Tron has made a lot of progress over the years and had even gained a spot on the list of top 10 cryptocurrencies. The foundation is dedicated to creating a decentralized internet and free content entertainment system by utilizing the blockchain technology.
The company started 2020 by unlocking 33 billion TRX that were locked in 1,000 addresses inside the Tron MainNet.
After Tron burned 1,000,000,000 TRX token ($50 million at that time) back in 2018 in celebration of its migration from the Ethereum blockchain to its mainnet, there was 65.75 Billion TRX in supply. The remaining 33.25 Billion that was still held by the Tron Foundation was locked up until January 1st, 2020.
The move was made as a security measure for the network. If at any point in time the network was compromised, the foundation could use these funds to stabilize the network and maintain investor confidence.
No Dump incoming
As Tron unlocked the tokens on New Year’s Eve, the community was having mixed feelings about what happens after Tron unlocks the 33 billion TRX on New Year’s Eve.
Addressing the concerns of the Tron community and investors, CEO Justin Sun went live on the newly bought DLive platform. Sun mentioned that the foundation plans on keeping their 33 billion TRX for now, rather than dumping it. Considering the condition of the crypto market and TRX trading at $0.01 at press time, if the company dumped the coins, it would have flooded the market and drop the price of the token further down.
Similar moves were made by Ripple when it locked 55 billion XRP in an escrow wallet. The price of XRP had skyrocketed right after that, but over time the company started dumping the coins and it has tumbled down almost 93% from 2017 highs.
Sun also surprised community members as he mentioned a future buyback program for TRX. This move is aimed at reducing the total supply of TRX in circulation, thus making the asset more valuable. According to Sun, the foundation thinks TRX is “underrated.” In theory, this should boost the price of the token.
Towards Decentralized Content sharing
Earlier this week, Tron’s subsidiary Bittorent, announced the migration of the blockchain-based content sharing platform Dlive into the Bittorent eco-system. Both parties together would be responsible for providing peer-to-peer live streaming services for users all across the globe.
About the latest accusation Sun said:
“We want to make DLive a number one decentralized live streaming platform.”
This move could have been triggered by the recent censorship saga by Youtube where it went on to remove hundreds of cryptocurrency-related videos starting December 23.
The video streaming platform, removed several cryptocurrency-related contents while giving warnings and “strikes” which prevented content creators from producing new content.
Sun further stated that the Tron foundation aims at getting crypto influencers to upload their content on the decentralized platform. He said:
“I want to make DLive a number one platform for all crypto influencers. We welcome everybody and we won’t delete anybody’s files or content.”