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Justin Sun, the founder of Tron (TRX), a leading platform for building decentralized applications (dApps) based on blockchain, announced that TRON is planning to “adjust the incentive mechanism of the entire network with the aim of encouraging long-term owners who point the tokens for the vote “.
It is worth noting that Sun’s main announcement came as its main competitor Ethereum (ETH), the largest smart contract platform in the world, launched the initial phase of Ethereum 2.0, a major upgrade at the level of system to Ethereum.
Sun says its community’s goal is to “transform TRON into a fast, efficient, ultra-affordable decentralized network focused on a well-established incentive and governance mechanism. [while] continuing to consolidate [their] Advantageously positioned as the industry’s most important Tier 2 infrastructure and network. “
Tron’s TRX tokens are trading at just over $ 0.03 and have a market cap of over $ 2.4 billion at the time of writing. While these numbers appear to be solid enough, Tron along with EOS, another major competitor to Ethereum, have not seen significant adoption in recent years since their core networks went live in 2018.
Tron and EOS (along with other second generation blockchain platforms) have been overtaken in use and adoption by other platforms such as Chainlink (LINK) and Polkadot (DOT). While these new DeFi and blockchain platforms focusing on interoperability (decentralized finance) aim to offer different use cases than both EOS and Tron, they have managed to capture a significant amount of market share that once belonged to these so-called competitors. of Ethereum.
Sun now states in its open letter:
“For developers and users, the TRON network is decentralized, secure, stable, cheap and fast; For SRs and stakeholders, it promises generous and stable returns, as well as clear incentives for long-term believers. If Bitcoin is digital gold, it is safe to say that TRON is digital oil, which means that TRON will be the economic necessity you cannot do without in the world of cryptocurrencies. “
In recent years, Sun is known for making numerous claims about the high level of performance of the Tron blockchain platform and its ability to scale to process large numbers of transactions, which is notably something Ethereum has failed to do. and it is also the main reason why Ethereum 2.0 was launched.
When the Tron project was first announced (just a few years ago), many people on social media had pointed out that the Tron white paper had been substantially plagiarized or copied almost exactly from projects like IPFS. Tron’s white paper appeared to have changed only a few words and replaced some words in the IPFS document (and other projects) with synonyms while changing the order of some of the content.
During the past few years, Sun has been involved in many different controversies. Specifically, he managed to book a dinner date with legendary billionaire investor Warren Buffett so he could explain how blockchain and cryptocurrencies can benefit the global financial system. However, the meeting was apparently postponed when Sun claimed he was suffering from kidney stones.
Sun went on to state in his open letter:
“Unlike many public chain projects that have failed, this year the TRON network has overtaken Ethereum to be the busiest public chain in the entire industry. … if Bitcoin is the foreign exchange reserve for the digital world, then TRON is the economic necessity you can’t live without. With over 1.7 million transaction requests processed on average every day, TRON has become the industry’s leading Tier 2 infrastructure and network. My top priority, which is also the core vision of TRON, is to transform it into a fast, efficient and ultra-convenient decentralized network centered on a well-established incentive and governance mechanism. “
Sun added:
Moving forward, all TRON SRs and voters will enjoy rewards from two sources: one is the bulk reward brought by moderate inflation with a daily pool of 5 million TRX (an equivalent of $ 150,000 based on a price TRX of $ 0.03), and the other handles commissions with a daily total of TRX 2.4 million (an equivalent of $ 70,000), which is subject to increases in the future. More incentives also attract more institutions to TRON . This will create a virtuous circle for the network: more token holders participating in voting and staking means an increase in the number of tokens wagered for votes, which will make TRON even more secure; an increasingly secure network and applications will in turn attract more users in the TRON ecosystem, which will bring higher incentives, attracting more owners to participate. The TRON ecosystem will therefore be snowballed in its growth. “
Notably, Sun has made similar claims in recent years. It also announced earlier this year that Tron 4.0 would be released, which was supposed to compete with Ethereum 2.0. While Tron still ranks in the top 20 crypto projects by market cap, it fell short of the ambitious goals, milestones, and expectations Sun had set for the platform.
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