Category Archives: Justin Sun

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Tron Receives Award for Most Innovative Blockchain

Tron Receives Award For Most Innovative Blockchain Platform

  • Tron Foundation has won the Jinse Finance award for most innovative blockchain platform of 2019
  • A new acquisition for BitTorrent is to be revealed soon

A Medium post from TRON has confirmed that the foundation received a Jinse Finance award for 2019’s most innovative blockchain, at the “Keeping Pace with the Time” ceremony hosted on 27 December 2019.  The report drew comparisons between projects undertaken by the foundation in 2018 and 2019.

Some of the listed achievements include an increase in the number of decentralized applications (Dapps_ from 117 to 659 and the subsequent rise in Dapp transaction volume and active users. The foundation boasts to be one of the top Chinese blockchain projects and one of the top three Dapp platforms in the world, thanks to the robust nature of its projects.

The report stated:

“Going forward in 2020, TRON will remain committed to its vision — Blockchain to the power of TRON, continue to advance the blockchain industry and increase engagement with the society. Also, TRON will endeavor to extend the benefits to all loyal community members, living up to its reputation as China’s No. 1 public chain.”

Recently, the founder of the Tron Foundation, Justin Sun, promised the community a new acquisition for BitTorrent, which is expected to cater to the interest of Tron and TRX as well. He also put out a poll asking the members of the Twitterati to take a guess at what the new acquisition is. A majority voted for Steem.

New acquisition for $BTT and @BitTorrent in three days. Stay tuned and welcome new members to #BitTorrent family! #BTT

— Justin Sun (@justinsuntron) December 29, 2019

Yesterday, Justin Sun and BitTorrent announced that DLive (Blockchain platform for the streaming community) will be migrated to Tron, and BLive, BitTorrent’s live streaming platform, will be merged with DLive.

 

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Justin Sun Announces $1 Million for Greta Thunberg Initiative

Justin Sun pledges to donate 1 Million Dollars to Greta Thunberg initiative

  • Crypto activist Justin Sun has announced that he is going to donate USD 1 million in an initiative endorsed by Greta Thunberg to tackle climate emergency

Justin Sun, the founder of cryptocurrency platform TRON, has revealed that he intends on donating USD 1 million to environment activist Greta Thunberg’s initiative on raising awareness about climate change. Sun said that cryptocurrency in itself will have a major role in decreasing the global carbon output.

Justin’s Tweet read,

“As a young entrepreneur, I share @GretaThunberg’s passion to change the world. Crypto will contribute immensely on reducing carbon footprint by implementing decentralized settlement. I would like to personally commit USD 1 Mil to @GretaThunberg ’s initiative. #cop25

This announcement by Sun comes after UN’s COP25 climate talks held ended without a deal. The multilateral negotiations ended on a stalemate with no key decisions being made on important matters such as the carbon trade market. Moreover, there were disagreements on a universal approach towards reducing carbon emissions.

While the common perception towards Bitcoin is that its high power consumption is a bane to the environment, a recent study has stated that Bitcoin and tackling climate change are not incompatible. In fact, as previously reported by BitcoinNews.com, Bitcoin has the potential to fight climate change.

 

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Crypto Pioneer $4.57 Million Charity Bid Wins Lunch with Warren Buffett

Crypto Pioneer .57 Million Charity Bid Wins Lunch with Warren Buffett

As Tronsters were enthusiastically waiting for the “big announcement”, the suspense was broken by Justin Sun, who took to Twitter to announce his win at the eBay charity auction to have lunch with the highly-esteemed investor, philanthropist and CEO of Berkshire Hathaway, Warren Buffett.

Justin Sun, owner of BitTorrent and CEO of Tron Foundation, bid a whopping USD 4.57 million at the 20th annual charity lunch to break the record held by Warren Buffett for the past 20 years. The previous record was set at USD 3.45 million in 2016.

Justin Sun wins charity auction to have lunch with Warrenn Buffett

The amount will be contributed to the San Francisco based charity organization, Glide Foundation. This foundation provides assistance to the homeless with a goal to establish a community living with poverty and marginalization.

Highlighting the importance of such a foundation, Sun said:

“BitTorrent and TRON’s US headquarters are in San Francisco, and bidding on this charity auction was a key priority for our team. I’m proud to have my bid donated to GLIDE, a foundation that provides critical support for our local homeless community.”

Previously, Warren had openly shown his skepticism towards cryptocurrencies. However, he did see potential in the underlying technology of cryptocurrencies, Blockchain. In an open letter to the community, Justice Sun revealed that he hopes to secure a mutual understanding through rightful communication to build Buffett’s confidence in cryptocurrencies and the blockchain technology. He said:

“I also firmly believe that with the right communication and understanding, Buffett will change his overall stance on cryptocurrency and blockchain, allowing this new investment strategy to become integrated into his overall portfolio.”

He further stated:

“I want to close by noting that this is not only a personal highlight for me or even a great day for TRON and BitTorrent; I see this as a win for the entire blockchain community. I can’t wait for the lunch and the opportunity to learn from a master investor and hope he will take away a few insights from us!”

Binance CEO, Changpeng Zhao, pointed out to the importance of the move for pushing adoption as a pathway for the entire financial world to set eyes on cryptocurrencies.

 

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Bitcoin’s Price Grazes $8,000 Next 2019 Milestone $10,000?

Bitcoin's Price Grazes ,000 Next 2019 Milestone ,000?

Bitcoin’s price recently pierced through USD 8,000 for the first time since July 2018, could the bulls be trailing their steps back to USD 10,000 and beyond? Especially given that the first time Bitcoin hit USD 10,000 in November 2017, it had continued in an uptrend rally from around USD 6,000 and reached the hallmark within a month, similar to recent milestones.

Source: CoinMarketCap

As Bitcoin continues in a sustained uptrend for the most part of 2019, the months of April and May happen to stand out so far with as much as 55% gain in just 30 days. Overall, year-to-date price of Bitcoin has seen an upsurge of about 113%. The cryptocurrency market has seen as much as the addition of over USD 20 billion. Bitcoin currently trades along the edge of USD 8,000 as at press time.

 

Source: CoinMarketCap

Perhaps both the fundamentals and the technicals are on the sides of the bull trend, helping the flagship cryptocurrency crawl out of a prolonged bear market plague. Some analysts have pinned the onset of the bull run on such events as the next Bitcoin halving, Fidelity Investment’s recent announcement of its over-the-counter Bitcoin trading service to institutions, and likely spillovers from the US-China trade wars – as Head of International Fixed Income at National Alliance Securities Andy Brenner pointed out:

“If you were in China and you wanted to diversify, it would seem logical that Bitcoin would be a short term alternative.”

Although many onlookers are weary of the parabolic development of the price actions, however, there could be no better news for cryptocurrency hodlers – perhaps a few – who held out their breath to weather the fiery winter storm.

A few industry players have explained their side of the bull trend, with different entities coming forward to claim their role in the price surge. One of such is CEO of TRON Justin Sun, who claimed his Tweet about helping the recently hacked Binance exchange with the sum of USD 40 million USDT had reversed the slight downtrend from USD 5,900 to USD 5,700 upon news of the hack.

At least BitMEX CEO and Co-Founder Arthur Hayes thinks the bulls are here to stay, suggesting Bitfinex’s USD 1 billion raise in 10 days is enough evidence. He also recently celebrated a new trading volume record of over USD 10 billion in 24 hours.

A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!! https://t.co/4DaZ0fNtXe

— Arthur Hayes (@CryptoHayes) May 13, 2019

And he’s saying too bad to those who shorted: “When you mess with the bull you get the horns!!!”

Regardless of the claims, one plausible explanation to the recent price surge is that the market is seeing more buyers than sellers and hence with fewer sellers in the market and a steady increase in the demand for the asset, a price surge is a better incentive to sway sellers to let go of their Bitcoins. Would sellers cave-in or let the bulls ride a while longer?

 

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Tron Founder Hints at Ethereum Collaboration

Tron Founder Hints at Ethereum Collaboration

Tron platform founder Justin Sun is not ready to leave the crypto limelight just yet as this time, he has fueled the rumors of a collaboration with veteran smart contract and decentralized application (Dapp) platform Ethereum.

In a podcast interview with Rachel Wolfson aka the Crypto Chick, Sun was talking up the Tether stablecoin on Tron but also touched on the potential for a future collaboration with another smart contract platform:

“First of all, everybody knows that Tron and Ethereum compete in the Dapp [sector], for sure. But I think definitely that this competition will result in a better product – the competition between Ethereum and Tron benefits the whole industry.”

Social media was a recent playground for mild jabs taken by the Ethereum co-founder Vitalik Buterin and Sun, with followers on both sides of the camp poking fun at each other’s claims, typically that of decentralization.

Toward a brighter tomorrow. pic.twitter.com/7FAWC7TS8z

— Vitalik Non-giver of Ether (@VitalikButerin) April 1, 2019

Sun himself made light of the Tweet during the podcast, claiming that he was into “the true love, and the brotherhood of the industry”. He insisted that this brotherly love could one day culminate in friendly cooperation to improve the industry:

“So I think that in the future we will even collaborate with lots of the Ethereum developers, and also the enterprises built on Ethereum before if we make the industry better.”

 

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Should Ethereum Be Worried About Token Migration?

Although Ethereum is the ICO favored go-to platform, there is a trend emerging towards migration away from its native ERC20 token to home-baked alternatives once projects get underway.

Despite Ethereum’s undisputed dominance owing to the ease of setting up ERC20 tokens to facilitate ICOs, issues such as scalability and transaction speed problems, along with network clogging, have had the effect of driving ICOs to look elsewhere for a better solution.

Ethereum’s ERC20 technical standard has essentially been used by startups as a kind of incubator, it being the primary tool that allows creating tokens for trading.

One of the latest to take this route is the Kin Foundation, which boasts some 300 million monthly users of its Kik Messenger app. A spokesman for the Kin Foundation has explained that the company has been talking to exchanges to allow users that transfer their tokens from wallets to exchanges to forfeit the original ERC20 tokens to Kin’s own native KIN token on its own blockchain, although users can still sit hold their tokens on Ethereum as long as they wish with no time restraint.

KIN’s promotional PR suggests “incredible speed and scalability” along with security and scalability after the shift to its own blockchain. The concept of migrating in this way, of course, is not new. Others who have made this move, notably EOS and Tron, also took the migration route away from the Ethereum blockchain which got them up and running.

Since the launch of the EOS mainnet earlier this year, EOS have scooped up EOSBet, Medipedia, Tixico, Billionaire Token, Insights Network, WAX and Sentinel Protocol. Justin Sun, Tron’s founder and CEO, said that their shift from ERC20 protects their user’s interests.

T-21 days until Mainnet launch! #TRON will be one of the most competitive mainstream blockchains with the most users. We graduated #1 from the ETH platform with 1.08M+ users, more than OMG and EOS combined. ETH was just a prelude. Now for the main act 🎵😎$TRX pic.twitter.com/Oyj4XN1T7l

— Justin Sun (@justinsuntron) May 9, 2018

Sun added, “We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum.”

However, despite such fighting talk from Tron’s top man, the sheer size of the Ethereum blockchain means that it is unlikely that any sleep will be lost just yet for Ethereum backers but migration from ERC20 is a space well worth watching.

 

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Tron Reportedly Claims Stake in BitTorrent Inventor Project

Recent reports have revealed that the recent acquisition of BitTorrent by Tron has gone a step further with news of Tron getting a stake in the BitTorrent’s ex-owner’s latest cryptocurrency project, the Chia Network.

Latest information

Bram Cohen, BitTorrent’s inventor, was reported to have officially stepped away from the company in mid-August and has continued to pursue his own cryptocurrency project named Chia. However, it appears as though Tron is still interested in Cohen’s works.

The Chia project dates back to 2017; Cohen had already left BitTorrent to work on it though he had remained a board member.

Information obtained by CoinDesk indicates that Tron’s Justin Sun has also acquired a stake in the Chia Network, although this information has not been publicly disclosed by either company.

The acquisition deal between BitTorrent and Tron apparently also included a “full release” of some of its intellectual property (IP) with the right for Tron to invest USD 50,000 in Chia under a Simple Agreement for Future Equity (SAFE).

With regards to what IP had been exchanged and what exactly this implies, a Chia Network spokesperson told CoinDesk, “There has been no license or assignment of rights from BitTorrent to Bram [Cohen] or Chia. All software and related intellectual property rights used internally or distributed by Chia was either developed by Chia employees or contractors, licensed from third parties or was available in the public domain. Chia has committed to open source.”

Prior to this, the merger documents show that at the time of acquisition, Cohen owned 31% of BitTorrent’s common stock; holders received USD 29,343,986 of the USD $199 million sale.

Internal affairs

In June, Tron acquired the peer-to-peer sharing platform for an undisclosed amount. Later on in July, Justin Sun wrote positive sentiments in the official announcement from BitTorrent, describing BitTorrent as the embodiment of Tron’s digital strategy and touting it as the “genesis of the decentralized movement”.

A month later, reports emerged describing something of a walkout on the part of existing BitTorrent staff members. Sources at BitTorrent described a situation in which some of the staff, including upper-level management, had been leaving the company. Other senior members of staff are bound to an 18-month lock-in period contract.

It was speculated that Cohen’s departure had created a concern amongst employees who did not see eye-to-eye with the future direction Tron wishes to take BitTorrent, as well as the plans to expand the team by almost double.

 

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