The move to their own mainnet, also called Odyssey 2.0 is part of a planned movement away from the Ethereum blockchain, which currently supports the cryptocurrency’s network. The press release states that the mainnet’s beta test period will span most of June. The launch of the network’s Genesis block is scheduled for June 25th, dubbed ‘Independence Day’ by the TRON foundation.
The migration of tokens will take place June 21st to June 24th, at which time investors can exchange their ERC-20 standard tokens at crypto exchanges for an equivalent number of TRX on the new blockchain platform.
This move to an independent network will prove to be a test of TRON’s claim as a competitor to Ethereum in providing a basic-layer public blockchain platform that supports decentralized application (dApp) development. TRON’s new mainnet is Java-based and uses a Proof-of-Stake (PoS) consensus algorithm.
The developers of TRON’s new platform claim that their tests show the network is up to 400 times faster than Ethereum’s.
Towards this end, The TRON Foundation stressed the shedding of its ECR-20 identity and has placed a greater emphasis on achieving scalability and decentralization in its press release. They have even scheduled what they termed a ‘Super Representative Election’ for June 26, during which all TRON community members will vote on policies to govern the new network.
The market has not responded positively so far to these new developments, with TRX trading down 0.3 percent as of press time and down about 14 percent from last week.
TRON has nevertheless been able to garner a market cap of almost $4 billion, which provoked criticism from Vitalik Buterin, Ethereum co-founder. Buterin called TRX’s pricing as a good example of an overvaluation that was too far ahead of the cryptocurrency’s accomplishments.