Things seem to be conveniently falling into place for decentralized web blockchain venture Tron (TRX) as according to a recent crypto rankings report published by the Chinese Ministry of Industry and Information Technology, the Justin Sun-led project bagged the second position just behind EOS.
TRX Displaces Ethereum from the Second Spot
According to a tweet by Twitter handle @tron_squad, China’s Ministry of Industry and Information Technology’s CCID has released the 14th Global Public Blockchain Technology Assessment Index which has put EOS, Tron, and Ethereum at the top three positions, respectively.
Whilst Chinese distributed ledger technology (DLT) project EOS continues to reign supreme in the index, Tron has quietly displaced the king of smart-contracts Ethereum from the prestigious second position.
Notably, the premier cryptocurrency Bitcoin (BTC) has been placed at the 11th position in the assessment index. In the same vein, the third-largest cryptocurrency by market cap – Ripple’s XRP – jumped ten positions from the 30th to the 20th position.
Other altcoins that have made a considerable jump in rankings include Qutum (QTUM) from 18th to 8th, Lisk (LSK) from 14th to 7th, and Dash (DASH) from 21st to 17th position.
TRX Making the Moves
As a result of multiple positive factors including the passing of a cryptographic law and the grand endorsement by Chinese President Xi Jinping, shares of Chinese blockchain skyrocketed beyond normal measures. A similar price trajectory was observed in the digital tokens of Chinese blockchain projects including TRX and EOS.
Per data from the cryptocurrency metrics website CoinMarketCap, TRX is currently ranked 10th on the CMC crypto table with a market cap of approximately $1.4 billion, trading at $0.02. Notably, the digital token’s price has appreciated by a respectable 37.35 percent in the last seven days.
Tron has also been more than successfully in bagging partnerships with some of the most prominent names in the tech space which gives it goodwill not enjoyed by many firms in the nascent cryptospace.
As reported by BTCManager on October 29, 2019, Seoul-based electronics titan Samsung had unveiled support for TRX dApp building tools. With support from Samsung, APIs for digital tokens based on TRC-10 and 20 standards – including Tron dApps- can be accessed by nearly one billion Samsung smartphone users with access to the Blockchain Keystore.