TRON (TRX) up 2% as Justin Sun Announces New PoS Mechanism

Tron (TRX) is the only cryptocurrency that is trading in the green among the top 20 projects. Its price has managed to gain around 2 percent in the past 24 hours. The recent increase comes after Justin Sun, Tron’s founder, announced new partners and an incentive plan. 

TRX Lonely in Green

TRX is the only cryptocurrency of the top 20 to be trading in the green today, September 22. It’s up a bit more than 2 percent on the day and is currently trading around $0.017.

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TRX has also been performing relatively well throughout the past 30 days. During this period, the cryptocurrency gained upwards of 5 percent against the USD. More interestingly, TRX is also up against BTC over the same period, having increased in value by around 4 percent.

The rest of the market, however, is having a tough day, as the remaining top 20 cryptocurrencies are trading in the red. Among the most significant losers today are Cardano, IOTA, and XRP, whose prices fell by 6%, 5%, and 4% respectively. 

TRON is also the only cryptocurrency to be in the green against BTC today. In the past 24 hours, its price has risen by around 4%. 

Excitement After Justin Sun’s Announcement?

The slight increase in TRON’s price comes after Justin Sun, the project’s founder, revealed plans for a new PoS mechanism, new staking partners, and TRX incentives. 

According to Sun’s tweets, the new implementations should provide for a “fair, decentralized distribution of staking revenues, encouraging greater user participation and smoother engagement with staking from more wallets, exchanges, and partners.”

In addition to the improved PoS staking system, TRON also announced new nodes and partners which will purportedly provide for greater decentralization. The new implementations are meant to consume less bandwidth and provide better robustness than before. Sun also said that the most voted 127 nodes would receive TRX rewards in proportion to the number of votes that they receive. 

Publication date: 
09/22/2019 - 11:02

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