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TRON (TRX) Launches the Sun Network V1.0 Sidechain Scaling Solution

TRON (TRX) has announced the release of the Sun Network V1.0, which is a sidechain scaling solution officially being introduced by the TRON Foundation.

Sun Network V1.0 to Offer Unlimited Scaling Capability

The Sun Network V1.0 released is expected to enhance and offer unlimited scaling capacity to the platform’s mainnet. This will supposedly ensure dApps are running efficiently with high security while at the same time consuming less energy on TRON. Since the Sun Network V1.0 integrates several scaling projects such as smart contracts, cross-chain communications, dAppChain, and optimized application sidechain, it will offer 100 times scalability solutions to users.

The Sun Network is different from other scaling solutions because of two distinct features. To begin with, it enhances smart contract transactions with the main focus being to improve the TPS of the transactions on the mainnet, and it significantly lowers transaction fees. The other distinct feature is the ability of the sidechain enabling requirements to be personalized, such as transaction rates, setting sidechain incentives, as well as confirmation of speed, among other characteristics.

>> Bitcoin Hash rate Hits 80 Quintillion for the First Time

Scalability Solution Growing in Adoption

The expansion plan for the second layer scalability solution was initially revealed by TRON this spring with a testnet launch of the network done in late May. The company stated at the time that it had plans to unveil an optimization process for enhancing the ability to use the network as well as facilitate the deployment of sidechains by September. Generally, the solution will offer unlimited scalability to the mainnet, which will thus ensure there is an array of possibilities for the dApps as well as the entire ecosystem.

TRON’s CEO and Founder Justin Sun said that since the launch of TVM in October last year, there are over 500 dApps on the network. He says that the total account number on the network is close to 3 million with over 410 million secure transactions taking place since the launch of the mainnet.

Featured image: DepositPhotos © hello.artmagination.com

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TRON

TRON (TRX) to Release Version 1.0 of the Sun Network on August 10

According to TRON (TRX) founder Justin Sun, the company is planning to launch Version 1.0 of the Sun Network on August 10. The founder took to Twitter to make the revelations, indicating the Sun Network was one of the 100X scalability solutions of TRON. The network is expected to be optimized on September 15.

Scalability Solution to Enhance Transfers

The Sun Network is a fast blockchain solution for smart contracts, distributed apps, and cross-chain activity. Justin Sun indicated that the solution will also include the DappChain that will allow developers to use the 1.0 code in creating a sidechain system that enhances the speed of distributed apps.

Equally, it is expected that the chain will use DPoS mechanism, which will ensure there is quick verification of transactions. User security and fluidity of transfer of tokens between chains will be enhanced through the smart contracts on the sidechain and main chain. Also, another amazing feature about the Sun Network is its ability to support costless transactions.

However, despite this positive news, TRX price did not change, and it remained rooted around $0.022, trading even lower against Bitcoin.

>> Facebook Libra Faces Another Setback from Global Regulators

TRON Continues to Perform Poorly

It, therefore, remains to be seen whether the launch of the Sun Network will turn fortunes for TRX. Prior to the announcement, anticipations for the launch failed to enhance interest for the altcoin following the plunge of altcoins in recent Bitcoin surges.

Currently, the TRON Network has been working on the implementation of Tether (USDT) on its platform while providing a special incentive plan for holding onto TRON-based USDT. The incentives are relatively limited because the amount of TRON-based USDT that is held in user wallets is limited.

TRON also felt the effects of the recent Binance IEO, WINk, and it dropped immediately and has since been hovering around 3 Satoshis with very minimal activity. The project has raised skepticism because of its unusually large staking rewards and the possibility of breaking monitoring restrictions.

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TRON

TRON (TRX) Drops After Meeting Between Warren Buffett & Justin Sun Fails

TRON (TRX) has enormous potential, but in the last 24 hours, things have been rough, and the altcoin dropped by over 22%. The drastic drop is a result of the latest developments that involve Justin Sun and the botched lunch with Warren Buffett.

Botched Lunch Meeting Hurting TRON Price

Most of the time, the value of altcoins drops when Bitcoin price is also dropping. Although it is sometimes hard to ascertain why the value of Bitcoin is declining, when it comes to altcoin dips, things tend to be more clear. For instance, the latest decline for TRON is fundamentally a result of the anticipated Warren Buffett-Justin Sun lunch that failed to happen.

Justin Sun was scheduled to have lunch with Warren Buffett with the objective of convincing the skeptical Buffett that crypto is not a scam and the industry deserves to be treated with respect. There was a lot of expectation regarding the meeting, with many expecting it to push the price of TRON higher in the coming days.

Sun Under the Radar of Chinese Authorities

In the end, the fabled meeting didn’t happen, after Sun took to Twitter announcing that he wasn’t able to attend the $4.5 million charity lunch because of health issues, which were cited to be kidney stones. Other reports claim that he was not able to attend because of a wrangle with Chinese authorities where the special committee for internet safety charged him for illegal fundraising, money laundering, gambling, and spreading pornographic material.

>> Cryptocurrency Mining Legalized in Iran by the Economic Commission

With lunch not happening, expectations have been dashed, and the value of TRON has significantly declined. In the past week, the altcoin dropped around 3% but the last 24 hours have been worse, seeing TRX drop up to 20% in value, all of which spells bleak days ahead. The downward trend is expected to continue in the coming days because of the rumors and speculations being spread on the internet regarding the canceled lunch.

At the time of writing, TRON is trading at $0.023362, down 22% in the past 24 hours.

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BitTorrent

BitTorrent Token (BTT) to Power Expedited File Sharing on TRON Network

BitTorrent Token (BTT) has taken a significant hit in recent weeks after hitting peak levels in May. While a crash to new lows against Bitcoin (BTC) is a point of concern, the software company behind the token is already looking into the future.

BitTorrent Speed

The TRON subsidiary has launched BitTorrent Speed, a new crypto powered approach designed to enhance peer-to-peer file sharing. The speedy software seeks to scale up upload and download speeds within the TRON network.

Millions of users stand to enjoy fast and uninterrupted access to files on the network with BitTorrent Speed. Users also stand to be rewarded for any activity carried out on the network with BitTorrent Token.

In a press release, BitTorrent notes that users should expect fast systems that can allow the downloading of tons of megabytes in a split second. In addition to enabling fast downloads, the new software will also help make downloads readily available.

The unveiling of BitTorrent Speed marks an important milestone as part of the BitTorrent and TRON network partnership. The two came together with the ultimate goal of scaling up browsing time on the web. This marks an important step towards creating the largest blockchain-based app to support fast downloads and uploads.

>> Litecoin (LTC) and Bitcoin Cash (BCH) Tumble on Massive Crypto Sell-Off

BTT Token

The unveiling of the new software should help ramp up support for the BTT Token, which is the native cryptocurrency for the network and key to faster downloads.

“Something I have noticed is the $BTT Reddit is filled with discussion about the utilization of the technology from real-world users, not talk on trading. It cannot be denied that this coin has the potential for the most significant mass adoption we have ever seen. #Bittorrent,” said crypto trader Jasper.

While the crypto-coin has come under pressure in recent months, there are plans to distribute the token through a series of airdrops as well as through the BitTorrent ecosystem. Currently, there are about 21% of BitTorrent tokens in circulation in the market.

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TRON

TRON’s CEO Debunks Association with Billion Dollar Ponzi Scheme Scam

While responding to an allegation that Tronfoundation and BitTorrent are involved in a billion-dollar Ponzi-scheme scam that defrauded thousands of investors in China, Justin Sun, TRON’s CEO, says both companies are “fine.” According to the CEO, preparations were being made to launch BitTorrentSpeed on July 8, so people should stop publicizing fake news and pictures.

Justin Sun Says Tronfoundation and BitTorrent are Fine

In a tweet on July 8, 2019, Justin Sun debunked the rumors that began earlier in the day. The CEO claims that Tronfoundation and BitTorrent are fine and plans are currently being made to launch BitTorrentSpeed, an engine that will reward BitTorrent users with BitTorrent (BTT). Sun further outlined that people should stop disseminating fake news and pictures about the blockchain company.

The news, on the other hand, which was circulated by several reputable media outlets, informed that Chinese police raided TRON’s office in Beijing, China. The raid was a result of a Ponzi-like scheme called Wave Field Super Community, defrauding hundreds of thousands of its investors. The scheme began in January this year and ended last week. It is believed that its organizers made away with at least 200 million CNY ($30 million) of investors’ funds.

TRON’s part in all this is that the scam took advantage of the name “Wave Field,” which is usually used to describe the blockchain company in China. As a result of using the same brand name that TRON is known for in China and making claims that the scheme is TRON’s Super Representative, investors were led to believe that it is also owned or supported by TRON.

Sun Refused to Disassociate TRON and BitTorrent from the Scam

Similarly, Justin Sun, who was asked in the past to confirm his company’s relationship with the platform, refused to do so and only spoke up on July 1, 2019, a day after the scam packed up. On the said date, Sun posted on social media platform Weibo warning investors to be wary of Ponzi-like schemes that took advantage of the TRON name. However, he did not outrightly point out Wave Field Super Community as one of them.

There are now claims that TRON’s CEO had refused to publicly disassociate TRON and its other company, BitTorrent, from the scheme because TRX, TRON’s crypto-asset benefitted from it. The company’s cryptocurrency was allegedly purchased and then dumped into the scheme in hopes of making huge returns.

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Single Parent Purportedly Commits Suicide After Loss to Ponzi Scheme

Aside from the loss of funds on the part of investors, it is alleged that a woman named Xia Bing, who was also an investor in the scheme, committed suicide. On July 1, 2019, her photographs and suicide note went viral on messaging website WeChat. The deceased is reportedly a middle-aged single parent who borrowed money from a neighbor to invest in the fraudulent scheme.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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