TRON Foundation CEO Justin Sun has claimed that a new network update will result in the blockchain surpassing Ethereum and EOS in terms of speed and transaction costs. Speaking on Monday October 8, Sun promised that TRON will deliver speeds up to 200 times faster than Ethereum at prices up to 100 times cheaper than EOS. Following his pronouncement, markets responded favourably, resulting in an 8 percent price surge for the TRX token.
The latest version, titled ‘Odysssey 3.1’ was scheduled to go live on the mainnet at 8PM SGT on Monday. Ahead of the launch, Sun took to his Twitter account to praise the new version as a game changer, promising users and dApp developers that it will deliver where other blockchain networks have failed:
Based on community consensus, #TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you! $TRX
— Justin Sun (@justinsuntron) October 8, 2018
Tron’s Mixed Fortunes
TRON has enjoyed a bit of a purple patch in recent months, starting with the news of Justin Sun’s successful takeover of Rainberry Inc., previously known as BitTorrent. Following the takeover, TRON announced that it was set to integrate the TRON blockchain with the BitTorrent platform, giving TRON access to a market of more than 100,000,000 active BitTorrent users.
CryptoGlobe recently reported about the launch of the first blockchain game based on the TRON network called Magic Academy as TRON positions itself as the network of choice for dApp developers who are frustrated by Ethereum’s congestion and the high cost of deploying on EOS.
Despite the good news on the operational side of things, TRON has however suffered a few losses in 2018, most notable of which is its 777% price drop from an all time high of $0.21 at the beginning of the year to its current trading level of roughly $0.027.