The cryptocurrency world is one that is notoriously rumour filled and thrives on speculations which show in the rise and drop of coins in reactions to partnerships.
However one of the biggest rumour is that dropped this year was that of an impending partnership between TRON (TRX) and Alibaba group.
TRON’s founder, Justin Sun have hinted on Twitter about the possibility of a partnership with the largest online shopping company in China. This made the whole crypto community excited with speculations about how the blockchain platform could be applied rife online.
Alibaba has its popular Chinese payment platform called Alipay but utilizing TRON’s blockchain technology would make transactions even faster.
TRON (TRX) has been expanding its team to meet up with growing demand
Tron has been increasing its workforce with the current number at over 150 as it strives to meet growing demand with the company aiming to meet a target of reaching 400 members in its headquarters in Beijing.
Alibaba would have access to the immense possibilities of this blockchain technology if such a deal can be reached. The blockchain technology has increased its capacity to handle transactions and is known for having one of the fastest transaction speeds.
Many analysts have said TRON has the biggest to gain since this would give it a massive step into the e-commerce industry currently dominated by ripple and ethereum.
TRON would be taking a giant step into recognition in the second largest economy in the world.
The digicoin would be able to perform more transactions on its network than it currently does and could overtake many coins in terms of transactions processed per second.
Many factors support a partnership between both companies
Although no official announcement has been made and the news has cool down among crypto enthusiasts many factors point to a deal happening soon.
Alibaba founder Jack Ma and Justin Sun have a personal connection with TRON founder finishing as the best graduate apprentice in a university in which Jack Ma happens to be the principal.
Also, it is a common knowledge that many members of the TRON team are former workers with Alibaba which suggest a close relationship. Sun is also called Jack MA’s protégé with many believing the 27-year-old entrepreneur has what it takes to reach the financial pinnacle in China.
Cryptocurrency still looked upon with scepticism by many traditional companies
A partnership seems like a no-brainer, however in the world of business things are not as easy as they seem.
The growing clamour for regulation of cryptos has also made many top organization to reevaluate partnership. Several multinational companies prefer to utilize blockchain products but fail to pick up the digicoins as a mode of payments.
The recent valuation of several coins has not helped with the market plunging down in value by over 80 per cent
TRON is currently using its self-developed Mainnet blockchain technology
TRON initial launched as an ERC20 Token inhibited its growth as it was run on Ethereum virtual machine and many companies want a stable coin.
However, the recent switch to its own developed Mainnet network has seen growth from TRON but not as expected which could be part of reservations about the deal.
TRON has over the past few months made big strides in the crypto industry announcing different partnerships as it seeks to position itself as the coin for the future.
The partnership has come from different niches which shows that TRX is beginning to break bounds in the cryptocurrency market.
TRON has always had its ambition as a decentralized content sharing platform which leverages the potentials of blockchain technology via peer to peer networks. Tron is a non-profit based foundation with an aim to reduce the payment problems in the entertainment industry.
One of the features that make TRON (TRX) Popular is the absence of third-party middlemen in transactions and it allows content to be paid for directly from consumers. Since its launch in 2017, it has become one of the widely used cryptos in the entertainment sector.