Tron (TRX) Launches Its First Game, Thanks to BitGuild

Justin Sun, CEO and founder of the TRON Foundation, recently announced the first blockchain game based on the TRON network to the world. The game is called Magic Academy and was developed by BitGuild.  The tweet can be found below: 

The team at BitGuild consists of cryptocurrency and gaming experts from all over the world, including former employees of Facebook, Reality Squared Games, and other well-known and reputable tech companies. Justin Sun also serves as an advisor to the company.

The company believes blockchain would help verify the integrity of transactions in the gaming sector, an industry that is riddled with fraud in general, to the tune of billions being lost annually.

BitGuild’s focus is on the fact that players will be able to customize their players and digital assets more than ever, and developers can also create and sell digital assets in a more secure fashion thanks to blockchain technology. Blockchain technology will also allow digital assets to be verified in terms of their value and scarcity, which led to a rise in interest in the CryptoKitties game in late 2017.

The game Magic Academy revolves around wizards, and the team elaborates that “by buying wizards, you can upgrade your currency in this magic world”. Similar to other video games, there will be a ranking list, listing the production speed of players worldwide. There will also be rare item prizes to provide incentive to gamers, as well.

Recent Tron Progress 

TRON has certainly been busy, and Justin Sun updated investors and enthusiasts during a live stream on September 29 regarding TRON developments. During the live stream, he made various announcements and updates.

First, he pointed out that Tron had burned 98% of its ERC20 TRX tokens – amounting to around 97 billion tokens - since Tron has migrated away from the Ethereum blockchain. He also elaborated on how exactly he hoped that Tron would integrate with BitTorrent, which he purchased recently. During the stream, he also boasted that Tron had gained more users in the days after its Mainnet launch when compared with Ethereum in 2015.

Time will tell whether Magic Academy is a success, and catches on with gamers, although the association between Tron and BitGuild certainly has potential.

The 5 Billion USDT Mistake and How Tether Recovered From It

Tether, the company behind the issuance of USDT tokens, has issued a total of 4 billion in a single day – more than the cryptocurrency’s current circulating supply – in what was seemingly a mistake.

The company’s move was first spotted by the Whale Alert Twitter bot, which tracks large transactions on the blockchains of top cryptocurrencies. The transaction that saw the company mint 5 billion USDT tokens caused a stir in the cryptocurrency community.

This, as there are currently over 3.9 billion USDT tokens, and an additional 5 billion being printed at once would get the token close to the $10 billion market cap. Moreover, some critics believe USDT tokens are used to manipulate cryptocurrency markets, and to pump the price of bitcoin.

Soon after Paolo Ardoino, the CTO of both Tether and Bitfinex, noted that the 5 billion USDT issuance was due to an “issue with the token decimals” that occurred while the company was preparing to swap tokens from the Omni layer to the TRON blockchain.

As covered, Tether and TRON announced a collaboration in March that would see the company issued TRON-based USDT tokens, compatible with the TRC-20 token standard.

As Ardoino revealed in his tweet, the mistake was fixed through transactions burning the excess tokens that were printed. In two transactions, Tether burned all of its 5 billion tokens, to then issue the 50 million USDT it intended to in the first place.

In one of the burning transactions, that saw Tether get rid of 4.5 billion USDT, users commented that the funds could have still been used for illicit purposes before they were burned. Currently, there are a total of 87.9 million USDT on the TRON blockchain.

Various cryptocurrency enthusiasts don’t trust Tether or cryptocurrency exchange Bitfinex – companies that share management – over allegations relating to market manipulation. Adding fuel to the fire, back in April the New York Attorney General accused the companies of covering up an $850 million hole.