Ethereum is now the crypto platform of choice with more than 80% of decentralized applications running on its blockchain. However, there is no shortage of contenders for that accolade and Tron is making good progress.
Ethereum has fallen out of flavor, dropping to its lowest market level for well over a year. Initial coin offering projects have virtually sold off most of their Ethereum that they made in their fundraising during the crypto boom at the beginning of the year.
This has flooded the market with ETH which has caused its price to plummet. At the moment Ethereum is trading at about $225 which is more than 80% lower than its peak. This is no surprise though as the entire crypto market is down by a similar amount.
Chinese crypto project Tron offers a similar decentralized application (dApp) platform, but claims to be superior to Ethereum in many ways. Founder Justin Sun recently spoke to Investopedia about these benefits and the future of the project.
When asked about how he would get Tron’s TRX token back into the top 10 crypto-currencies by market capitalization, Sun replied that it would take several steps, one of which will be completed in the fourth quarter, “to combine TRON and BitTorrent and create a unique and outstanding product. We will leverage TRON’s blockchain expertise to enhance the decentralized BitTorrent protocol, which has over 100 million monthly active users.”
The Tron Foundation recently purchased peer-to-peer platform BitTorrent in order to expand its user base. This will be achieved via something called Project Atlas, which is a “marriage between BitTorrent’s decades of expertise in peer-to-peer network technology and its 100 million monthly active users with TRON’s robust blockchain capabilities,” Sun added.
Other steps to bolster the project included raising more awareness, which the team are already pretty good at, more integration with the entertainment and gaming industries and better optimization of the underlying blockchain protocols.
Sun also spoke of “carrying the torch into the future” as a follow on from Satoshi’s vision. This month it will be 10 years since the elusive Nakamoto Satoshi released his white paper on Bitcoin. When asked about superiority to Ethereum, he said: “TRON also has more flexibility in dApp development because we can adopt existing Ethereum smart contracts and have tools to develop our own TRON dApps.”
At the moment Tron’s TRX token is trading more than 20% higher on the week with a market capitalization of $1.7 billion according to crypto analytics website coinmarketcap.com. It is poised to re-enter the top 10, currently sitting at 11th, and TRX is one of the few altcoins which is up on prices this time last year.