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Deeper insights on TRON [TRX]’s recently ushered test net

Sthuthie Murthy

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Deeper insights on TRON [TRX]'s recently ushered test net
Source: Pixabay

Most of the digital currencies are backed by a strong development team, a number of interested investors, and a growing community. This is subject to regular updates as developers try to address and fix issues from the past. Cryptocurrencies also release network trials called Test nets where developers and others can test the system for smoothness. Such was the case for Tron Foundation which hyped its Test Net launch on March 31st.

Justin Sun, Founder of TRON tweeted:

“According to Github, the project with the highest code update frequency in 30 days is TRX with 126 nodes across the globe with most of them in the USA.”

According to the official information, the test net has achieved all the functions of the basic chain which includes the operation of nodes, custom token creation, transactions, voting, and data browsing. Soon with the main net launch on May 31st, TRX can leave the ERC 20 network. They are set to initiate the migration on April 15th.

Justin Sun tweeted claiming that it took them 3 days to launch 126 nodes in 5 continents of the world. United States is on the top with 50 nodes while China, Spain, Germany, India, and the UK are doing great as well.

Mathew Henry, a Tron follower commented on Twitter:

“Great focus and determination in bringing the vision of TRON [TRX] to life. Fantastic! Hard work always pays off. I can’t wait to look back and say I was a part of this. Keep up the good work guys, make us Tronics proud always.”

Barry Aslan, a market observer says:



“I will not believe in Tron anymore, it is just manipulated with whales. TRX is all plagiarized work and everybody knows that. This means absolutely nothing. It just means it was a big project. No one else looks at this shitty code except the Tron developers. And what are you guys even developing? Why do we even care about this?”

TRON [TRX] is currently trading at $0.034 after a gain of 8.32% in the past few hours.

Mohammed Sayed, a Twitter user says:

“The test net launch was an absolute shamble. The timing was wrong, the posts were elusive and confusing and so far, you have not presented the community with any solid test net statistics. I’m out again until you can prove to me you are a projected to be invested in.”





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer

Priya

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Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,



“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”





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