A government agency in has rated , the third largest decentralized application (Dapp)-focused crypto project, as the second-best crypto asset in the world behind .
The Center for Information and Industry Development (CCID) under ’s Ministry of Industry and Information Technology rated highly in several categories including applicability and technology.
is ranked as the second-best crypto project by The Center for Information and Industry Development (CCID), under ’s Ministry of Industry and Information Technology.
— Justin Sun (@justinsuntron)
While secured 96.8 points in technology and 24.6 points in applicability, , the most valuable smart contracts protocol in the global market, fell short at 73.8 points in technology and 29 points in applicability.
Why is TRON So Highly Rated?
Since October 2018, within four months, the daily transaction volume of the network has increased from 130,000 transactions per day to 1.7 million transactions by over ten-fold.
Transaction Volume (Source: TronScan.org)
The network is able to maintain a large transaction capacity due to the structure of the network that relies on a group of nodes called Super Representatives that play a vital role in ’s Delegated Proof of Stake (DPOS) consensus mechanism.
Unlike or that rely on the Proof of Work (PoW) consensus algorithm which requires miners to verify transactions by using electricity and ASIC miners, networks like and are more dependent on a certain group of nodes or network representatives voted by other nodes.
There exists a tradeoff between decentralization and scalability in development; for a network to achieve high transaction capacity in a short period of time without second-layer scaling solutions, it has to compromise on the level of decentralization on its network.
The common criticism against and is the relatively low level of decentralization in contrast to or .
Previously, co-creator Vitalik Buterin about transactions per second (TPS)-focused projects:
“When a project claims ‘We can do 3,500 TPS because we have a different algorithm,’ what we really mean is ‘We are a centralized pile of trash because we only have 7 nodes running the entire thing.’”
With that said, the upside of operating a scalability-focused network is the ability to attract DApps and developers with favorable data-processing environments.
According to Justin Sun, the founder and CEO of , the network recently surpassed both and in the total number of new users at over 164,000.
Total New Users of Dapps. is No.1 !
— Justin Sun (@justinsuntron)
As Dapp.com previously , has been aggressively promoting its Dapp ecosystem with a large budget to accommodate developers and projects.
In a 2018 report, Dapp.com researchers revealed that the project has spent $100 million on TronArcade and has launched a $2 billion initiative called Project Genesis to grow its Dapp market.
“ is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem,” the report read.
’s Ministry of Industry and the CCID have shown their preference of scalability-focused projects in the past several months. It is likely that ’s active user base, large transaction capacity, and the rapidly growing number of Dapps appealed to the government.
TRON Expects Accelerated Growth
In the months to come, CEO Justin Sun said in an interview with Huoxing that he believes the crypto market has achieved a bottom and it could lead to an increase in the of the by Lightning Network and BitTorrent users.
He :
I think it has already hit the bottom, and the bear market is over…
For this year, I think will fluctuate between $3,000 and $5,000. The opportunities for market breakthroughs this year include the explosion of the DApp ecosystem, the large-scale application of the Lightning Network, and the three major opportunities for BitTorrent’s 100 million users to enter the market.
Published at Thu, 28 Feb 2019 09:18:56 +0000
