Tron (TRX) is in the eye of the storm these days as the date when the token will finally become entirely independent crypto is right around the corner, and additionally, this event will be followed by the Super Representative elections in which an autonomous community will be created. As it seems, going unnoticed is something Tron does not consider, and this time it has prepared a new milestone that for sure will be acknowledged by everyone, especially by token holders.
As the day comes closer, more details are shared with the community about what will be the next steps for the coin, and this is precisely what Justin Sun, CEO of the company, shared on his Twitter account yesterday by mentioning that the company would deploy a coin burn as a celebration for the long-awaited independence.
Letter to the community: #TRON Independence Day. Celebrate on June 25th as we become a free, autonomous, and self-governed decentralized internet. Join us in celebrating with a
1 billion #TRX coin burn! @Tronfoundation https://t.co/NZrpDq6V9V pic.twitter.com/NFmIjRAF6u
— Justin Sun (@justinsuntron) June 21, 2018
In the cryptosphere, a coin burn is an action of forwarding a number of cryptocurrencies to a particular public address that possesses an unattainable private key, which of course, makes impossible the expenditure of the coins sent to that direction.
This method is employed for generating new tokens, also known as “proof of burn,” for benefitting token holders, or for destroying tokens that were not sold. In the case of Tron, as the message implies it will be used as a rewarding activity for celebrating the independence day.
Sun said,
“To commemorate this exciting moment, TRON Foundation will conduct a burn of 1,000,000,000 TRX all at once, which is worth 50 million USD according to today’s market price.”
By eliminating 1,000,000,000 TRX tokens, Tron will create a deficit in the supply of the coin, and this as a consequence will create a more significant demand, which of course, will have a repercussion on the value of the token, so those who hold TRX will see a substantial benefit in the short term.
Tron is forecasted to perform incredibly after its independence in a couple of days now, and two days later it may get even higher as the Super Representative elections occur. All of these events have indeed raised a lot of expectations on a community that is eager, now more than ever, to know what the next steps are for the coin, and this is something Justin Sun seems to have heard as he shared as well the details of some of the upcoming moves.
Like this, the community was also informed that the Mainnet to be fully launched in 3 days is going to be integrated by 4 phases the company has defined as:
- Preparation
- Guardian Phase
- Genesis Phase
- Constitutional Phase
Conclusion
Great things are coming for Tron (TRX) as its migration phase concludes, a process that is currently being supported by about 40 exchanges from all around the world. Tron, without a doubt, will see incredible traction after decoupling from Ethereum, so stay tuned (and hold tight), the coin is about to skyrocket.
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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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