After months of waiting, TRON Virtual Machine (TVM) is finally live. Recent announcements by TRON’s founder, Justin Sun, informed TRX enthusiasts of the new development via Twitter and urged them to enjoy TRON’s groundbreaking new product.
TVM is live now! Please enjoy it! One small step for #TRON, one giant leap for #blockchain industry! #TRX $TRX
— Justin Sun (@justinsuntron) October 12, 2018
Despite the fact that TVM came a bit later than it was supposed to due to issues with a particular block, Sun’s team managed to resolve everything quickly. As a result, the platform launched TVM, giving the team, as well as TRX community, a reason to celebrate.
Thanks to Tron VM, an entirely new Smart Contracts Era arrived at TRON, which will now be 200 times faster than Ethereum, as well as 100 times cheaper than EOS. Additionally, due to the fact that smart contracts are crucial for the creation of a decentralized web, this marks another step that TRON has made on its way to achieve its goals.
What changes will TRON VM bring?
The importance of TVM lies in the fact that it represents a test environment for dApp creation. With it, developers can easily test and modify their smart contracts and dApps and discover any flaw before they deploy them to TRON MainNet.
TRON VM brings four crucial features — Compatibility with Ethereum, an energy consumption model that is entirely user-friendly, unique virtual memory, and distinct resources manager.
At the moment, developers can create dApps and smart contracts by using Solidity. However, thanks to new Ethereum compatibility, TVM can easily become compatible with other blockchains as well, at some point in its future. As expected, TRON VM is to be governed by TRON’s Super Representatives, which were previously elected by TRX holders through a voting process.
Due to its new virtual memory mechanism, TVM will also reduce the usage of physical memory. This will also reduce the cost of dApps. As for the resource management model, it will enable the sharing of CPU usage and memory alike. As such, it will additionally improve the efficiency of the entire system.
TVM is a project that has been announced a long time ago, and it represents one of TRON’s first truly big steps toward its way to decentralize the web. With a goal that huge ahead of it, it is not surprising that TRX enthusiasts were thrilled that TVM is finally live. The move also reflected on TRON’s price, which is something that only a handful of this coin’s previous achievements managed to do.
Granted, most of TRON’s advances happened during extremely bearish periods of 2018, when the market simply refused to allow TRX price to grow. Even so, it is encouraging to see TRX price surge by more than 5% only two days after a major price crash that has brought down even the largest altcoins. At the time of writing, TRON’s price is at $0.023298, with 5.60% increase in the last 24 hours. Whether this is a short-term surge or a beginning of a new bull run remains to be seen. For now, however, TRON seems to be doing pretty well.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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