Tron Announces Its $20 Million TRX Buy-Back Program

2019-6-25 12:07

Coinspeaker
Tron Announces Its $20 Million TRX Buy-Back Program

June 25 is a significant day for the Tron community: on this day last year, Tron separated itself from Ethereum blockchain, launched the Tron mainnet and generated its first genesis block. To celebrate the event, Tron has come up with some initiatives, which Tron CEO Justin Sun spoke about during a live stream with the Tron community.

Exactly one year ago, #TRON celebrated its independence day. On June 25, 2018, TRON moved off #Ethereum as an #ERC20 token, launched the TRON mainnet and generated the first genesis block. I am as deeply moved today as I was a year ago. #TRX $TRX https://t.co/KVgmOjhkYQ pic.twitter.com/pimNwPBMbR

— Justin Sun (@justinsuntron) June 25, 2019

One of the most important announcements made by Justin Sun was the Tron buy-back program aimed to promote community activity and market stability:

We will conduct by far the largest #TRX buy-back plan with the widest coverage in the secondary market, which will last for a year and will be conducted in several batches with no more than $20 million. #TRON $TRX https://t.co/AIZLM68feX

— Justin Sun (@justinsuntron) June 25, 2019

According to Tron Foundation, the program will have the widest coverage in the secondary market. It will last for a year and will include buying back TRX from the secondary markets in batches with no less than $20 million.

Further, Sun spoke about the TRX holding plan by TRON Foundation. The TRX holding will be unlocked on January 1, 2020. At this point, the Tron Foundation has no specific plans for this unlocked amount of TRX. The announcement states:

“The Foundation will continue to increase our TRX holding in the secondary market to manifest our confidence in the development of the TRON ecosystem.”

Tron Independence Day coincides with TRX getting back to its position among the top ten coins by market cap, which was predicted by Justin Sun earlier this year.

Tron’s Achievements Within a Year

Initially, Tron was built on Ethereum, but last year, Tron separated from this network. The token migration from ERC20 to mainnet was completed on June 25.

The migration was necessary for several reasons. First, Ethereum has low TPS, which bottlenecks many dApps from running on the network. As for Tron, it uses a DPOS consensus mechanism, which is more than ten times faster than Ethereum’s.

Second, Ethereum has high gas fees, while Tron doesn’t charge any. Finally, Ethereum uses PoW which makes it difficult for the average user to participate at a low cost. That is why their community is not fully democratic. Tron’sTPoS consensus mechanism gives every token holder the right to vote, and the community can take part in a democratic election and vote for Super Representatives.

Within this year off Ethereum, Tron has made some achievements that are important for the entire crypto space.

In 1 year TRON has:
– Implemented SR voting & governance
– Acquired @BitTorrent
– Launched $BTT
– Partnered w/ @Opera, @Binance & more
– 2 stablecoins live
– Hit 3M accounts
– Given $9M to charity
– 490 DApps, $100M 24H vol & 300,000+ weekly users

Happy #TRON Independence Day! https://t.co/NBwPaIOf2P

— Misha Lederman (@mishalederman) June 24, 2019

In June last year, Tron acquired a software company BitTorrent for $140 million. At that time, nobody knew what were Tron’s exact plans for the future of BitTorrent’s technology. In October, Tron announced its Project Atlas, a new code name for the TRON’s incentive to connect the peer-to-peer network of BitTorrent with its own blockchain.

In early 2019, Tron launched a new BitTorrent Token (BTT) and two stablecoins – Tether (USDT) and TRXD, backed by USD by Carbon.

Further, Tron launched its sidechain scalability solution ‘The Sun Network’, expected to increase the capacity of Tron’s DApps.

Moreover, Tron’s network exceeded 3 million individual accounts, which demonstrates the increasing interest not only in Tron but in the cryptocurrency and its ecosystem in general.

Tron Announces Its $20 Million TRX Buy-Back Program

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