Tether (USDT) usage on the Tron network has exploded since the token platform first began offering the stablecoin a couple months ago, now pushing near $160.5 million.
Tron is a token network founded in the 2017 ICO gold rush. Its design shares a lot in common with Ethereum, as well as crucial differences, primarily in its consensus mechanism.
Tron Stablecoin Issuance Grows
By some standards in the crypto community, Tron is less decentralized than networks like Ethereum.
However, Tron is an extremely active network, along with EOS. Both networks boast numerous smart contracts, gaming platforms, and decentralized applications.
EOS stablecoin launches have been muted by comparison to Ethereum, as have those on Tron, which only supports USDT at present.
In the distant future, networks like Wanchain will make it possible for all of these networks to interact with each other.
Wanchain is an Ethereum fork which works to integrate major blockchains, creating new realities for blockchain development, including cross-chain swaps and multi-chain dApps.
Tron became embroiled in a bit of drama this summer when it was reported that Chinese authorities wanted founder Justin Sun for questioning. An article on a Chinese website accused Sun of being a pornographer.
Sun initially disclaimed all such reports. He proved his location as being in San Francisco after rumors circulated that he had been locked up in China. However, in a bizarre move, Sun published a post a on Weibo, a Chinese social network, in which he chastised himself for his recent vanity and essentially pledged allegiance to “socialism with Chinese characteristics.”
— Justin Sun (@justinsuntron) October 8, 2019
Tron Survives All Scandal
The whole episode underlines the period of crypto history we are in, during which a small group of people with similar ideals (such as liberty and capitalism) no longer hold a majority sway in everything crypto or blockchain.
Indeed, we are morphing from a small “community” into a part of the wider culture, and the addition of attitudes like those represented in the Tron community is evidence thereof.
To date, Tron has mostly been used in real terms for a wide array of gambling applications as well as high-risk investment products that should probably just be called Ponzi schemes.
Nevertheless, the technology and the talent exists for a community-oriented, enterprise-ready blockchain that can process thousands of transactions per second using a form of consensus. It may not be the project that the idealists call for, but it could be the project they deserve, given how much product all their complaining sessions yield.