On 31st July, the Tron Foundation announced the launch of the TronWallet on the Google Play Store, making the application available for Android users before Apple users.
The company has stated that the wallet will make it easier for users to handle transactions faster and better with the goal to fully unleash the potential of the Tron network. With this release, users will be able to vote during the time of Super Representative elections, be a part of the Tron token sales and make all transactions more seamless.
The Tron Foundation has also released a list of features that would make it appealing to the users:
- The platform has assured that users will not be levied any transaction charges while sending or receiving TRX.
- The Tron foundation has released a statement saying that the user experience will be dramatically different from other wallets and that the wallet keys will be stringently private.
- The company has said that the wallet will be a fully decentralized peer to peer application which will not require any login or signup. The encryption will be based on an AES-256+ SHA2 by supplying a 64-byte encryption key.
- The Tronwallet Application Programming Interface [API] is aimed to make the integration of Tron easier for game and application developers.
Dio Lanakiara, the Founder, and CEO of Getty/IO said:
“With today’s release, TronWallet makes it easier for you and your friends to unleash the power of the TRON Network and its applications with a fully decentralized p2p wallet for iOS and Android. TronWallet is a beautiful, simple yet powerful p2p crypto wallet dedicated to TRON users.”
Lanakiara has also gone ahead and said that the TronWallet prototype was originally built to participate in the TRON Developer Programming Competition.
Crypto Brady, a Twitter user commented:
“Awesome job! Lets get IOS up soon so that I can go mobile.”
Aidas Palubinskas, A Reddit user commented:
“Too bad those who deposited their #TRX $TRX in @bitpie can’t trade anything, because it hasn’t converted anything and keeps everything frozen. Bad look for @Tronfoundation #omnishambles”
The TronWallet release was also followed by the news that TRX will be traded on Digifinex soon. Digifinex has also announced that the TRX bounty program also starts the same time as TRX transaction on the trading platform. Digifinex is a trading platform that is based in Singapore with a lot of developments in the pipeline.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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