The Tron foundation plans to start a $20 million buyback plan. This was revealed in their latest blog post.
June 28, 2019 | AtoZ Markets - In order to strengthen its market stability and promote its community, the Tron foundation has said it would start the largest, TRON $20 Million buyback plan.
TRON $20 Million buyback plan in a brief
The buyback plan according to a blog post published on June 25 is worth $20 million. The buyback will come in batches and will last for one year with no less than $20 million.
The post also revealed that the TRX (Tron) holding of the foundation will be unlocked on January 1, 2020. However, the foundation does not have any specific plans for the unlocked amount of TRX in its holding.
The foundation has pledged to ''increase our TRX holding in the secondary market to manifest our confidence in the development of the TRON ecosystem''.
About Tron (TRX) Foundation
Tron is a blockchain platform that was launched as a foundation for a decentralized ecosystem for entertainment. Tron aims to enlarge the market of digital contents and applications by making their creation and deployment easier and easily accessible. TRX coin was developed on the Ethereum network before it was turned into an independent cryptocurrency based on the Tron protocol.
Since its creation, TRX has gained a massive 1,496% and ranked 11th on Coinmarketcap with $2.18 billion in market capitalization at the time of publication. The coin currently exchanges for $0.032 after losing about 6.4% in the last 24 hours. TRX price peaked on January 4, 2018, at $0.2548.
The company revealed in May that it planned to develop a decentralized system that will be based on the BitTorrent-based application. The development was meant to allow users to receive and host storage on their computers with other individuals and businesses.
Meanwhile, Tron is not the only entity that connects content and content creator to the blockchain. Steem and decentralized applications (dApps) like the Vevue, TaTaTu, and Binge also have plans to streamline the content creation and payment system as well. Tron wallets are developed by the community and available on every operating system including desktop, web, and mobile. Third party wallets like Ledgerwallet and Freewallet also support Tron (TRX)
It is worth to mention, that, Justin Sun Tron (TRX) CEO has recently won an eBay charity auction to have lunch with investor and well-known crypto opposer Warren Buffett.
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