The crypto market has been decidedly bullish lately with the entire market gaining $16 billion dollars in just one day over the last 24 hours. Tronix, the native currency of the Tron Blockchain, has itself outperformed Bitcoin over those 24 hours and this is in no small part due to Justin Sun’s cryptic tweet that he had “something big” to announce regarding BitTorrent (BTT) and Tron (TRX) on the first of June.
— Justin Sun (@justinsuntron) May 26, 2019
The buzz created around this announcement is due to the specific mention of BTT which has fired up the community due to the lack of news that has been forthcoming regarding the BitTorrent announcement back in the middle of last year.
BitTorrent is the pathway for Tron’s success
Many speculate that Justin Sun and the Tron Foundation has finally managed to integrate BTT into the Tron Foundation properly and have finally found the partnerships that were promised when the takeover occurred. The BitTorrent acquisition is what truly put Tron on the map as far as general awareness is concerned. While the Tron blockchain has been outcompeting Ethereum when it comes to dapps in recent times, it still lags significantly behind Ripple – but the BitTorrent acquisition changed all that.
IT opened up a whole new world of possibilities for the cheap, smart-contract focused blockchain and has the potential to skyrocket the number of transactions on the network by a factor of a thousand, at the very least. Dappradar’s statistics show that there were around 120 thousand daily active dapp users last month. If Tron manages to get even a fraction of the BitTorrent userbase on its network that figure could easily shoot into the millions.
So the pre-announcement, the hype and the speculation surrounding this latest tweet are all well justified for anyone who wants the dapp market to grow and to see blockchain thrive as an integral part of what is being called the Web3.0 revolution.
Tron still having teething problems
However, not all news was good on the Tron front in the recent past as the Chief Technology Officer, Lucien Chen, of the foundation left the project, accusing Sun of edging Tron ever closer to centralization. The foundation came under heavy fire when the CTO left particularly with the extremely controversial Medium.com post that he wrote regarding his decision. The post has since been removed, but the damage done to Tron still lingers.
Justin Sun hit out at his former employee, debunking his worries that he held too much power and that the network was moving too far into the centralized territory. He cited the network and the overall market being too far from mass commercial applications to simply let everything out into the wild, particularly with the cryptocurrency market being as volatile as it is.
Many industry observers feel that the commercial aspect of Tron will soon find itself in the forefront if BitTorrent is introduced in a big way. This is what Sun’s tweet promised and if he can deliver, holders of the coin are going to be very happy.