Tron (TRX), the world’s tenth-largest cryptocurrency (by market capitalization), has begun its transition from the Ethereum network to its own blockchain. The mainnet, called Odyssey 2.0, was officially launched on May 31 at 00:00 UTC.
Tron will finish its transition on June 25 - a date that developers have dubbed “Independence Day”. Until then, Odyssey 2.0 will remain in beta, allowing for the configuration of wallets and browsers. Token migration is set to occur from June 21 to June 24, when Tron holders will have to transfer their ERC-20 tokens to the new mainnet and receive an equivalent amount of TRX.
Investors predict that Tron will become an “Ethereum killer” (ETH/USD) once it will finally migrates to the new platform.
“The independence of our protocol is a crucial step in ushering in the next phase of the internet through democratization and decentralization,” said Tron founder Justin Sun.
“Our team maintains a high standard of excellence as we head towards becoming a mainstream public blockchain. The move of the TRON Protocol to MainNet makes it easier for developers to break away from Ethereum and opens up new doors towards better scaling, commercialization and express lanes needed for global dApp development,” Sun added.
TRON is not alone in its desire for independence - EOS, the fifth-largest cryptocurrency by market capitalization, also plans to leave Ethereum for its own blockchain. As previously reported, following a prolonged ICO, EOS’ mainnet is finally ready to go live.
Optimism surrounding TRON’s mainnet launch did not do much for the TRX market price. Following the announcement, the token showed an insignificant rise followed by a price drop. TRX is currently trading at around $0.06.
By Nadya Astam