Ethereum competitor TRON makes great progress

  • The TRON community has agreed to increase the Block Stacking Reward.
  • The BitTorrent network records 3,000 nodes and is growing steadily.
  • TRON intends to launch a new product on the market by the end of the year, which will be used primarily in the decentralised financial market.

The TRON Foundation announced yesterday that proposal number 27 to increase block awards on the platform has been approved. The proposal will increase SR block rewards to 16 TRX and blockstaking rewards for the first 127 SRs and partners to 160 TRX. This represents a ten-fold increase for the staking reward.

This step will make the TRON network safer and more attractive for new entrants to actively participate in the further development of the network. The foundation elaborates further:

The NO. 27 Proposal and the approved NO. 22 Proposal are milestones for TRON in its implementation of the new incentive mechanism. […] This marks an age of Staking for everyone on the TRON network where greater user engagement in a prosperous TRON ecosystem will definitely engage more people in Staking and sharing staking rewards as never before, making the network even safer and more efficient.

BitTorrent network grows to 3,000 nodes

Last year, Justin Sun acquired BitTorrent for more than $140 million. Since the acquisition, the BitTorrent network and protocol have continued to evolve. The BitTorrent protocol once handled more than 40% of the world’s traffic, making it one of the largest networks in the world.

In a new tweet, Justin Sun announced that the BitTorrent network now has 3,000 active nodes connected to the network. Most of the existing nodes come from Europe, America and Asia. The map of Sun gives a good overview:

However, some users of the community note that nodes must actively participate in consensus building, otherwise they do not add value and do not contribute to greater decentralisation. The map shows how many nodes are connected to the network and not which ones are actively participating.

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New financial product to come by the end of the year

Justin Sun could not help but cause another big stir with an upcoming surprise. He announced that a product for the decentralized financial market will be launched this year. This market has great potential, and Ripple is also driving the adoption of XRP by investing in Vega protocol to step into this market.

Decentralised financing is not a new invention, but has existed for some time. Open source protocols and modular frameworks are used to make the following possible:

  • Keeping the financial market free from manipulation and censorship
  • Everyone should have easy and direct access to this market
  • Complete transparency and cost overview without hidden traps

Ethereum developer Ryan Sean Adams called the system “Money Lego” because it is highly complex and consists of many different building blocks. Unfortunately, more details are missing, so it will be necessary to wait and see what kind of product Sun is currently developing or will be introducing by the end of the year.

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The price of TRX continues to move sideways within the last 24 hours to a price of 0.0201 USD.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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