The events, planned and advertised for weeks, helped give a small boost to the TRON market price on Sunday, but now TRX is back below the 4-cent level.
The TRON (TRX) project is set to unroll its virtual machine in testnet mode on Monday, completing another step to building its platform. In addition, Tron’s founder, Justin Sun, is set to reveal “one of our secret projects”, as he has previously announced.
The events, planned and advertised for weeks, still managed to boost trading volumes and take TRX as high as $0.04, or 494 Satoshi, as of 21:24 UTC on Sunday.
But soon after that, the price unraveled towards $0.037, only gaining 5% over the past seven days. Recently, the TRON project has announced roughly one event each month, initially leading to a boost in prices. But now, the virtual machine launch and the ‘secret project’ announcement don’t seem to create as much hype.
With the virtual machine, the TRON project starts to resemble the EOS distributed operating system. As explained in a recent Medium post by TronLive:
“A virtual machine (VM) is an operating system (OS) or application environment that emulates a computer system (dedicated hardware). TVM is a virtual machine built by TRON Foundation for the purpose of making the TRON’s ecosystem bigger and better.”
The TRON virtual machine would be a key element in building scalable decentralized apps (dApps). Smart contracts and dApps can be run on the virtual machine testnet, and later deployed to the Tron Virtual Machine (TVM) on Super Representative nodes.
The TRON virtual machine will not require fees, unlike the Ethereum virtual machine. This may make developers plan and deploy more complex apps. It is unknown what types of resources the TVM would require. The TRON ecosystem would also be compatible with the Ethereum virtual machine:
“TVM is designed to be compatible with Ethereum’s VM (EVM) environment so Ethereum developers can compile and adjust their existing codes in an environment so smart contracts in Ethereum can be easily ported to TRON,” Tron’s blog post elaborates.
The TRON network already has 15 out of 27 Super Representatives elected. Network usage is also increasing, with more than 70,000 transactions in 24 hours, a significant growth since the launch of the network, when transactions were below 10,000 in 24 hours.
Some believe once the TRON network is used for decentralized apps, it would easily surpass Ethereum in activity. According to the TRON Foundation, at one point the TRON network carried 1,200 transactions per second – though that level is not repeated every second. The usage of Super Representatives allows for handling such active transactions, but TRON usage is still very nascent though.
Read more: Cryptovest