The TRON Foundation launched its own mainnet on June 25, but no one knew what it was going to be used for. Fortunately, we don’t have to speculate anymore since the TRON Foundation made a shocking announcement today! The company let everyone know that it locked up more than 33.25 billion tokens in 1,000 addresses which are located on the TRON mainnet.
TRON Locks 33.25 Billion Tokens
The company announced that more than 33.25 billion tokens are going to stay hidden away in 1,000 addresses until January 1, 2020. The reason why the TRON Foundation is doing this is quite simple, the company wishes to reduce the token availability.
There were 100 billion of tokens when TRON launched and one billion got burned right after the mainnet arrived. Justin Sun who is the founder of TRON announced that he felt “distressed to witness the burn of $50 million worth of tokens, the TRON Foundation had no turning back for the better development of TRON community”.
Developing a Query Tool
We should mention that out of the original 100 billion tokens, there are only 65.75 million in circulation while 33.25 billion are going to stay locked away. Nonetheless, the developers of TRON announced that they are currently working on a query tool which TRON investors can use in order to check the 1,000 mainnet addresses where the 33.25 billion tokens are locked away.
“In order to let Tronics search these addresses more conveniently, we are also making the query tool for these addresses. Thanks for your support to TRON, TRON and TIG will keep the TRX safe and build a free, decentralized economy” said the developers.
From the looks of it, the TRON Foundation was inspired by Ripple, the parent company of XRP which holds more than $55 billion worth of tokens in a secure escrow account.
Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post. In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.