Holders of decentralized open-source cryptocurrency Tron may want to keep hold of their TRX tokens with several upcoming events projected to boost its price.
Founded by Justin Sun, the creator of the Tron Foundation, Tron is aiming to create an environment providing a free content entertainment industry by using the blockchain and distributed storage technology. According to its white paper, each user can ‘freely publish, store and own data’ in a decentralised entertainment ecosystem.
According to CoinMarketCap, 14th-placed altcoin Tron is currently enjoying a 12.50 percent increase in value, with market prices across the board experiencing a positive rally following a major slump in values last week. With a market capitalisation worth $2.3 billion and its token priced at $0.035383, at the time of publishing, Tron is looking toward a bright future that may push its price even higher.
Last last month, Sun revealed that the Tron token would be listed on the LBANK exchange, with more exchanges expected, helping to push it further into the limelight. It’s reported that after Tron completes its mainnet launch it will come off of the ERC-20 network, which could make it more attractive to other crypto exchanges such as Coinbase. This, in turn, could help to boost its price up.
Prior to the mainnet launch will be Tron’s test net launch, which is expected to take place on the 31st March. It’s hoped that this will enable a full running node and is expected to bear the operations of a full blockchain. Also projected to occur on the 31st March, is the Tron Coin Burn. With the platform working on its proof-of-burn algorithm, coin burning is required. This means that each miner on the network will have to provide proof of the coin burns. Notably, though, they don’t lose any coins. However, the scarcity experienced by users after this is another factor that will draw the price of the Tron token up.
The launch of the Tron mainnet is not expected until the 1st May, subsequently splitting Tron away from Ethereum. It’s because of this that holders should retain hold of their tokens as it could enable lower costs while making it more adaptable around the world. Not only that, but more companies are likely to want to partner with Tron. This can already be seen by the fact that BitGuild, a blockchain gaming platform has teamed up with Tron to deliver limited edition in-game assets for the Tron community.