Author: Isabelle Yeo
Tron, currently the 10th most valuable cryptocurrency in the world according to CoinMarketCap data, has commenced its token migration process.
Created by Justin Sun, Tron aims to build infrastructure for a decentralized internet. The project started on the Ethereum blockchain but launched its own blockchain in May, posing itself as a competitor to Ethereum.
The token migration marks the completion of its departure from Ethereum and the activation of its mainnet.
Tron has criticised Ethereum’s deficiencies previously.
According to a post on Medium, published in May, Tron said, “Network issues have been 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.”
For token holders, the swap merely means that the ERC-20 TRX tokens Tron distributed during its development phase will be switched out for native TRON-20 TRX tokens.
According to Tron, the completion of the token migration on June 25 will mark the point at which the Tron mainnet will become fully independent from Ethereum.
Following Tron’s independence, users will be able to resume deposits and withdrawals on June 26 in time for Tron’s super-representative election.
Similar to EOS’ block producer election, this process requires users to stake or “freeze” their TRON20 TRX tokens to vote for block validators to operate in Tron’s delegated proof-of-stake (DPoS) consensus system.
Upon the completion of the election, the Tron blockchain will be fully activated.