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Flash hike: Tron [TRX]’s 8% boom leaves all other cryptocurrencies in the dust

Akash Anand

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Flash hike: Tron [TRX]'s 8% boom leaves all other cryptocurrencies in the dust
Source: Unsplash

The cryptocurrency market’s roller-coaster ride has been a sight to watch with some coins seeing bull runs while others suffered under the weight of the bear. Tron [TRX], currently the ninth-largest cryptocurrency on the charts has seen sporadic shifts in behavior, from becoming the biggest winner to a significant loser and back to the winner’s stables again.

At the time of writing, Tron was growing at a massive rate of 5.2% in the one-hour spectrum and by 8.4% in the 24-hour spectrum. What makes the hike quite noticeable is the fact that Tron’s bullish run comes at a time when all the other cryptocurrencies were getting attacked by the bear.

Tron had one more feather in its cap, being the only cryptocurrency other than Tether [USDT] seeing green among the top-ten cryptocurrency club. At press time, Tron was trading for $0.0244, with a total market cap of $1.624 billion.

Tron’s market volume of $288.597 million was majorly split between two cryptocurrency exchanges, UPbit, and the Changpeng Zhao-led Binance. UPbit had a grasp on $38.162 million worth of TRX transactions while Binance witnessed $32.794 million of the total Tron trade taking place on the platform.



Tron has been in the news multiple times over the course of the past few weeks due to announcements related to BitTorrent’s new token as well as Justin Sun’s comments on the upcoming niTron conferences and the Tron accelerator. The BitTorrent token whitepaper read:

“TRON Foundation and BitTorrent Foundation are introducing a new cryptographic token called BTT along with an extended version of the BitTorrent protocol in order to create a token-based economy around the usage of networking, bandwidth and storage on hundreds of millions of computers on the internet.”

Justin Sun, the Chief Executive Officer of the Tron Foundation has been one of the most active cryptocurrency proponents online and had informed users earlier that the number of dApps on the Tron network had surpassed the hundred market. He had tweeted:

“#TRON has 100+ dapps on @DappRadar and 133 dapps on @dapp_review now! 2-3 dapps launched everyday. With #niTROn2019 and #TRON accelerator, we will break 200 very soon! #TRX $TRX”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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