The cryptocurrency market is back in the red, losing over 10% of its market capitalization over the course of 7 days. Still, not everybody is doing worse than expected. EOS and TRON have an announcement to make, which some believe is a good thing. Soon enough EOS and TRON, both in the top 10 by the market capitalization, will no longer be utilizing the ERC20, instead moving their public ledger to the brand-new MainNet blockchain.
Still, the opinions on the subject are divided. Certain members of the crypto community believe it is a good thing for EOS, TRON and the industry as a whole, as it is time to move forward. The others say the idea is potentially harmful and will negative affect the price of the above-mentioned coins.
Justin Sun, the man behind TRON and a protégé of Jack Ma himself, says there is nothing to be afraid of and that all fears are superficial:
“The TRON Foundation decides that TRX only supports migration to exchanges for the sake of the safety of users’ assets and hopes that this allows ordinary users to avoid the risk of losing assets just for missing the snapshot time in the mapping snapshot mode.”
In the foreseeable future the MainNet is expected to support third-party applications, including smart contract and P2P network functionality. Later this year the development team is planning to work on cross-blockchain communication capabilities and privacy-related issues.
EOS is now the fifth largest cryptocurrency, traded at around $14.36 per coin. It has lost 20% of its value in the last 7 days but has recently demonstrated positive dynamics. The same goes for TRON (currently the world’s tenth biggest crypto by the market cap), that depreciated over 9% since 7 May 2018 but has surged 2.9% in just 1 hour.
The migration of EOS is scheduled for June 2. TRON will move on to a new blockchain on June 21. Major price swings are expected before and after the migration. Watch out for trading opportunities or move their saving in case they are not ready to take any additional risk.
Should the MainNet turn out to be a success, both cryptocurrencies can be expected to appreciate, creating long-term investment opportunities. However, for an ambitious project like that, there is always a chance of failure. Should the latter happen, the exchange rate of EOS and TRON will most certainly go down. Technical vulnerabilities, privacy protection and overall performance of a newly created blockchain will be of great importance.
