Ethereum’s Constantinople upgrade has been put back but rival Tron (TRX) appears to be on a roll with its niTROn 2019 event perhaps the icing on the cake.
The bug found in the code that should have been installed two days ago would have allowed a malevolent actor to drain wallets of funds.
An announcement of a new date for the upgrade, which will reduce block rewards from three to two among other things, has not happened yet.
Hard fork risks
The problems at Ethereum underline the risks associated with forking, and the bigger the coin the bigger the risks as a critical bug could kill confidence in a chain. The hard fork upgrade itself was not controversial, although there may still be some nodes that may not have followed along.
The Ethereum price has suffered accordingly and is trading at $123 after many had hoped to see the price rise with the upgrade. Reducing the mining reward would have flowed issuance, which could have been bullish for the price.
Tron, which some say lifted its code from Ethereum, has already arrived at the destination that Ethereum is trying to get to, in that it already operates a delegated proof of work consensus system.
Transaction throughput on Tron has now surpassed Ethereum and will soon have 200 dapps operating on its chain, according to founder Justin Sun.
Tron acquired BitTorrent last year and has created a native token for the filesharing pioneer, BTT. However, there are doubts that the Tron network will be able to deliver on the necessary transaction speeds required by the peer-to-peer network.
Tron accelerator contest meltdown
Today was the start of Tron’s niTROn 2019 event in San Francisco at which developers will be gathering. Sun should also be announcing the winner of its accelerator contest in which prize money worth $1 million is up for grabs.
The competition, however, hasn’t been without controversy after prize money was cut, awards were given to low-value clone projects and other rules seemingly changed after the contest closed.
Tron’s new token standard TRC-10 (it also has a TRC-20 token too) is now listed on the ABCC and OKCoin exchanges.
The dapp platform’s TRX token is currently priced at $0.0258, pulling back from recent highs at $0.030.Tron has been in a strong uptrend since December, as seen in the 1-day chart below.
TRXUSD 1-day chart
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane