While blockchain technology is revolutionary, the real innovation in the industry has been driven by entrepreneurs and individuals. From Vitalik Buterin to & # 39; enigmatic Satoshi Nakamoto, these disrupters have pushed forward progress and, at least in the previous case, have a finger on the pulse of the sector. With so many new emerging voices, the industry is constantly evolving and the landscape changes.
One of the most intriguing personalities to be included in the spotlight recently is TRON CEO and founder Justin Sun. Already a successful figure in technology, Sun has done blockchain waves thanks to his PEIWO app, his work with Ripple Labs and the development of Tron. Recently, Investopedia had the opportunity to speak with Sun on the phone and shared his views on the market and the future of the industry.
Investopedia: You can expand your theory on the fact that the Overhang XRP shows a broader adoption rate for investors? You mentioned in a tweet that investors embrace the blockchain. Why does this also mean that they will adopt a cryptocurrency with respect to one another?
Justin Sun: XRP is a cryptocurrency designed to provide banks and payment providers with a reliable solution for cross-border payments. I was Chief Representative of Ripple Labs between 2014 and 2016 and I saw first hand the massive demand for blockchain-based cross-border payment solutions. During my tenure, I worked in partnership with WeBank, China's first online job bank, and Shanghai Huarui Bank. Fast to date and Ripple is now supported by over 100 financial institutions worldwide, including PNC. I am confident that the financial sector will adopt blockchain technology. TRON will also enter this space in the future, so I welcome potential partners in the financial sector! Naturally, none of my comments represent an investment advice for your readers.
Investopedia: What is your strategy to push Tron into the Coinmarketcap Top 10?
Justin Sun: There are some steps, but it starts off by making our ecosystem of decentralized applications more robust. We aim to complete one of our milestones in the fourth quarter: combine TRON and BitTorrent and create a unique and exceptional product. We will use TRON's blockchain experience to improve the decentralized BitTorrent protocol, which has over 100 million monthly active users.
BEP [Bim Execution Plans] for both protocols they are currently under review for approval, which will further facilitate the merger of the TRON and BitTorrent technology. TRON is bound to overcome Ethereum on the road to becoming the world's largest decentralized protocol. We will give results on these key milestones in the last quarter of this year and in the first quarter of 2019.
Our second goal is to expand awareness and recognition of the Tron protocol. Between the fourth quarter of 2018 and the first one of 2019, we will continue to position ourselves more firmly in the cryptocurrency market and in more exchanges.
Third, we will continue our efforts in the entertainment and gaming sector. We have already seen some exceptional TRON dApps such as BitGuild which has been developed or migrated to the TRON network. In the next two quarters, we expect even more developers to come together in TRON, which will increase our overall performance.
Fourthly, we always work hard to optimize the TRON protocol, coming out with an 'iteration after another', aimed at bringing the community to the best possible experience and value. If we look at the first 10 cryptocurrencies, many of them are not motivated to continue innovating or improving their product. They represent the old generation of criptos. TRON, on the other hand, is a young company with cutting-edge technology, with much more room for growth. We are confident that TRON will reach the top 10 in the next 6 months.
Investopedia: What was behind the purchase of BitTorrent? Can you tell us more about the long-term strategy involved?
Justin Sun: I think the main reason behind the acquisition is that TRON and BitTorrent share the same vision. BitTorrent is a pioneer of peer-to-peer technology and its results have been crucial at the height of the era of decentralization. Although other companies have turned to the pursuit of profit and market control, BitTorrent has remained constant in its vision of democratizing the Internet.
Investopedia: Tell us a little bit more about Project Atlas. We understand that the goal is to link the peer-to-peer model of BitTorrent to the blockchain of TRON. What does this mean for users on both platforms?
Justin Sun: Project Atlas is an extremely interesting project that will define the future of file sharing. The project is a combination of BitTorrent's decades of experience in peer-to-peer networking technology and its 100 million monthly active users with TRON's solid blockchain capabilities.
Using a series of BitTorrent protocol extensions, a custom token and an in-client token economy to address existing limits, the company aims to open a new boundless economy in which users can exchange value for IT resources on a global scale. Since its creation, the BitTorrent protocol had a system of incentives embedded in its main processes.
We are implementing the features of Project Atlas as a set of protocol extensions compatible with previous versions. This means that existing clients will continue to function flawlessly as new clients and features are introduced. Users will be able to continue using their existing version while earning or spending tokens will not be mandatory, and users will still be able to download and seed to and from the new generation of users.
Investopedia: You said that developers can move their projects to TRON Virtual Machine (TVM) for "almost for free". Can you specify what "almost free" means?
Justin Sun: The TVM is fully compatible with Ethereum's EVE. In addition, it costs a fraction of a TRX to support smart TVM contracts and create TRON accounts. Because the cost is so tiny, let's say "almost for free". By comparison, creating and supporting contracts on Ethereum and EOS can cost a user more than $ 10.
Investopedia: Give us five reasons why TRON is better than Ethereum.
Justin Sun: At TRON we always stress the importance of accessibility and our dedication to the community. That's why we've made sure to achieve our goals of being faster and cheaper than Ethereum, providing an easy-to-use and inexpensive network to our vibrant community of talented developers. Not only that, we have endeavored to support our solid technical capabilities with a global support system that spans various platforms, including Telegram, Slack, WeChat and e-mail, providing personalized and rapid technical support to the community.
In the immediate future, we will move to Discord to unify communications with different groups designated for the management of specific additions. In addition, TRON also has greater flexibility in developing dApp because we can adopt existing Smart Ethereum contracts and have the tools to develop our TRON dlls.
Since I founded TRON in September 2017, the company has achieved a number of achievements, including the launch of Mainnet in May 2018, the independence of the network in June 2018 and the launch of the TRON Virtual Machine in 39; August 2018. We are one of the fastest-moving blockchain projects with a hard-working team that makes the exchange of results the status quo, which is an important part of our success.
Investopedia: The seminal Bitcoin white paper turns 10 in October. Do you think Bitcoin, as it is today, is faithful to Satoshi's original vision?
Justin Sun: True, the Bitcoin white paper was published on October 31, 2008. I believe Bitcoin has achieved Satoshi's vision. However, I see TRON bringing the torch into the future. In an email conversation dated November 2008, Satoshi noted: "For transferable proof of work tokens to have value, they must have a monetary value. To have a monetary value, they must be transferred to a very large network. For example, a file exchange network similar to BitTorrent. "A decade later, TRON is taking the word of Satoshi on the invaluable role of BitTorrent in blockchain and makes it a reality. We expect to fully realize this vision in the next two quarters and to continue to reach new heights!
Investopedia: What are the biggest challenges for global crypto innovation?
Justin Sun: The biggest challenge is to get mass adoption of cryptocurrencies. The question is, how can we solve this? TRON has already taken the first step towards finding a solution with Project Atlas. The key to mass adoption is to have a decentralized, large-scale application, a key step also for the development of the encrypted sector. The alliance between the protocols and the skills of TRON and BitTorrent is the basis of a new model of content distribution.
For beginners, the product will see much faster download speeds, more seeds, no mining and compatibility with previous versions. We are adapting technology to the world in which we live today: mobile, connected and transparent. We aim to finally empower all content creators and their communities by eliminating the intermediary and allowing content creators to distribute their work directly to users.