Long-awaited Tron Mainnet was officially launched today, on May 31 at 12 am UTC. Tron, which is currently the tenth largest cryptocurrency in the market, has begun the transition from the Ethereum network to its own public blockchain.
The Mainnet, called Odyssey 2.0 is considered to be the initiation of the first step in moving the $4 billion valued cryptocurrency to an independent blockchain network. According to the official information, the network will remain in beta phase for most of June. This will provide developers with the opportunity to configure their wallets and browsers before the final network goes live.
As reported earlier, token migration will occur from June 21 to June 24. The users then will need to deposit their ERC-20 tokens at participating cryptocurrency exchanges in order to receive an equivalent number of TRX on the new blockchain.
The transition period will be concluded on June 25 which the developers unofficially call “Independence Day”. Tron founder, Justin Sun stated that the independence of the protocol is a crucial step in “ushering in the next phase of the internet through democratization and decentralization”.
“Our team maintains a high standard of excellence as we head towards becoming a mainstream public blockchain. The move of the TRON Protocol to MainNet makes it easier for developers to break away from Ethereum and opens up new doors towards better scaling, commercialization and express lanes needed for global dApp development”, concluded Sun.
Until the launch of the Mainnet, Tron has been operating exclusively as an ERC-20 token on the Ethereum network. The independence from the old network has been surrounded with optimism in terms of TRX value in the market. For now however, token’s short-term price movements has been rather negative as Tron price declined five percent on Wednesday.