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Tron [TRX] based ‘Seedit’ aims to make payments faster and secure, massive approval from users

Akash Anand



Tron [TRX] based 'Seedit' aims to make payments faster and secure, massive approval from users
Source: Unsplash

On 9th August, the Tron Foundation announced its tie-up with Seedit, a cryptocurrency payment system based on the Tron network. Justin Sun stated that this addition to the Tron family will give an added push to the development juggernaut that the company has been on.

Seedit has announced that the company aims to provide a fast and easy to use payment platform to the users, a platform that will utilize the functionalities and Application Programming Interfaces of Tron. Seedit has stated that the main reason the payment system runs on Tron is because of its ultralight blockchain technology.

The Tron network mostly uses existing libraries with the benefit of being less buggy than other networks as it has been tested repeatedly before. The first phase of Tron’s development phase was called Exodus which encapsulated all the establishment projects and designs. The second phase of the Tron roadmap is called Odyssey, under the ambit of which Tron has upgraded their blockchain technology to allow companies like Seedit to function. According to the company, the third phase of developments will be called the Great Voyage, a grand scale project, aimed to give the power back to individual content creators.

Seedit can be used to send TRX or any other token to people using social media platforms like Reddit, Telegram, and Kakau. This, according to the company, creates a safe and user-friendly payment ecosystem for users to handle their transactions. Seedit has also added that user functionality is key and therefore, creates an auto-generated wallet, whenever a user transfers a token from point A to point B.

The company has also stated that security is of utmost priority and has focused on creating foolproof private keys that are aimed to keep the user’s data safe. Seedit has also informed users that the new wallets can be linked to their own personal digital wallets, creating a better-connected network. The platform has listed out the ways in which users can utilize the wallet, a utility list that includes:

  • Supporting the user’s favorite content creators
  • Funding Initial Coin Offerings
  • Using the wallet to pay in restaurants

Crypto Duck, a cryptocurrency enthusiast commented on Twitter:

“This is great work guys and you dev’d and went live so fast. I’m looking forward to using it.
Who needs a Lightning Network when you have a fast and free network to begin with, right?

Tron’s rapid development phase has not been without fruition, which was made clear by a recent statistics that Justin Sun, the Co-Founder of the Tron Foundation shared. He had announced that Tron is on the way to surpass Ethereum in terms of daily transactions by uploading statistics that showed TRX was traded 128,438 times while Ethereum was traded 636,342 times on the 6th of August.

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Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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