TRON (TRX) launched their Mainnet on May 31, completing their move from the Ethereum network to their own standalone blockchain. In the immediate aftermath, just as it had been feared by many, TRX prices began to tank. But that isn’t the biggest concern for the team at the moment. It’s all about the security of the network, and TRON just gave supporters a $10 million reason to believe.
A few days ago, a leading Chinese security company Qihoo 360 revealed that there were massive vulnerabilities in the EOS network, just days to their own mainnet. That got the crypto community worried, though the EOS team later confirmed it had fixed the problems.
TRON offers $10 Million Bounty for bugs
When the EOS security threats were revealed, the Block.one developed platform offered a bounty of $10k for those who helped find bugs. That amount was loudly questioned, bearing in mind that the platform had managed to raise $4 billion from their year-long ICO. However, more than anything, it highlighted the need to take network security seriously.
With the huge bounty figure, TRON has signaled that security is the number one priority at the moment. it should be remembered that the TRON Foundation had offered up to $100k for the same program. However, the team has had a change of heart, demonstrating just how seriously they value the network’s security.
Confirming the huge bounty, CEO Justin Sun posted on Twitter:
“TRON Bug Bounty Program with the highest reward of USD$10 million. We take the security of TRON mainnet very seriously. If you have made an important discovery of potential bugs, please contact us and join the TRON Bug Bounty Program.”
The move by the foundation has been lauded as the best way to proceed before the token migration.
One such investor who supports the TRON Foundation’s action is Humpty Calderon, who said:
“If my 15 years of IT security experience have taught me anything, it’s that security is key to the success of any organization. Great job @justinsuntron @Tronfoundation for taking this matter very seriously.”
Security is key to TRON’s lofty ambitions
TRON has lofty ambitions, taking on cryptocurrency to decentralize the web. And to achieve that, a network without major issues is the first step. It only follows that such lofty ambitions are preceded by serious undertakings to secure the blockchain.
Earlier, the crypto had shown faith in their new status as a blockchain, pointing out that they were ready for the future, in what has been termed as “independence”. Some of the optimism comes from the fact that the mainnet brings the future closer.
It is expected that TRON should be able to experience an amazing mainnet performance, primarily due to its strong tech team. It is also anticipated that it would be able to channel a steady and high trading volume, all thanks to the millions of users holding the TRX tokens.
Other causes of optimism come from the fact that the Mainnet launch and the upcoming token migration has widely been supported. On top of that, the crypto is set to have a unique set of Super Representatives elected by the community in a “one TRX, one vote” election.
TRON better than Ethereum, again!
The debate about which is a better platform has raged on, albeit silently since Justin Sun first mentioned it. That was at the time the TRON Testnet was being launched.
Now he has also repeated the same sentiment, giving reasons why his platform is better than Ethereum.
He posted on his Twitter account:
“Why #TRON is better than #ETH: 1. 2000TPS vs. 25TPS 2. Popular sovereignty of token vs. Authoritarian rules 3. 100M Dapp users vs. Thousands 4. None fees vs. High fees 5. Coin burn vs. No coin burn 6. $2B bonus vs. Zero 7. High scalability vs Poor scalability”
While this may provide fodder for more heated debates, what’s clear is that TRON is taking the security of its blockchain seriously.
TRX currently trades at $0.05 against the USD, losing value by -2.49% in the last 24 hours and by -18% over the last 7 days. A total of $252 million worth of TRX have been traded as weak hands appear to be shaken by the falling prices. With a market cap of $3.8 billion, the coin could be pushed out of top 10 by NEO (NEO), which has a market cap of $3.6 billion.