Bloomberg takes a look at Tron and the man behind the world's 9th largest coin

18 Jan, 2019 | Updated: 18 Jan, 2019
by Richard Allen
News
Bloomberg takes a look at Tron and the man behind the world's 9th largest coin

While the market is still undoubtedly bearish, Bloomberg reports that Tron has almost doubled in value in the last month alone.

"A lot of people wrote off Tron as all hype/marketing and no substance, but they made a lot of noise with the BitTorrent acquisition, and now I think it’s an open question of whether they will be one of crypto’s most high profile ‘fake it til you make it’ success stories. It’s been wild to watch," Ryan Selkis, chief executive at researcher Messari Inc., said in an email.

Sun revealed his ambitions during a phone interview, stating, “We want to become the most famous brand in the world. The first cryptocurrency they will think of is Tron." Just as Bitcoin’s smallest units are called Satoshi, Tron’s smallest units are called Sun.

Despite being built using much of Ethereum’s code, Tron claims that it has a faster transaction time due to the different mechanisms it uses for verifying transactions. Tron uses 27 super representatives to produce blocks that are then voted for by the account holders. Ethereum, on the other hand, verifies transactions using miners, though it’s moving to a similar proof-of-stake system.

"Converting to PoS is a huge effort," Sun said. "It’s like moving a building a block away. It might be easier to tear down the building and rebuild it. It doesn’t work that way. For Ethereum, it may cost them a year or two to migrate, and that seems optimistic.”

Read more: Justin Sun confirms BTT will launch January 28 on Binance Launchpad

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Read more about: Justin Sun TRON (TRX)

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