A majority of cryptocurrencies are still struggling to rise after the bear market, but one particular altcoin seems to be doing quite well. Barely a fortnight after the altcoin reached 500, 000 daily transactions, Justin Sun, the CEO and founder of Tron announced that the daily average is now at the 1 million mark.
Sun made the announcement via a Tweet on November 4. This increase means that the Tron network is currently twice as busy as the Ethereum network. In the last couple of days, Tron rose to 900,000.
Misha Lederman, a dedicated Tron follower, initially emphasized this recent increase. His tweet stated that TRX daily transactions beat the combined daily transaction volume of three top cryptocurrencies namely Bitcoin, Ethereum, and Monero.
However, the rise is not a result of changes in the altcoin’s trading volume. Experts believe this recent development is due to the currency’s decentralized applications that are gaining interest among Tron community members. Within a month of their launch, TronDice and TRONbet amassed payouts exceeding 200 million TRX. Currently, the currency’s value is at $1.54 billion regarding market capitalization.
The process so far
Since its announcement in May 2017, Tron is a project that is aiming to decentralize the Internet. In its Initial Coin Offering, the company managed to raise $70 million in September 2017. The success of the platform is mainly due to its ability to handle large volumes of transactions.
In fact, the platform claims to process 2000 transactions per second. Currently, their platform is faster than most blockchain platforms in the market. For instance, Bitcoin can only handle five to ten transactions per second. In addition, the platform allows developers to create smart contracts.
Tron completes its seventh coinburn event
This news comes days after the Tron Foundation announced the completion of its seventh coinburn event. According to Justin Sun, the company successfully burned $800 million worth of TRX tokens. The TRX tokens will actively start trading once the tokens on the Ethereum blockchain burn out.
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