The TRON Foundation, a not-for-profit organization overseeing the affairs and adoption of cryptocurrency asset TRX, is going to be unlocking its 33 billion TRX, around $442 million, come 1st of January, 2020.
The foundation, headed by Chinese entrepreneur Justin Sun, locked the fund a few months after it left the Ethereum blockchain for its Mainnet.
Every June 25 is TRON’s Independence Day, and it is geared towards commemorating the day TRON moved out of Ethereum ecosystem to launch the TRON mainnet and generated the maiden genesis block.
TRON Foundation Burns 50 million USD, First in History
Few days before the 2018 Independence Day, the TRON Foundation said it would be commemorating the day with a token burn of 1,000,000,000 TRX. The digital assets burnt was worth 50 million USD at that time.
The amount burnt, according to Justin Sun was “the most amount of money destroyed in human history”.
33 Billion TRX Token to Be Unlocked on 1st January 2020
The total supply of TRX at the beginning of mainnet launch was reduced to 99,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON Foundation was locked at that time.
The foundation made known that it would unlock the amount come January 1th, 2020, which is less than a week to this time.
The action was done purposely to make sure there’s “transparency and fairness of the TRON Protocol”.
Going by the information available on TRON Scan, the locked funds, which were placed in several address to reduce the risk of attacks, are still intact.
As confirmed by NewsLogical, the foundation’s 33,251,807,424 TRX, which was formerly 34,251,807,524 TRX, but reduced due to the Mainnet token burn, were locked in 1000 addresses of TRON Mainnet.
For proper fairness, TRON Foundation made the account addresses accessible to every Tom, Dick, and Harry.
Tron Blockchain Since June 25 2018 Independence
June 25, 2018 is always a day to remember in the Tronix community, it was the day Tron blockchain network emigrated from the Ethereum’s ERC20 ecosystem and became independent.
Tron claims Ethereum ecosystem was hindering its progress due to its low proficiency, hence migration was necessary. At the launch event of the mainnet, Founder Justin Sun said the independence will let Tron realize its vision of a truly decentralized Internet, adding that, in the next few months, Tron would be a better blockchain compared to Ethereum.
No doubt, Tron has been quite up and doing in the blockchain industry. Beyond expectation, Tron has been able to achieve a score of tremendous figures.
By May 2019, Tron had achieved what Bitcoin achieved in 10 years. Within 319 days, Tron surpassed Bitcoin’s transaction in 10 years.
With increasingly growing performance in the Dapp industry, Tron is now pacing closer to Ethereum.
To make the decentralization focused network more scintillating, Tron made several acquisitions like BitTorrent and Blockchain app store Coinplay among other partnerships and investment deals in the industry.
Tron recently joined the likes of Ethereum and Bitcoin on Samsung blockchain wallet and also got onboarded on the Opera mobile browser with over 300 million user-base.