Downturns in the market aren’t stopping the Tron Foundation from pursuing their aggressive development time table. They’ve pushed aside former criticism levied at their lack of a working product and are preparing for the monumental task of migrating tokens to the new blockchain. Tokens held on participating exchanges will be migrated between June 21st and June 25th. Users holding legacy ERC-20 tokens after the migration on smaller exchanges or in wallets will have to go through Tron’s (TRX) migration help desk. As of now, there is no intention to establish a firm deadline.
The Token Migration Process
The token migration procedure is the main component of the Tron Foundation’s first stage. Exodus is centered around creating and populating Tron’s custom blockchain platform. Prior to this, the Tronix TRX token existed only as a placeholder ERC-20 standard. Once the Main Net is fully operational, and the tokens are migrated, work can begin on Tron’s ultimate vision.
The project’s stated goal is to introduce a fully decentralized media platform. Without a central authority, content creators could thrive on their own merit and earn revenue through native cryptocurrency. Attracting said content creators is the goal of the second stage, set to begin soon. While it remains to be seen if the Tron blockchain can handle the amount of transactions and data required for media consumption, they’ve already proven more stable than some recent competitors. Still, the Tron Foundation made strong claims about the scope of their project.
Justin Sun Invests in BitTorrent Infrastructure
Justin Sun, the Tron Foundation’s CEO and the face of the project, recently acquired decentralized technology pioneer BitTorrent. Arguably inspiring Bitcoin and the cryptocurrency revolution, the BitTorrent protocol moves an immense amount of the total data comprising the internet. Torrenting became famous due to media piracy, but the sound technology that underscored the system allowed them to survive the negative press storm. Now, most updating software uses some form of the torrent protocol to reduce the burden on any given system.
While BitTorrent does not control the entirety of the torrent tracking system, they are still the main gateway and the largest provider. Further, they have been looking for a buyer for some time – and Justin Sun, with his prior decentralized platform experience, could be the perfect fit.
Article By: Adam Stone