Through their official medium page, Tron (TRX) foundation announced to the world that they had successfully burned a total of 49.49 billion ERC20 TRX digital coins on 30th June.
To be more specific on the number of ERC20 destroyed, if you take into account the total burns until today, a total of 92424664154.355837 TRX coins are no more. Anybody living in denial of this fact can visit Etherscan’s website and see the evidence for themselves on their webpage.
Primarily, the coin destruction was done by sending the digital coins to a restricted wallet that nobody had access to and officially removing them from circulation.
After several months of continuous preparation, Tron (TRX) was able to initiate and successfully launch its 25th June Mainnet, thanks to the help the Tron Independent Group (TIG) offered during this time of transition.
The burning of the ERC20 token did not come as a surprise. In a blog post uploaded by Tron Foundation, the crypto world was informed that 1 billion TRX coins got burned during the mainnet launch.
The company managed to do this by locking the digital currencies in 1000 addresses of Tron’s network. Throughout the burning process, Tron operated cautiously keeping in mind the safety of the platform by ensuring those were the ones who in possession of all the digital coins meant for destruction.
92424664154.355837 #TRX ERC20 tokens were burnt by #TRON Foundation. $TRX https://t.co/o37vo9Z3Ej
— Justin Sun (@justinsuntron) July 17, 2018
The coin destruction was seen as part of Tron’s final steps to migrating and detaching itself entirely from the Ethereum blockchain.
Throughout the whole process of coin burn and the new mainnet settling down, the new well-designed platform is still running effortlessly recording no hitches and glitches since its establishment. Currently, the new mainnet has close to 550 nodes all over the globe.
The Tron foundation is still proceeding with the token migration, continually updating the community on the progress being made in the destruction of any further ERC20 tokens. More and more exchanges are completing the movement and resuming TRX deposits and withdrawals.
17 exchanges already resumed #TRX deposit and withdrawal as of July 13 (UTC+8). #TRON $TRX https://t.co/8ATVCrPBPA
— Justin Sun (@justinsuntron) July 13, 2018
Despite declaring the smooth run of the mainnet and the destruction of a shocking number of the ERC20 token, the recent partnership announcements with Pornhub overshadows the later news hands down.
In fact, the cryptocurrency community is still in awe following this news that means Pornhub had agreed to enlist Tron (TRX) as one of its payment option on their adult website.
However lucrative the deal is, Tron is being presented sharp criticism by veteran cryptocurrency enthusiast and blockchain analysts who are not happy with the move saying that anything to do with the adult industry should not be tolerated with the ethos and morals of the blockchain technology.
Other critics are lauding the move seeing this as a step forwards towards mass adoption of their favorite investment coin. This set of critics are of the view that if TRX is accepted in the adult industry, it will open doors for other cryptos in to follow given the fact that the porn industry adopts new technologies faster than any other sector. From their standpoint, this is a good move for the entire cryptocurrency industry.
As a result of this partnership and given Tron’s platform makeup, adult content will also be decentralized on the Tron blockchain encouraging local content creators.
Thanks to its movements (and nice little rally in the crypto market), Tron is trading at $0.03672 with a market cap of about $2.4 billion, a 1.33% growth over the past 24 hours.
Image courtesy of Pixabay.