Tron’s Project Genesis Strengthens Bullish Appeal
Tron’s attention-grabbing headlines continued over the weekend after the company announced a $2 billion reward pool for its Project Genesis development program. The company led by Justin Sun appears to be full-steam ahead in its mission to build a global entertainment network backed by blockchain technology.
Project Genesis Sees Huge Reward Program
On Saturday, the Tron Foundation unveiled Project Genesis, a reward program that will disseminate $2 billion to developers and community members. The figure was much higher than the $1 billion initially pledged on Mar. 31 during the platform’s testnet launch.
Justin Sun confirmed via Twitter that the $2 billion will be rewarded through a number of programs, beginning with the Github Plan that was launched in March and extending all the way through Dev Con later this year.
Last month’s testnet deployed 2,500 nodes across 31 countries. The company is now poised to launch its mainnet May 31, a full six months ahead of schedule.
Sun also pegged June 26 as the date for the election of Super Representatives, which marks the end of the company’s Exodus phase before transitioning to Odyssey. This phase will incentivize content creators to migrate to the Tron platform for its fair rules governing content creation, distribution and dissemination.
The Tron platform allows users to build applications and execute smart contracts directly over the blockchain. To many in the blockchain industry, this puts Tron on a collision course with Ethereum. This is further gleaned by the company whitepaper (which was accused of plagiarism), where Tron outlines its vision for social media, blockchain and content storage platforms. This vision overlaps with Ethereum on areas related to data liberation and content development, among others.
Though Tron has a long history of controversy, Project Genesis could incentivize developers to contribute to the platform’s development. The project will also mobilize support from within its own community, which includes nearly 16,800 Telegram members. Sun also hosts an active Twitter account with more than 434,000 followers.
TRX Price Levels
The value of TRX rose 5.1% on Monday to $0.042 per coin, according to latest available data. The digital currency is up more than 23% from last Monday’s swing low.
TRX, which is normally traded against the major cryptocurrencies, was last valued at 0.000005 BTC and 0.000082 ETH.
At current values, TRX is capitalized at $2.8 billion, putting it in 14th spot by market cap. Daily trade volumes amounted to $354.6 million, according to CoinMarketCap.
South Korea’s Upbit was the largest market for TRX trades, with 20% of daily transactions occurring on the exchange. OKEx also saw nearly one-fifth of the daily volume. Other major platforms for TRX trades include Binance, Huobi and Bithumb.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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