Crypto News & ICO Reviews
There are very exciting times for the TRON community. With the token migration almost on the horizon, some important information needs to be highlighted. This switch from an ERC20-based token to the official mainnet TRX is expected to complete without any major issues. Even so, TRON holders need to take some basic guidelines into consideration at all times.
The Upcoming TRX Token Swap
Similar to how EOS fared in the past month, TRON is preparing to launch its mainnet shortly. Even though EOS ran into a fair few issues, it seems the TRX migration will be a bit smoother in this regard. As such, the first order of business is to convert all ERC20 tokens to the TRON20 standard. Any tokens not exchanges will become completely unusable and have no further value.
Whenever such an important change is happening, the tokens need to be converted through participating exchanges. Anyone who holds the ERC20 token will receive the same amount of TRON20 tokens. There will be no reduction of the available token supply, although it remains to be seen if everyone converts their tokens accordingly. As has happened with EOS, a minor fraction of tokens was not swapped in time, causing some minor issues.
The positive news is how swapping these tokens will not be much of a problem. According to a Medium post, several dozen exchanges will support the TRX token migration. This swap is expected to take place on June 24th, which means time is of the essence. Different platforms will maintain their own “cut off” data for swapping the tokens. Getting this process out of the way as soon as possible is always the best course of action.
The Future of TRON
Once users convert to the new token, their old tokens are no longer ERC20 compatible. As such, anyone relying on services such as MyEtherWallet to store TRX tokens will have to look for alternative solutions. Sending the new tokens to an ERC20 wallet may result in a loss of funds and needs to be avoided at all costs.
Several TRON20 compatible wallet solutions will be coming to market in the coming months. For the time being, the official TRON wallet is the best option to avoid any issues. It is a big milestone for this project, which has been hyped up quite a bit recently. Building a decentralized internet is still a tall order, but nothing is impossible in the cryptocurrency world.
It is evident a lot of things will change for TRON moving forward. Unshackling itself from the Ethereum network is an interesting choice. Building a new blockchain which doesn’t run into major issues is no easy feat as we have seen with the EOS fiasco. Even so, the project and its founder Justin Sun seem convinced the project is ready to stand on its own. Only time will tell if that is the right call.
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