RATE Group | Justin Sun’s canceled Warren Buffett lunch did its price no favors
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Justin Sun’s canceled Warren Buffett lunch did its price no favors

08 Nov Justin Sun’s canceled Warren Buffett lunch did its price no favors

Posted at 11:19h in Cryptocurrency News by

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Budding network TRON (TRX) pitches itself as Ethereum‘s rival, with its smart contracts, dapps, and soon-to-be developed decentralized finance (DeFi) products.

That’s where the similarities between the two projects cease. TRX doesn’t have any miners, as it doesn’t leverage Proof-of-Work. Instead, TRX is powered by a relatively centralized consensus algorithm that consists of just 27 validators, referred to as “Super Representatives.”

In this sense, it’s really akin to niche ‘blockchain’ EOS, as participants literally delegate responsibility to a small group of trusted third parties to maintain the network. Just like EOS, most TRX activity relates to gambling.

Still, TRX has etched a foothold in the market. It’s ranked 11th on CoinMarketCap’s list of top crypto-assets, with a market capitalization currently worth just under $1.3 million.

TRX/USD 2019 Q2 performance recap

The frustrating reality of cryptocurrency markets is that…

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