Gaming cryptocurrency TRON will complete its token migration from the Ethereum blockchain today on its so-called 'Independence Day'. Five days after the launch began, its completion will be celebrated by destroying 1 billion newly-migrated TRX coins worth $42 million.
The migration does not require users to participate as it will be handled by exchanges. Users are currently able to trade TRX but cannot make deposits or withdrawals until June 26. This will be in time for TRON's 'Super Representative (SR) Election'.
The election will choose from a list of 42 candidates, the 27 entities which will take over governance of the TRON network. Voting will be made using the TRON explorer and voters will have to stake their tokens during the election process. SR's will receive block rewards of 32 TRX ($1.34) per block.
The roadmap for TRON includes achieving a network capacity of 10,000 transactions per second (TPS), reducing transaction fees to zero and launching the Great Voyage 1.0 update in Q4 which will enable 'communication across different blockchains.'
Even though his platform was based on the Ethereum network at the time, founder Justin Sun took aim at the network, claiming TRON was better in seven ways. Claims included Ethereum having high transaction fees, no coin burns, and a 'small number of users' even though it is currently the third ranked coin by daily volume, 14 times as much as TRON. Ethereum founder Vitalik Buterin responded with a dig at claims the TRON whitepaper copied elements from other cryptocurrency whitepapers.
In response to other claims of the same nature, Justin Sun said: "We do apology for the quality of different versions of the whitepapers. Also, our current code development is not as same as we planned in the whitepaper so please check our @github and feedback is welcome!"
Sun recently acquired peer-to-peer file sharing service BitTorrent after a first attempt earlier this year. Following the confirmed deal, BitTorrent issued a statement that said they have no plans to change their business model or enable cryptocurrency mining.
In January, Sun signed a letter of intent to acquire the company but BitTorrent reportedly continued negotiations with other companies. Sun filed a temporary restraining order but dropped this in recent months. After evidence made it look like the two companies have made a deal, it was confirmed that they had merged although there has still not been an official announcement.