Tron [TRX] he completed his eighth coinburn token ERC20, says Justin Sun

The new year began with the market showing signs of stability in terms of price. Nevertheless, some of the cryptocurrencies are already in the spotlight in terms of developments, both in terms of evaluation and technological progress. The highlights of this week include Ethereum [ETH] regain its position in the market and Tron [TRX]The completion of the ERC20 token is terminated.

Justin Sun, CEO and founder of the Tron Foundation, announced the completion of the eight ERC20 burn token rounds, in which over 182 million tokens were burned. He announced:

"#TRON has completed the 8th coinburn of the ERC20 token of 182.359,804.286079 #TRX, we welcome the supervision of our supporters and believers. $ TRX"

Tron ERC20 token burn | Source: EtherScan

The Foundation burned the ERC20 tokens since the launch of MainNet, which took place in June 2018. In addition, token burn is considered the final step in the transition from the Ethereum platform, with the foundation claiming that all the ERC20 tokens collected from the exchanges they will be burned.

Coin burning refers to sending tokens to an address from which it can not be recovered. The concept of burning tokens is similar to the law of supply and demand, in which the high demand and the low supply determine the increase in the price of the product and vice versa. The burning of coins increases the value of the currency, since the total coins in circulation decrease. However, since these are old tokens that are burned, it has no correlation with the current circulation offer or the price of the cryptocurrency.

In addition, Tron One, a Super Representative of Tron, presented Proposal 13 before the governing body. However, some members of the community appear to be against the approval of this proposal. Tron Foundation announced on the basis of the proposal on its official Twitter handle:

"Proposal 14 to allow the same token name, #TRONICS can vote now, the vote will expire at 2:00 pm, 5 January 2019 (GMT + 8). #TRON #TRX $ TRX"

Abdelbassent M, a Twitterati explained the proposal by stating:

"So this allows companies in the future to create a token under their brand name, even if the token's name already exists, but it's not better for a business to buy the existing token with its name or collaborate with the its creator? The protection of the idea? "

Follow us on Telegram | chirping | Facebook

Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.