Altcoins May 31, 2018 Daily Hodl Staff

Tron Founder Justin Sun: ‘Developing on Ethereum Made the Shortcomings of the Platform Very Clear’

The team at Tron is looking forward to its “Independence Day” on June 25th, when the platform’s token migration is complete and TRX is no longer an ERC20 token.

In a new blog post on Medium, Tron founder Justin Sun thanks Ethereum for setting the foundation for Tron’s development. At the same time, Sun isn’t shy about his ambitions to ensure Tron outperforms the world’s second largest cryptocurrency.

“Ethereum helped TRON take that first step. At the same time, developing on Ethereum made the shortcomings of the platform very clear.

Network issues have been a longstanding, rendering Ethereum incapable of supporting the newest generation of dApps. Ethereum is unable to effectively resolve community governance issues, limited by an authoritarian system dominated by the foundation and developer team. Ethereum users cannot leverage their tokens to vote and have a voice within the community. Ethereum’s archaic gas burn mechanism and high gas fees pose a significant obstacle for dApp developers, leaving them out in the cold.”

Sun points to transaction speed and cost as two of the main reasons why he believes Tron will surpass Ethereum.

“Compared to Ethereum, Odyssey 2.0’s TPS is on a whole other level, ensuring that protocol governance is democratic and decentralized. Providing a high TPS tackles performance issues at their source — issues that have long plagued the industry. It taps into the disruptive power of blockchain technology and lays a solid foundation for large-scale dApps in Q3.

With TRON, every user can initiate 25 transfers a day for free. Creating a new account requires coin burn of only 0.1TRX, and transfers cost 0.001TRX. If you lock in a set amount of TRX in your account, both account creation and transfers are free!”

Tron is promising its network will be capable of processing 10,000 transactions per second. This week, Tron also launched a virtual machine designed to make it easy for Ethereum developers to create on the Tron blockchain.