Tron, the world’s 10th-ranked crypto coin has initiated its token migration on Thursday, June 21st.
The project, built by Justin Sun, a former Ripple Labs’ Chief Representative, started on the ethereum blockchain. Its purpose was to develop an architecture to host dApps — decentralized applications.
Back in May, the Tron’s own blockchain was launched, and the token migration completed its severance from ethereum. While Sun intended Tron to run on ethereum, “network issues” caused him to decide to veer the project away from the host protocol, becoming its former host’s competitor.
In a published letter, Sun wrote that he saw the separation as the only way for the industry to really take off, and leaving ethereum was inescapable to advance further with blockchain. Tron urges users to follow its blog and social media channels for the project’s progress.
Tron token holders are advised that balances in their ethereum wallets will be switched over to its Tron equivalent. The transfer will be handled by the exchanges.
The project announced that trading will be suspended for the next three days from migration, June 22 to June 25, giving the exchanges time to make sure the balances are correctly forwarded.
The Tron project is branding June 25 the “Independence Day”, the day before all types of platform transactions will resume, completely autonomous from the ethereum blockchain.