TRON, the decentralized Internet protocol that hosts the TRX cryptocurrency, announced this week that it will make a $100 million investment in an effort to develop a blockchain gaming fund that will be named TRON Arcade. The information was made public via a press release on Thursday, November 29th.
The $100 million that TRON will contribute to the fund will be spread over the next three years, and its primary intention is, according to the press release, to “empower developers” and create apps on TRX’s decentralized network.
The Quintessential Gaming Platform
The announcement highlights TRON’s focus on the gaming industry and shows yet another commitment for the long-term after the project acquired BitTorrent just months ago. TRON’s CEO Justin Sun explained that the Arcade will help popularize the platform in several locations in the world.
“TRON strives to tackle existing issues faced by the gaming industry by leveraging the open, transparent, and immutability of blockchain technology. The Arcade will play a crucial role in encouraging developers to join in our mission and provide the best blockchain gaming experience to users around the world,” he was quoted as saying in the press release.
As it is now common, TRON made comparisons between its own attributes and offerings and those of Ethereum (ETH) in the campaign to promote the fund and the arcade.
TRX has built its reputation around decentralization, the blockchain, and gamification. They were among the pioneers of dApps, or decentralized apps, and they are responsible for developing innovative digital gambling platforms. In general, we can say with confidence that TRON has a knack to pairing entertainment with blockchain and cryptocurrencies.
“This new initiative will revolutionize both the gaming and blockchain industries,” said Sun in his official Twitter account after the launch was official. He and TRON intend to “build the next generation of games together” with fans and developers around the world.
“TRON protocol is the blockchain entertainment content ecosystem, in which TRX, TRON’s token, is circulated. Its native economic system enables an unprecedented one-on-one interaction between providers of digital entertainment content and ordinary users,” Sun told Total Prestige Magazine.
Sun has stated that he wants TRON to eliminate the payment of channel fees to platforms and ecosystems, such as the Google Play Store and Apple’s App Store. “With the strengths of social network and value network, TRON is committed to ecological prosperity. In relation to any community and free market economy, an incentive system that fairly and reasonably reflects the contributions made by participants is fundamental.”
TRON’s Recent Behavior in the Crypto Market
Crypto markets have been in steady decline since last November 14th. In reality, the downward phase began in January, but Bitcoin (B TC) and most of the top altcoins had relatively stabilized until the middle of this month.
Right now, as of the moment of this writing, each TRX was trading at $0.015150, which would be a 2.33 percent gain over the last 24 hours. There is still a lot of room to grow, considering that the cryptocurrency was exchanging hands at more than $0.21 in January.
By Andres Chavez