It is starting to feel like a new cryptocurrency is emerging every day. The popularity of bitcoin and the rise in value of alternative coins has brought with it a wave of new Initial Public Offers (IPO’s) and Initial coin Offers (ICO’s). But, the real question that remains, what is the likelihood that these new alternative coins are going to thrive in a rapidly crowded environment?
Tron, a relatively new cryptocurrency, is currently making waves in the world of virtual currencies. Despite being a lesser known cryptocurrency, Tron recently went up 50% as market cap crossed $5 billion.
Tron, a cryptocurrency based on the digital content ecosystem, could be the latest entry in the cryptocurrency world – but with the assistance of the government of China, it has a high chance of giving Bitcoin some serious competition.
Last week, Tron Labs posted on its website that a sibling socialmedia firm known as Peiwo had officially been recognized by the Chinese government. The recognition known as the National-High-Tech-Enterprise qualification will provide Peiwo with privileged status for staffing, research funding, and more.
Both Peiwo and Tron are owned by a Beijing-based tech expert, Justin Sun, under company name Tron Union. This new government endorsement means block-chain tech and socialmedia fusions might become more common. It could also mean a surge in TRX’s value, which is the cryptocoin that is used for exchanges in the digital ecosystem.
The recognition of Tron, as far as Justin himself is concerned, is a representation of a bigger acknowledgment on the Chinese government part of what the company is doing.
The cryptocurrency was initially designed to offer digitalmedia creators complete ownership and control of the content they produce. Rather than having to publish what they create on arbitrator sites like Apple Store or Google Play, they have the power to take control of their own content through Tron.