Introduction : The Web3 Revolution After the US Election

After the 2024 US presidential election, the cryptocurrency market saw a marked shift, with Bitcoin (BTC) and other cryptocurrencies recording significant gains. The global financial market has entered a new phase, in which Web3 (including blockchain, cryptocurrencies, and decentralized applications) is expected to be a game-changer in the digital economy. Political moves in the United States, especially the supportive policies of the new administration, are opening up a great development opportunity for this field.

Against this backdrop, Chinese blockchain and cryptocurrency projects, such as TRON founded by billionaire Sun Yuchen, are increasingly asserting themselves and participating in the global Web3 revolution.

The Long Haul of Cryptocurrencies: From Inception to Global Adoption

Cryptocurrencies began to be widely known from the introduction of Bitcoin in 2009. However, it wasn't until 2017, when Ethereum was born and popularized the concept of "smart contracts," that the cryptocurrency market really took off. According to a report from CoinMarketCap, the capitalization of the entire cryptocurrency market has jumped from less than $20 billion in 2013 to $800 billion in 2017.

However, the development of cryptocurrencies has not been smooth. After the Bitcoin Mining Debacle and the massive hack from Mt.Gox in 2014, cryptocurrencies have been seen by many countries as a threat to the traditional financial system. As a result, countries such as China, South Korea and India have taken control measures. In particular, in 2017, China introduced a ban on ICOs (Initial Coin Offerings) and cryptocurrency trading activities, causing many investors and blockchain projects here to divert outwards.

However, in the following years, countries began to open up more to cryptocurrencies. In 2021, the US passed the Infrastructure Act, which clearly stipulates taxes on cryptocurrency transactions. This is an important step in promoting the development of the cryptocurrency market in developed countries.

Changes in Global Management and Acceptance

The US, especially under the leadership of President Joe Biden, has shown a shift in its approach to crypto and Web3. In March 2022, the US government created a special committee to study cryptocurrencies, and announced plans to issue a digital dollar (Digital Dollar) in the near future. According to a report by the US Treasury, cryptocurrencies such as Bitcoin and Ethereum are now not only for investment purposes but also have the potential to become global payment methods in the future.

Several other countries have also started accepting cryptocurrencies as legal means of payment. El Salvador was the first country in the world to accept Bitcoin as legal tender in 2021. According to the Central Bank of El Salvador, as of the end of 2023, more than 1 million people of the country have used Bitcoin in daily transactions.

Global Payment Demand and the Prosperity of Stablecoins

One of the key factors that has helped cryptocurrencies thrive is the emergence of stablecoins, which have a stable value and are less volatile than Bitcoin or Ethereum. Stablecoins, such as USDT (Tether) and USDC (USD Coin), are widely used in international payments thanks to their ability to mitigate risk from fluctuations in the value of other cryptocurrencies.

According to data from CoinGecko, by the end of 2023, the total market value of stablecoins has exceeded $150 billion, accounting for nearly 20% of the total crypto market capitalization. These stablecoins are mainly used in cross-border transactions and payments in DeFi (decentralized finance) platforms, which reduces transaction costs and increases processing speed.

TRON, the blockchain platform founded by billionaire Sun Yuchen, has quickly grown to become one of the largest stablecoin trading platforms. TRON supports USDT trading on its network, which reduces transaction costs and times. According to data from the TRON Foundation, the number of TRC20 USDT transactions on TRON has exceeded 100 million transactions per day, confirming TRON's position in the stablecoin ecosystem.

The Rise of Meme Coin and the Influence of Its Founders

Meme coins, although they come from "jokes", have created an extremely strong community in the cryptocurrency industry. Dogecoin, which was created in 2013, has become a cultural icon, not only in the crypto community but also among investors and celebrities such as Elon Musk.

While Dogecoin leads the meme coin market, TRON is not out of the game. Projects like SunPump have leveraged the power of the community to attract users and investors, and provide an opportunity for founders to build new products and services based on meme coins. Recently, TRON has developed a new product, "SunPump", with strong community support, and attracted the attention of investors from countries such as China, South Korea, and the United States.

The Future of Web3: An Important Transformation

Forecasts from Standard Chartered bank show that the cryptocurrency market could reach a value of up to $10 trillion by 2026. This is a sign of the strong growth and potential of Web3 and blockchain technology in the near future. Along with the explosion of decentralized applications (dApps), decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs), Web3 is forecast to become the cornerstone of financial systems and digital societies in the next decade.

Key areas of development of Web3

1. Decentralized applications (dApps): Decentralized applications are gradually replacing traditional applications where users can interact directly without intermediaries such as large companies. dApps built on blockchain platforms will help minimize security risks and increase control for users.
2. Decentralized Finance (DeFi): DeFi is one of the most vigorously growing areas of Web3. DeFi allows users to make financial transactions such as lending, borrowing, trading, and saving without going through traditional financial institutions. This helps to minimize costs and create financial opportunities for those who do not have access to traditional banking services.
3. Non-fungible tokens (NFTs): NFTs are a prominent niche in Web3, allowing users to own and trade unique digital assets such as artwork, music, or even virtual real estate. NFTs have not only changed the way we interact with art and collectibles, but they have also expanded to industries such as gaming, entertainment, and sports.
4. Decentralized Autonomous Organization (DAO): A DAO is an organizational model without centralized management. Instead of having a single leadership, every decision in the DAO is made through community involvement and consensus from members through smart contracts. This is a new organizational model that can replace traditional companies and become a management model for Web3 projects.

TRON, Ethereum, and Solana: Blockchain Leaders

In the current blockchain ecosystem,TRON,EthereumandSolanaare three prominent platforms with special features that enhance the development of Web3.

1. TRON (TRX): TRON is currently one of the blockchains with fast transaction speeds and ultra-low transaction fees. Every day, TRON processes millions of transactions, an impressive number compared to traditional blockchains. The platform is known for its ability to support dApps, especially in the DeFi and entertainment sectors. TRON is not only a platform for decentralized applications, but it also helps to reduce transaction costs, which is an important factor for decentralized financial services.
2. Ethereum (ETH): Ethereum is the first platform to support smart contracts and dApps, helping to usher in the era of Web3. However, Ethereum has faced the problem of high transaction fees and limited scalability. To overcome this, Ethereum is implementing Ethereum 2.0, which moves from a Proof of Work (PoW) to a Proof of Stake (PoS) mechanism, which improves speed and reduces transaction fees, opening up even stronger growth opportunities for Web3 applications.
3. Solana (SOL): Solana is an emerging blockchain platform that stands out for its ability to process thousands of transactions per second with very low transaction fees. Solana uses a Proof of History (PoH) consensus mechanism, which improves performance and increases scalability. The platform is becoming a popular choice for DeFi and NFT applications, thanks to its speed and low transaction costs.

The Future of TRON in Web3

With the continuous development of technology,TRONis forecast to play an increasingly important role in the global Web3 ecosystem. Thanks to features such as fast transactions, low fees, and the ability to handle large trading volumes, TRON is attracting many development projects on its platform. Moreover, TRON is making strong strides in partnering with large organizations and developing practical Web3 applications, thereby increasing user adoption.

According to data fromTRON Foundation, the number of transactions on TRON reached $5.77 billion in Q3 2024, setting a record high. The platform is also expanding its scope of use, not only in the crypto sector but also in applications such as decentralized social media and online entertainment services. TRON will continue to be a strong contender in the race to build a Web3 ecosystem with support from the vast user community and developers.

The role of Chinese projects in Web3

TRON, founded by billionaire Sun Yuchen, is one of the prominent blockchain projects from China with global influence. TRON is currently one of the blockchain platforms with the highest transaction volume in the world, supporting the trading of stablecoins and meme coins, and developing a robust Web3 ecosystem.

Despite the controversy surrounding Sun Yuchen's promotional methods, there is no denying that TRON has created a strong community and is constantly innovating. TRON's ecosystem currently supports thousands of dApps, and offers services such as DeFi and NFTs, helping to drive the growth of Web3 globally.

Conclusion: Waiting for the Golden Age of Web3

With support from the friendly policies of the US government and other countries, Web3 is entering a period of strong development. Leading blockchain companies such as TRON, Ethereum, and Solana are leading this trend and are expected to dominate in the future. Chinese projects like TRON will continue to be pioneers in promoting Web3 technology, bringing a bright future to cryptocurrencies and blockchain applications.

Here are frequently asked questions (FAQs) about Web3 and crypto:

1. What is Web3 and why is it important? Web3 is the next generation of the Internet, using blockchain technology to create decentralized applications (dApps). Web3 helps users control their personal data, without relying on big companies like Google or Facebook. It offers transparency, security, and interoperability across platforms.
2. What is the difference between Bitcoin and Ethereum? Bitcoin was the first cryptocurrency, primarily used as a means of investing and storing value. Ethereum, in addition to being a cryptocurrency, also supports smart contracts and decentralized applications (dApps), which help expand the scope of blockchain use and applications.
3. What are stablecoins and why are they important in Web3? Stablecoins are cryptocurrencies with a stable value, usually pegged to an actual asset such as the USD. Stablecoins help mitigate the risk of price fluctuations of coins like Bitcoin and Ethereum, making them useful payment tools in the Web3 ecosystem.
4. Can Web3 replace the traditional financial system? Web3 does not completely replace the traditional financial system, but can supplement and improve it. Decentralized finance (DeFi) applications allow users to make transactions, borrow, or save without the need for a bank, but still face regulatory and security challenges.
5. How do blockchain projects like TRON influence the growth of Web3? TRON is a large blockchain platform, which reduces transaction fees and increases processing speed. TRON supports a wide range of DeFi, stablecoin, and NFT applications, fueling the growth of Web3. Projects like TRON play a key role in building the Web3 ecosystem and bringing blockchain technology closer to global users.