Tron has launched TRONbet, its first fully decentralized application (dapp). As a result, the daily transaction volume on its blockchain briefly exceeded that of Ethereum, the second-largest cryptocurrency by market cap.
Tron made the official announcement with the following Tweet on October 16:
TRONbet, a provably-fair dice game, is one of the many gaming #dapps that are being built on the #TRON network. On the first day of the release, TRONbet was played over 10,000 times. Check them out here! https://t.co/sc0O712Ngu pic.twitter.com/gQfxU1xiAb
— TRON Foundation (@Tronfoundation) October 17, 2018
How Does One Determine a Blockchain’s Ability?
From October 19-22, TRONbet garnered over 500,000 individual transactions. At one point, it surpassed Ethereum’s daily transaction volume, which usually stands between 500,000 and 600,000.
Under normal circumstances, a blockchain’s network volume is the primary indication of its success. The higher the transaction rate, the stronger the blockchain. However, granted a chain begins experiencing long periods of downtime due to bursts in transaction confirmation requests, it is rendered an incompetent ledger.
Both Bitcoin and Ethereum’s blockchains have faced harsh criticism in the past for their inability to handle large-scale transaction volumes. Both blockchains are working to improve their rates, but some independent companies – like TRON – are now finding methods for developing their own scalable, public chains.
Lots More To Come in the Future
At the time of writing, the Tron Foundation’s CEO Justin Sun has announced that the company is looking to release a wide array of additional dapps in the coming weeks. Tron’s blockchain is already capable of handling over 20,000 transactions per second, which means there’s plenty of room in Tron’s network for a surge of additional applications.
Sun – who comments that Tron’s aim is to “decentralize the web itself” – says:
We will continue our efforts in the entertainment and gaming industry. We’ve already seen quite a few outstanding TRON DApps like BitGuild being built on or migrated to the TRON network. In the next two quarters, we expect even more developers to flock to TRON, which will boost our overall performance.
Tron’s a Popular Platform for New Apps
The growth in the number of applications on Tron can probably be attributed to the launch of the Tron Virtual Machine (TVM) on October 12.
Based on data listed on the company’s “State of Tron Apps” webpage, the number of decentralized apps now in certain stages of development on Tron’s network is about 49, of which nearly 20 have gone live.
Though this may not sound like much, that 49 was a mere 18 prior to TMV’s launch. This suggests that in less than 2 weeks, over 30 apps were added to Tron’s roster. If the company can maintain this momentum, it can expect to see a wide array of new users before the year’s end, potentially unlocking its full value.
Prior to this news, Tron made headlines with the launch of Poppy, a new payment processor that allows participating merchants to accept cryptocurrency payments. Furthermore, the company recently announced that over 90 separate smart contracts have already been deployed on its network.
When’s the Price Going To Catch Up?
The unfortunate news is that, thus far, these announcements have had very little effect on Tron’s price. The platform’s cryptocurrency – known as TRX – dropped by roughly 8% over the weekend, falling from about $0.25 to $0.23. Clearly, the cryptocurrency market’s ongoing bearish behavior hasn’t let up yet.
However, the currency is still up from its previous October 12 position of $0.20 cents, so TRX’s behavior in the remainder of Q4 2018 might still have some surprises in store.
