$20 Million Buyback Plan Revealed By Tron Foundation

Tron Reveals $20 Million Buyback Plan

The Tron Foundation has revealed a $20 million buyback scheme in an attempt to reinforce community activity and market reliability.

Specifics of the $20 million buyback plan were divulged in a post that was circulated on 25th June.

The buyback is supposedly part of an initiative to bolster community activity and market stability.

The company is intending to conduct the most extensive tron (TRX) token buyback plan so far with the widest coverage in the secondary market, the post reads. The buyback is set to continue for a year in the form of many batches yielding $20 million.

On January 1, 2020, the Tron Foundation will disclose its TRX holding, however the company further says that it does not have any specific plans for the unlocked sum of TRX.

TRON is a foundation that was established to deliver the development and maintenance of the TRON distributed network. TRX coin was originally based on the Ethereum network and developed via the ERC-20 protocol, but was subsequently transformed to become an independent cryptocurrency based on the Tron protocol.

Odyssey version 3.6

Earlier on in June, Tron revealed a soon-to-be-released enhancement of its blockchain-based platform, Odyssey, to version 3.6. Odyssey version 3.6 will supposedly contain new features designed, improved security and stability.

In May, Tron published plans to develop a BitTorrent-based version of decentralized file system InterPlanetary File System. The development is reportedly a variant of the open source IPFS software and will “allow users to receive and host storage on their computers with other individuals and businesses.”

Currently, TRX is the 12th-largest digital currency on CoinMarketCap, with a market capitalization of approximately $1.2 billion. The altcoin is trading at approximately $0.035 at press time, having already lost 6.59% over the past 24 hours.

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