation through this airdrop event. However, we have also discovered many issues and bottlenecks during our time on the Ethereum platform. When we see a problem — we will set out to solve it.”

Those holding over 1 ETH on the public ledger since January 1st 2018 will receive a random amount of TRX between 10 and 100 tokens. The total airdrop is worth an estimated $1.6 million at current prices.

ERC20 Migration FAQ and Roadmap

Today the Tron team set out to answer questions on the approaching migration to its own network. Exchange migration was addressed and users were reassured that there would be no losses even if the exchange did not migrate in a timely manner. On the reason for only supporting exchange migration the article said;

“The TRON Foundation decides that TRX only supports migration to exchanges for the sake of the safety of users’ assets, and hopes that this allows ordinary users to avoid the risk of losing assets just for missing the snapshot time in the mapping snapshot mode.”

The new ‘bookkeeping’ method called super representative was also explained as a publically viewable transaction data verification protocol. A voting system will be setup for Tron users to elect the 27 super representatives. It said that there would be no new TRX issuance before 2021, there is currently 100 billion tokens with 65 billion circulating. Further information was given on the increased transaction speeds and roadmap for the rest of the year;

“The main network to be released in the second quarter of 2018 will focus on performance and security testing, as well as improvement of the TPOS mechanism. Our main goal at Q3 is to fully support third-party APPs and provide third parties with stable and reliable system-level support, including high-performance pluggable smart contract virtual machines and optimized P2P network systems. In Q4, we will focus on cross-chain communication and privacy protection.”

Currently Tron has in excess of 100 million users on its dApps, which will all be migrated to the mainnet after launch. This could potentially make it the one of the largest blockchain dApp plaforms in the world.

At the time of writing TRX was trading at $0.054 (600 satoshis), up 35% on the week.

 

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