Up until the mainnet launch on the 31st of May, TRX tokens were utilizing the ERC20 technical standard, running on the Ethereum Blockchain. Since the swap to mainnet tokens, there had been little incentive for users to transact using the tokens, due to the lack of exchange support. But since Binance and other exchanges have now completed the ERC20 to mainnet token swaps, and enabled deposits and withdrawals of mainnet TRX, users have had the chance to test their new tokens.
Tron Mainnet is Quick
The user Tron4Life was thrilled by the speed and cost of transactions to and from Binance, a leading cryptocurrency exchange:
#trx – transfer speed.
That is uhmmm… FAST!!!!!! And CHEAP!!!
Buh bye #ethereum !
— Tron4Life $TRX (@Kev_TRX_4_Life) July 10, 2018
The user cited transaction speeds of under 5 minutes and fees of 0.1 TRX ($0.003) when sending from a Tron wallet. The tweet was swiftly retweeted by the Tron Foundation and hundreds of other users. It is noteworthy that this particular user drew attention to the fact that speeds and costs are an improvement to those on the Ethereum network.
Other users also seemed impressed by the speed of transfers after transferring from exchanges to their Tron wallets:
— crypto_samantha[TRX] (@Samanth93136521) July 10, 2018
#TRX transfer speed is incredible. From exchange to tron wallet, faster then getting a popcorn bag ready !🚀🚀🚀🚀👌🏻
— JM27 (@JM2783484164) July 11, 2018
There has been speculation that Tron will be the “Ethereum Killer,” but any evidence of such a claim leaves much to be desired. Though Tron has quickly picked up users, its real-world usage remains limited to sending and receiving transactions for the time being, as to be expected from a relatively new coin. It will also struggle to gain a developer share as significant as Ethereum’s.
One Twitter user pointed out the lack of real-world usage:
What are people using it for exactly? Steem costs zero money to send. It has a million transactions per day. It has a large active user base of people posting content onto it. What do you do on Tron right now? EOS, even with alllll the problems, costs .1 less coin to send still..
— DR (@Drpuffntweet) July 11, 2018
That said, the Ethereum team has their work cut out for them. Platforms such as Tron, Nano, EOS, and others are proving faster, albeit sometimes with more elements of centralization at play. Perhaps “layer two” solutions from Ethereum this year will help narrow the gap.