TRON (TRX) continues on its way to success, and its founder, Justin Sun,new announcement might indicate that this crypto price will soon skyrocket. Justin Sun has announced that the crypto’s Independence Day will be celebrated by burning up to 1 billion TRON tokens. According to TRX’s current price, this will be the equivalent of $50 million.
TRON plans to burn $50 million worth of TRX:
TRON announced that it successfully bought BitTorrent for $140 million, when Justin Sun, announced yet another expensive move. According to him, TRON will celebrate the completion of its token migration by burning 1 billion coins, which is equal in value to $50 million.
Despite the fact that the number of TRX coins in circulation is quite high, this move will still significantly lower the available amount. As soon as this is done, we can expect that the token’s price will skyrocket, due to lowered availability. The increase in Tron's price is something that its investors and TRON enthusiasts have been waiting for quite some time now, which has inspired them to support this move.
The decision to burn such a large amount will set the record for the amount of destroyed money, and it will all be done in celebration of TRON’s recent success. It is a smart move, well organized and well thought out, and it is expected to increase awareness as well as the price of this coin.
Sun has been known for his creative ways of promoting TRX in the past, which included several airdrops, token migration, competitions, and more. Now, however, the coin burn will definitely attract even more attention.
According to their announcement, the amount of available coin will be at around 99,000,000,000,000 after the full launch of the MainNet. However, the TRON Foundation will lock additional 33,251,807,524 tokens and will keep them locked until the start of 2020.
Four phases of TRON’s new era:
TRON’s MainNet launch and token migration will mark a new beginning for this token, with the strongest focus being on transparency. This is due to the team behind TRON has broken down the process of transition into 4 phases.
The first one is the Preparation phase, that has already started on June 18, and will last until tomorrow, June 23. This phase, as the name suggests, is used for preparing the groundwork, and will allow TRON a smooth launch of the new network. The phase will also include preparations for the Super Representative elections, which are scheduled for June 26.
Soon after the completion, the phase two will arrive, and named as the Guardian phase. This phase is scheduled for June 24 and is expected to last that entire day.
After that second phase, the third phase called the Genesis phase will take place on June 25, when TRON’s new block chain will generate its first block.
Finally, the Constitutional phase,which is the last one, will take place, and this is the one where the completely-functional MainNet will finally be launched. This phase will start with the completion of the token swap and will mark the final and total move from ERC-20 token to real TRX tokens