Tron Mainnet Migration (TRX)
The Tron mainnet launch is almost upon us which means all current ERC-20 Tron tokens will need to be converted to Tron-20 standard tokens. Tron plans to launch their mainnet on 31st May 2018 and will make an announcement once this is complete.
Token holders are advised to deposit TRX to an exchange BEFORE June 24th, 2018 to avoid loss.
On May 31st (GMT+8) we launch #TRONmainnet and begin our move from the #Ethereum platform, with already more than 1 million $TRX hodlers ready for fair elections. Be sure to tune in for the livestream event. #TRON $TRX pic.twitter.com/yygAl2yCC6
— Tron Foundation (@Tronfoundation) May 20, 2018
First, what does “Mainnet Migration” mean?
At the time of writing, Tron is an ERC-20 token. This means that it is built on the Ethereum platform as a smart contract. Tokens that operate on the Ethereum platform are limited to the specifications of the network. Currently, to exemplify one such limitation, Ethereum processes a maximum of ~15 transactions per second. Justin Sun, the founder of Tron, aims to build an ecosystem that will greatly increase the number of transactions per second. In addition, Sun envisions reduced costs, improved convenience, and an expansion in the range of supported dApps. For these reasons, Tron will be switching over to their own platform, or mainnet, and using Tron-20 tokens.
As a result, launching the Tron mainnet signals to investor’s that the “end product”, or project, is live and open to the public. Because of this, the successful launch of a mainnet can often have a positive impact on a cryptocurrency’s value. Of course, the most important factor is the use cases the ecosystem will offer its users. The Tron mainnet architecture has three layers. Firstly, a distributed storage layer which integrates a graph database. Secondly, a core layer consisting of smart contracts, consensus, a virtual machine, etc. Finally, there is the application layer which is used by developers to create decentralised apps (dApps).
If you wish to learn more about Tron, please refer to the official site.
How to Convert ERC-20 Tron (TRX) Tokens to Tron-20 Tokens
Please use this step-by-step guide at your own risk. BitPrime is not responsible for any tokens that may be lost while attempting this process. This guide is not intended as legal or financial advice in any way, shape or form.
What to do:
There are two different scenarios, so decide which is applicable to you:
Scenario 1: Your TRX is held on an exchange. If this is the case, no further action is required.
Scenario 2: Your TRX is held in a wallet. You need to deposit your TRX to an exchange BEFORE June 24th, 2018! Please, follow the steps below:
- Deposit your TRX tokens to an exchange. If you would like to see a list of exchanges, there is one available on Tron’s website. If you don’t already have an exchange account, you will need to set one up. There are many step-by-step guides available for various exchanges which you can find by using Google.
- From June 26th, 2018 you can begin to withdraw TRX from your exchange and back to your chosen wallet. Note for Ledger Wallet owners: please wait for updates from Tron and/or Ledger before you attempt to send your Tron-20 tokens back to your hard wallet. You will need to store your tokens on an exchange or in the Tron wallet until Ledger has confirmed it is Tron-20 compatible. If you were to send Tron-20 tokens to your wallet BEFORE it is compatible you risk losing them.
Between June 21st-25th, all withdrawals from exchanges will be suspended. On June 25th, all TRX withdrawals and deposits on exchanges will be suspended. Deposits and withdrawals are expected to resume on June 26th.
How to Buy Tron (TRX) in NZ?
To easily buy Tron (TRX) in New Zealand you can do so right here, at BitPrime. First, if you haven’t already done so, please register an account with us and have your ID verified. Finally, visit our Tron page to order your TRX. If you require any further assistance, please contact us and we will be happy to help.
UPDATE: The TRON mainnet launch was a success! Read our new post for the latest.
Disclaimer: The above references an opinion and is for informational purposes only. It is not intended as personalised financial or investment advice. The opinions expressed by the author do not represent the opinion of BitPrime.
Last updated: 20/05/2018