Ethereum and Tron are always engaged in fierce battle, and there were also cases of twitter battle between their founders Vitalik Buterin and Justin Sun respectively. The battle is fought for becoming a superior tech with mass adoption. Let’s look into this rivalry and see if Tron can outperform Ethereum in the long run.
Tech Behind Tron
Tron was created by Justin Sun as an ERC20 token on the Ethereum blockchain. It was created to compete directly with Ethereum and address some of its shortcomings. The project is still in the preliminary stage, and only its testnet has been launched. Tron has migrated from the Ethereum blockchain in order to compete directly with it. This is what Sun has to say regarding the future of Tron and also the split from the Ethereum blockchain to launch its testnet.
“From today to the last day, we are no longer the ERC20 token and in the future, we will compete with Ethereum as a DApp platform. We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum”
Tron is supposed to address all the shortcomings and technical issues of Ethereum namely security, scalability, fees and network speed. We will need to wait and watch to see if Tron can compete and win against the Ethereum blockchain. It is still in testnet and only after launching its mainnet, we can see if it lives up to the expectations.
Tech Behind Ethereum
Ethereum is the second biggest blockchain with a marketcap of $61 billion at the time of writing. It is also called as “World Computer.” Most of the smart contracts and dApps run on Ethereum blockchains. It is time-tested, and many decentralized applications want to run their smart contracts on the Ethereum blockchain for its robust network and high security.
It doesn’t mean that Ethereum is perfect and the most efficient network for smart contracts. It has its own problems of a slow network, high network fees (GAS) and many vulnerabilities that were exploited to steal funds from the network. The famous hack attempt known as the DAO hack was one of the massive hack attempts to steal 3.6 million ether. This incident also led to the creation of Ethereum Classic. Also, the vulnerability in the Parity Wallet led to the accidental locking of millions of funds in Ether. The two incidents prove how programs running on the Ethereum blockchain can be vulnerable to hackers and can end up in loss of funds.
Vitalik vs. Justin Sun
There were much war of words between Vitalik and Justin Sun regarding the superior tech debate between Ethereum and Tron. Justin Sun tweeted the seven reasons that make his network a better tech than Ethereum. Below is the list
- 10000 transactions per second compared to 25 TPS.
- Zero Fees.
- Consistent Coinburn to increase the value of the coin.
- $1 Billion USD developers reward.
- Strong extensibility.
- 100 Million users
- Tron expects developers to develop dApps in java instead of Solidity in Ethereum.
Vitalik sarcastically tweeted the eighth point by making fun of the Tron whitepaper that was alleged to be copied from another ICO. Below is his Tweet.
Vitalik also in his interview hinted indirectly about Tron. In his interview, he mentions that there are projects that never had a soul and they are only quick rich schemes that are only focused on price and not the tech.
Can Tron Overtake Ethereum
It is not that easy to dethrone Ethereum since there are thousands of ICOs and smart contracts running on the Ethereum blockchain. Also, most of the companies prefer the Ethereum blockchain for building dApps. Tron only has a testnet with marketcap of $4.7 billion, whereas Ethereum is a live blockchain with a $61 billion marketcap.
Tron is planning to migrate its 100 million users from Ethereum to its blockchain. This could surely impacts Ethereum, but it doesn’t stop with this. There is also an airdrop announced by Tron management, and $1.7 million worth of airdrops would be awarded for ETH holders who have more than 1 ETH. This could affect Ethereum since more people might hold Tron and will appreciate the tech behind it.
Only time will tell if Ethereum will be dethroned by Tron or it remains as a pump and dump with no use case.