China is the leader in today’s cryptonews, showing that the country has recently adopted a pro-blockchain stance. Following news that the county will bring in a so-called “crypto law” in January next year, the Tron price today is up by 25% and TRX is trading at $0.02.
In a sign of what was described as China’s abrupt official initiative on blockchain, many officials said that they are deleting posts that claim the technology is a scam. The Twitter-based crypto news resource cnLedger reported this on October 28.
3/ Articles saying blockchain technology is a scam are now BANNED.
Who still remember the days when posts promoting blockchain getting deleted real fast? pic.twitter.com/W5iRJ3PDYS— cnLedger (@cnLedger) October 28, 2019
It seems like the Tron price today is up by a lot, and all as a result of China embracing blockchain and cryptocurrency.
For those of you who did not follow our regulation news, we could see that Chinese officials along with the president Xi Jinping caused a stir late last week after giving a speech condoning blockchain. China, according to Jinping, would become the world’s foremost proponent of the technology and would seek to implement it throughout the economy.
According to cnLedger, the major social media platforms are already censoring anti-blockchain sentiment. “Articles saying blockchain technology is a scam are now BANNED,” it stated.
The blockchain platform Tron, formerly under intense scrutiny from Beijing, has benefited form the past week’s developments. The Tron price today is at a new weekly record after gaining almost 25%. The CEO of Tron Justin Sun announced a major and unknown partnership with what he called a “mega corporation” on the same day as Xi’s speech – something which additionally influenced the price of Tron.
In a further development, the cnLedger article shows that Xuexi Qiangguo, the country’s most downloaded app on the Apple App Store, will feature educational content on Bitcoin (BTC) and Ether (ETH). This is what the Tron news today also picked up, leading to a fresh increase on TRX’s price.
Even though the exact nature of the content remains unclear, it forms part of a recommended course that is “focused entirely on blockchain.” The Tron price today is a result of all of these positive news – showing that blockchain and crypto are now in the focus.
Meanwhile, the official coin market capitalization shows that $250 billion are now fluctuating in cryptocurrency. The 24 hour volume has hit a new record at $126 billion, showing that the interest for Bitcoin and other altcoins is at its highest this month.
Steemit Migrates To Tron’s Blockchain After New Partnership
‘’TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.’’Steem’s main blogging app and the Steem token will move to the TRON blockchain in the future and all of the dapps will be able to move to TRON as well. However, it is not clear whether this migration will be voluntary or whether the Steem blockchain will continue to exist in the current form. The news also marks a huge shift in the image of the platform since Steemit was created by Dan Larimer who is the creator of EOS. EOS and Steemit were never related but they were kind of related in public perception which is that it could change if TRON manages to reshape Steem’s image. Steem has a lot to offer and it is best known for its crypto-incentivized blogging app and it supports several other popular dapps as well. The most notable Dapp includes the YouTube-like video sharing platform Dtube, the similar Instagram-like photo-sharing app APPICS and the Steem Monsters trading game. Assuming that the dapp of Steemit migrates to TRON, the partnership will add more than 100 Dapps to the current list of TRON of 700 dapps. It will also add 1 million users to the TRON network with more than 20 million current users and each platform’s daily active user count is lower in practice. TRON also aims to take an active role in the adoption and it will carry out a Steem token giveaway to gain more users and will offer a speedup program to encourage Dapp development. TRON has built its brand by acquiring other high-profile projects, and it acquired BitTorrent in 2018 which led to the creation of the BitTorrent token and a few other projects. The TRON creator Justin Sun was a part of the investors' group that purchased a stake in Poloniex in 2019. Poloniex listed TRON on its exchange and it acquired one of TRON’s own exchanges. TRON’s Steemit acquisition has been underway for a period of time, and the community started to speculate about this possibility in December when Sun hinted a new acquisition.
Tron Doesn’t Have Its Own DeFi Apps, Is It Really The ETH Killer?
TRON Grows On Gambling Dapps And Ethereum On Gaming
"While [Ethereum and Tron] are increasing in 2020 January in comparison to 2019 January, EOS is facing a decrease in daily active users by 61%.’’According to their reports that we now have in our tron news, the firm looked into these blockchains, outlining that the performances of these blockchains can give a clue on the dapp ecosystem's direction and what can be expected this year. While Ethereum did see its bigger growth, TRON grows in its daily active user category. The Justin Sun network was stuck with gambling and high risks dapps and is failing to expand outside this field while EOS is getting dragged down by the network congestion because of the launch of the EIDOS token which was ‘’ a mischevious experiment gone wrong, at worst an aggressive DDOS attack.’’ The daily active unique wallets for TRON increased by more than 33 percent compared to last year and the user base increased by 8 percent only in January, reaching more than 20,000 users. However, the steady increase in active wallets is seen in only one category. TRON has more than 2,600 daily active unique wallets which were followed by RocketGame and WINk. The numbers were dropping in some other categories such as the Games and Marketplaces but also Exchanges:
"Tron as a maturing dapp ecosystem is still failing to expand outside of gambling and high-risk dapps.’’The daily active unique wallets increased by 82 percent between 2019 and 2020 and the number was going from 9,264 to a 30-day trailing average of about 17,000 users on Ethereum. The number of users in the games and marketplaces category, increased by 162 percent since the start of 2019 while My Crypto Heroes is the most popular game. There are other new games that benefit from the large community such as Brave Frontier Heroes. Speaking about the DeFi (decentralized finance) the Tron news reports show that the average daily active unique wallets, increased by 7 percent mainly in the second half of the month, reaching a few 1,400 users. The Exchanges category increased by more than 10 percent in January.
TRON Wakes Up, Now At $0.22 As Bulls Gain Momentum
"Buy my shitcoin."The video sparked plenty of controversy and outrage in the Tron crypto community and the cryptocurrency news on Twitter. However, the backlash now shows that Tron wakes up after it and is posting gains even though cryptocurrencies are very vulnerable to statements like these. However, McCormack ended everything by repeating Sun's words and firing back - in what many see as a marketing strategy to give Tron's token more popularity and spur an influx into Tron's coffers. Some traders even thought that this was pubic promotion of the podcast that McCormack is hosting.
“Tron is a shitcoin. Justin is not coming to the show. He hasn’t leased me a private jet. He has admitted on camera that his protocol is shit. The goal has been achieved,” was the original Twitter post by the podcast host.Today, the Tron news show that TRX jumped above $0.2200 and is safe at this point after trading at a new high against the US dollar at $0.2370. Tron wakes up and there is a major contracting triangle forming with resistance near $0.2200 on the 4-hour chart. If the trend sustains, we can see clearing the $0.2370 levels again.
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