Independence day comes for Tron
Tron is celebrating its self-proclaimed independence day after migrating from Ethereum to its own network.
The migration process started on 21 June and continued until 25 June, during which time deposits and withdrawals on crypto exchanges were suspended.
As of 24 June, token holders have been able to swap Tron’s ERC20 tokens created on the Ethereum network for the new Tron20 standard on a 1-1 basis.
Crypto exchange Binance will offer an ongoing coin swap for those that did not get their tokens on the exchange in time.
Today, 26 June, is the first day that trading on Tron’s own mainnet has been live, and is also the big day for Tron’s super representative election, in which token holders will nominate their chosen block producers. To vote, token holders must move their new TRX coins into their TRON wallet.
Tron is currently ranked at 11th by size with a market capitalisation of $2.6bn, according to CoinMarketCap.
According to GlobalCoinReport, Tron founder Justin Sun said the network would focus on overcoming the “inefficiencies” of the Ethereum project. Sun says he wants to focus on “consumer-facing products” and user experience.
“Ethereum is like IBM back in the day, making those big supercomputers,” he told GlobalCoinReport. “And I’m not saying that Ethereum does not have robust technology, but I’m saying that Ethereum is just like IBM. They only focus on tech, they don’t focus on user experience.”
Last week Sun bought the company behind the hugely popular file-sharing website BitTorrent.