TRON (TRX)–On the advent of TRON’s Main Net launching at the end of the month, Justin Sun has revealed a trump card for the burgeoning currency: with Main Net established, TRON will be able to process over 10,000 transactions per second. While Sun does not specify a timeline for when the feature will be available on Main Net, clearly the groundwork has been established for TRON to be a dominant technology in the field of cryptocurrency.
— Justin Sun 🅣🌞 (@justinsuntron) May 3, 2018
TRON Growing to Scale
Scale has been a hot button issue in the industry following last December’s melt down over Bitcoin transaction fees. Just as the king of cryptocurrency was gaining significant price momentum, nearly eclipsing 20,000 USD in value, the entire market ground to a halt under the stigma of overvaluation and lack of use. Slow confirmation times contributed to the stagnation of Bitcoin–and by extension, the rest of the crypto market–that fed into a bear pull-back through the first four months of 2018. During that time, Bitcoin fees averaged above 20 USD, and reached as high as 55 USD. At the time when adoption, general public interest and media press was at its highest point for the industry, the world was able to bear witness to the screeching halt of BTC usability.
Lightning Network implementation is attempting to alleviate the strain of high fees and long wait times, thereby making Bitcoin a more realistic choice for online merchants looking to accept cryptocurrency for payments. However, the writing is on the wall: cryptocurrency will succeed or fail based entirely on its ability to solve the scalability conundrum.
TRON has gone several steps further than creating another digital currency to rival that of Bitcoin, Litecoin and Ripple. While TRX holds value and can technically be used as a means of currency exchange, similar to all cryptos, the primary function of TRON is in establishing a new network, in the manner of Ethereum, for developers to build applications on top of. The principles of cryptocurrency, primarily security through blockchain and decentralized content publishing, are driving the innovation of the TRON project. While few predict TRON to overcome YouTube, Twitter and Facebook as a dominant internet power, the project has enough of a niche following to garner serious interest from both the cryptocurrency community and general digital advocates. The entertainment industry is still largely built upon the scaffolding of a bygone era, with a severe disconnect between the producer of the content (artists, writers and filmmakers) and the actual publishing platform.
Functionality to Match TRX Vision
Facebook commands 2.2 billion active users. For TRON to even support 1% of that user base, it requires a substantial focus on improving the scalability of the technology, particularly in being able to handle the stress of frequent transactions. Previously, Justin Sun had promised that TRON’s Main Net would be capable of handling 1000+ tps, which put the currency in a rival category with other industry leaders such as Ripple, boasting 1500+ tps through XRP. Now, with the aforementioned 10,000 transactions per second, TRON will be in a category of its own in terms of commanding network-load dominance. The average investor may not appreciate the benefit of having such a feature, but industry analysts and those focused on the technology underlying cryptocurrency know that proof of scale is becoming a primary barrier of entry.
Former CEO of Paypal Bill Harris wrote last week that Bitcoin is the “greatest scam in history.” Warren Buffett followed up on his comments by stating that cryptocurrency investors were more like gamblers, basing their stake on speculation alone as opposed to intrinsic value. Both critics are mistaking the shortcomings of Bitcoin and the bad practices of numerous ICOs as a condemnation of the entire industry. With over 450 billion USD in market capitalization, it’s unlikely that the widespread scattering of profit continues across so many currencies. Development teams like the TRON Foundation, who recognize the real world limitations of crypto implementation and are working to overcome them, are future-proofing their investment. The goal of TRON, complete disruption of the entertainment industry, may be overwhelming, but the TRX currency is proving its worth as a technology.