Justin Sun, CEO of eleventh-ranked cryptocurrency TRON, took to Twitter this week to lay down some big claims for his platform’s latest ‘Odyssey 3.1′ update. The new upgrade has been promised to drastically reduce transaction costs to 1 percent of EOS’ current fees, while ramping up TRON’s network speeds to 200 times faster than leading dApp development platform Ethereum.
Based on community consensus, #TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you! $TRX
— Justin Sun (@justinsuntron) October 8, 2018
TRON’s price surged 8 percent following Justin Sun’s announcement on Sunday; the token is up nearly 17 percent in the last week.
Based out of Vancouver, TRON has managed to garner a great deal of buzz from cryptocurrency enthusiasts over the last 3 months. In July, the TRON Foundation announced that it had officially acquired the popular peer-to-peer (P2P) file sharing platform BitTorrent. Sun wrote in a press release that, “BitTorrent is the genesis of the decentralization movement,” further stating that the acquisition would play a pivotal role in “making TRON the largest decentralized Internet ecosystem in the world.” BitTorrent is estimated to have more than 100,000,000 active users, which Sun hopes to rope in through the platform’s integration into the TRON blockchain.
TRON’s acquisition of BitTorrent was quickly followed by an announcement that the platform would also be launching a new social media dApp called TRONChat, which will offer users token rewards for posting and reviewing content. Social media is a multi-billion dollar industry, but there’s a consensus that a lack of user control on matters of user privacy in addition to invasive advertising schemes require a complete overhaul of the traditional business models established by big companies like Facebook. In this respect, TRONChat’s publicly stated attempts to address these concerns through protected user data and tokenized rewards could pose a threat to current social media platforms.
However, with Ethereum having established dominance in the domain of dApp development, followed by the launch the highly anticipated EOS network earlier this year, TRON still faces an uphill battle in truly becoming an industry leader. Despite recent bumps in TRON’s price, the token is still attempting to recover from its approximately 777 percent price drop from the beginning of the year.
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