The TRON Foundation is now working on its mainnet upgrade of the TRON Blockchain including the TRON Virtual Machine (TVM) and its smart contract feature. In an October 8 Twitter post, TRON Founder and CEO Justin Sun expresses his excitement while informing Dapp developers that TRON is for them.
So far, the update appears to be going smoothly after gaining support from the community for the Odyssey 3.1. The update involves the introduction of TVM, an application environment that will give developers an opportunity to build and test applications and smart contract feature before going live on the TRON mainnet. Compatible with the Ethereum Blockchain, the TVM will also enable developers to code in Solidity, the Ethereum-designed programming language. TRON Foundation also aims to make the TVM compatible with EOS and other Blockchain networks as well.
Sun believes that TRON has the potential to rival Ethereum and EOS. He also wants to resolve the issue of compatibility among Blockchains. Based on his tweet, Sun claims that TRON will be 200 times faster than Ethereum and 100 times cheaper than EOS, which is considered a low-cost Blockchain. Sun’s tweet says:
“Based on community consensus, #TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you! $TRX”
In June, TRON rolled out its mainnet following a shift from its roots as an ERC20 token on the Ethereum network. Later that same month, the TRON Foundation stated that internal tests had reached 2,000 transactions per second. Sun had been predicting that TRON would be able to hit 10,000 transactions per second in the near future. Meanwhile, Vitalik Buterin, Ethereum’s creator, stated that Ethereum, which registers around 15 transactions per second, can possibly hit millions of transactions per second once it resolves scalability issues.
For a short while at least, the structure of TRON has provided an advantage against Ethereum with regards to speed. On its Blockchain, TRON holds a few high-performance nodes, which are handled by a chosen group of “super representatives” while Ethereum nodes work to process one single transaction. Its Blockchain presently has more than 14,000 nodes. Still, TRON’s has a few possible downsides to it that may infuriate so-called “security maximalists.”
During an October 5 interview with Investopedia, Sun explains how TRON Blockchain is cheaper for developers as compared to the EOS Blockchain. He says:
“It costs a fraction of one TRX to support smart contracts on the TVM and to create TRON accounts. Because the cost is so minuscule, we say ‘almost free.’ By comparison, creating and supporting contracts on Ethereum and EOS can cost a user more than $10.”
Conscious that cost is a cause for concern, EOS has been trying to lower it in the recent months. EOS creator Dan Larimer in July unveiled a plan that aims to lower the price of RAM for EOS users. Meanwhile, last September, the block producers introduced a change that they said would reduce the account cost to 25 percent.