TRON (TRX) and EOS (EOS) have both decided to switch from Ethereum ERC20 network to their own ecosystem and it appears that there is no going back as both have slated dates for the launching, and they have been receiving supports from sundry of companies, creating the feeling that it could be a massive blow for Ethereum.
Even though all things are already in place for the launching of the altcoins’ mainnet, there are speculations and criticisms from people and lovers of other cryptos especially Ethereum, that the migration is not going to be viable and if forced, could result into a deleterious effect for the two altcoins.
In almost the same manner, some of the lovers of the altcoins, especially Tron have been waging doubt on whether the migration will not make them lose their hard earned wealth invested on the altcoin as the FUD fails to end.
Justin Sun, the owner of Tron, who is the backbone behind the lingering developments and growth of the cryptocurrency in the market responded to the reactions by telling them that there is no cause for alarm, no quake can quiver the altcoin and that the coin’s development is in the interest of users.
“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,” Sun said.
Sun added that the mainnet would add to the proficiency of the altcoin by increasing the speed, scalability and Transactions Per Second [TPS].
“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,” Sun added.
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The announcement came out to awake the two altcoins, they have been receiving countless of recognition in the space, enjoying up growth in the market, and mounting the ladder to 5th position, as it is the case of EOS and 10th position (for Tron).
The Mainnet Migration.
While the mainnet migration of EOS [EOS] will begin from June 2nd, Tron [TRX]’s will kick start on June 21st. At the moment, both EOS and Tron are operating on Ethereum ERC20 smart contract, and the migration will see the two altcoins move to their own mainnet ecosystem.
What ERC20 Means To Ethereum.
ERC20 is Ethereum blockchain smart contracts used for creating tokens that are used for trading. ERC20 is a technical term that comprises of ERC, which stands for Ethereum Request for Comment, and 20, the assigned number to a particular request.
Developed about a year and half ago, ERC-20 is one of the most significant token standards for Ethereum.
While the network permits developers to predict how new tokens will behave, it has set some rules for miners.
For other tokens within Ethereum system, ERC20 permit their users the ability to access their data about a token and transferability of tokens.
Can The Migration Drag Ethreum To Mire?
The migration is credibly a big one in the crypto space since it involves two giant coins that maintain the first ten position in the table.
When the two altcoins migrate, they will leave Ethereum system, pulling all its devise and users away from Ethereum ecosystem, which is surely an incision for the cryptocoin.
Justin Sun also vowed that Tron will be moving all its 100 million Dapp users away from Ethereum blockchain to its own mainnet when launched, and such could also lead to a massive blow for Ethereum. Added to that, since the announcement of the pending launch, Sun has been up in the air that Tron will be far better than Ethereum, and it will be an ardent competitor of Ethereum when the mainnet comes to live.
“From today to the last day, we are no longer the ERC20 token and in the future, we will compete with Ethereum as a DApp platform.”
“We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum. I will explain to you why we can surpass Ethereum in the future,” Justin Sun averred.
Musing over the aftermath events of the announcement, Tron has been on its way to the moon with different supports, partnerships, developments, listings and massive growth. It is glaring that every round ball has been placed in the round hole for Tron to be an outstanding coin in the market, and there have been speculations that if Tron could move its 100 million Dapp users to its mainnet, it could be the largest cryptocoin in the space.
As if all those were not enough, myriad of crypto-related companies have been rallying around the launch of the mainnet with supports.
Zebpay on May 7 declared its support for the launch of the two cryptocoin mainnet. In the past, the likes of the almighty Binance, Bitfinex, KuCoin, OKEx and more have also pledged their support.
Conclusively, thoughtful of the fact that EOS is 3 places away from Ethereum in the table with massive growth, Tron to move its 100 million Dapp users, vowed to become the biggest competitor of Ethereum, it continuous growth and developments, and lastly the supports from companies towards the mainnet, the aftermath could be a massive spill for Ethereum. Nevertheless, Ethereum is not a newbie in the Cryptospace, therefore I don’t expect the team behind the cryptocoin to put their hands in akimbo at the likely mishaps.
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