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The new network by Tron Foundation plans to support DApps building and make 100x blockchain scalable solutions. However, the primary focus is on faster confirmation time as well as fees-less transactions.
On Sunday, the founder and the CEO of Tron Foundation, Justin Sun, announced to his 1.5 million followers on Twitter concerning developments in the Tron ecosystem. Furthermore, he requested the community to support him think of an original name for privacy solution of Tron. This tweet was planned to garner interest and curiosity, as the following day, he revealed development in the Sun Network.
#Sunnetwork, privacy solution, #BFTS and #BitTorrentSpeed have made amazing progress! Will update very soon. BTW, help me on the name of our privacy solution 😆
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 3, 2019
The CEO later revealed the launch of Sun Network’s Version 1.0, booked for August 10. The founder’s tweet stipulated that the new version would be inaugurated as one of scalability solution for Tron, and the 1.0 code could additionally be utilized by DApp developers to design their side chain.
#SUNNetwork will release version 1.0 on August 10th as one of #TRON’s 100X scalability solutions. The V1.0 will allow Dapp developers to use 1.0 code to build their side chain and TRON to build a Dapp chain. BUIDL! Slowly but surely! $TRX Check: https://t.co/2Xgmsf4R25
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 5, 2019
Scalability for the Tron Blockchain
Recently, the foundation made public it’s latest move – the Sun Network and initiated its testnet in June to leapfrog its DApp game. The Sun Network is an addition to the primary network of Tron meant to increase the transaction capacity as well as the scalability of the platform.
“Sun Network is also designed to provide unlimited capacity for TRON main network to support the growing number of transactions.”
Justin Sun also indicated in his tweet that Tron would construct DAppChain, which is a “customizable side chain expansion project related to Tron smart contracts.” The integration of DAppChain allows Dapps to operate by utilizing low power with high efficiency and security.
“With different parameters, DAppChain smart contract transaction can increase the maximum execution time of the transaction by 10 times or more from 50ms, thus supporting complex, intelligent contract transactions,” the prospectus explained.”
It’s assumed that the latest projects might have impacted the price of the cryptos as the 24-hour price fluctuation portrayed a flow of 4.17% at press time. TRX is worth $0.0225 with a market capitalization of approximately $1.50 billion. The trading volume of TRX for the last 24-hours was roughly $422.47 million, and a number of it generated from the exchange, IDCAM through trading pair BTC/TRX.
Earlier this year, ex-CTO and co-founder of Tron insisted that the project is hugely centralized and several nodes operate over 90% of the votes on TRON with countable voters.
Tron’s founder, Sun, was recently charged with unlawful fundraising using his cryptocurrency project and participation in issuing illegitimate gambling services in China. He, however, dismissed all accusation against him ignited by the Chinese media house.