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Justin Sun: Tron Network is Holding 3000 Bitcoin

Tron network, a blockchain-based decentralized operating system, is hosting 3,000 Bitcoin (BTC) configured as BTCTRON, according to its CEO and founder Justin Sun.

8,128 transactions

Sun tweeted this milestone to the crypto community, noting that the wrapped version of Bitcoin, BTCTRON, had 838 holders who had undertaken 8,128 transactions. This number is continuously increasing, depicting the growing adoption.

This follows the launch of its sidechain solution, the Sun Network, in August. The Sun Network is a scaling solution that aims to provide unlimited scalability to the Tron MainNet.

The Network incorporates several scaling projects such as DAppChain, which is a sidechain scaling project that offers unlimited scalability to the Tron MainNet. Furthermore, it focuses on improving the transaction processing systems of the smart contract transactions as well as lowering transaction fees.

Later in September, Sun indicated that BTCTRON could be deployed on the Tron DeFI ecosystem, which materialized earlier this month. As a result, users can utilize a swap feature on crypto exchange Poloniex to exchange their Bitcoin for BTCTRON.

Aiding transfers

The wrapped version of BTC enables users on the Tron blockchain to make different transfers. Moreover, it can be utilized on DeFi platforms found on the Tron network.

In May, Tron received $2 million from the US government in releif funds due to the coronavirus pandemic. This news emerged after the American administration created the Paycheck Protection Program (PPP) to help small businesses stay afloat.

Earlier this month, another distributed-ledger technology developer IOTA Foundation introduced IOTA Access, an open-source DLT framework, for decentralized and automated smart device access control capable of managing billions of machines. It was expected to enable smart device owners and users to request or grant access to their data stream or device in an auditable, contactless, permissionless, and remote manner.

Tron CEO Justin Sun Denies Allegations of Third-Party Celebrity Promotions of TRX Cryptocurrency

Media reports have surfaced accusing Justin Sun and the Tron Foundation of paying celebrities and influencers to promote Tron (TRX) and BitTorrent (BTT), the two major cryptocurrencies associated with the company. Tron Foundation’s Chief Executive Officer Justin Sun has publicly addressed the allegations that he and his firm paid celebrities to promote the digital currencies.

This comes at a time when the price of BTT soared by over 150% to a new all-time high last week. This has never been seen before of the cryptocurrency. As Tron came under fire by critics who were skeptic that the price pump of BTT may be associated with the fact that celebrities have touted it, Sun refuted the accusations, tweeting:

“There have been rumours lately of third party celebrities being paid to promote #TRON. #TRON Foundation is not involved in these activities. Nor is the foundation aware of the actors behind this. #TRON is used across a variety of networks and communities, many of which includes celebrities and well-known figures. Many of them have used #TRON by themselves due to its fast speed and low cost.”

In addition, Sun said his Foundation relishes transparency and will be obligated to disclose if any celebrity was involved with any promotions.

“TRON Foundation believes that transparency is key. If any celebrities are paid to promote TRON, we require them to disclose. In fact, we believe that all influencers who are shaping public and community opinions about public blockchain networks should publicly disclose if they are being paid,” he noted.

The involvement of celebrities either in the music industry or the sports world is not uncommon in the crypto space. Multi-Grammy award winner Akon is renowned for his crypto projects and his quest in establishing a cryptocurrency-powered city that will change the economic landscape of Africa. Floyd Mayweather and DJ Khaled also once faced charges from the SEC for failing to declare the payments they received in promoting investments in Centra Tech’s Initial Coin Offering, which was later declared fraudulent.

Sun’s clarifications may be geared towards averting a similar predicament as what Mayweather encountered.

Tron Foundation Launches its "Just NFT Fund"

The Tron Foundation has launched its non-fungible token (NFT) fund dubbed the “Just NFT Fund,” an initiative that is targeted to be the Ark Funds in the NFT Metaverse.

In an open letter to stakeholders in the Tron blockchain network, Justin Sun, the Founder of the Tron Blockchain reiterated the revolutionary strides of NFTs in the blockchain and crypto space today, projecting that as much as 50% of the world’s artists and artworks will be recorded as NFTs in the next decade.

Just NFT Fund is positioned to sign up top-notch artists and to help facilitate the growth of all its supported creators.

“The highly sought-after NFT market calls for the birth of JUST NFT fund, which aims to be the ARK Funds in the NFT space to register world-class artworks as NFTs on blockchain. JUST NFT fund was born to build a bridge between top-notch artists and blockchain, and to support the growth of native crypto NFT artists,” said Justin Sun in the Open Letter.

According to additional details provided on the operational dynamics of the Just NFT Fund, only artists whose art pieces have a price tag of $1 million and a median value of $10 million will be signed on. The Tron Foundation said it will operate on the belief that “the art space is also subject to the 80–20 rule, or the Pareto Principle, where only the value of the artists sitting at the tippy-top of the pyramid can stand the test of time.”

Justin Sun has been a renowned fan of NFTs. He lost a bid for Beeple’s Everydays: The First 5,000 Days to MetaKovan but later placed the winning bid for one of Beeple’s artworks dubbed “The Ocean Front”. The piece, which has a climate change theme, sold for $6 million and the proceeds will be going to charity.

The Ocean Front will be the flagship NFT for the Just Fund and will be mapped 1:1 to the Tron Network.

Tron Foundation Contests SEC Lawsuit Over Jurisdictional Overreach

The Tron Foundation, known for its significant presence in the blockchain and cryptocurrency space, is currently embroiled in a legal battle with the United States Securities and Exchange Commission (SEC). The bone of contention revolves around a lawsuit initiated by the SEC, which the Tron Foundation argues should be dismissed on the grounds of jurisdictional overreach.

In recent years, the SEC has ramped up its scrutiny and regulatory actions against various players in the crypto industry, alleging violations of securities laws. The lawsuit against the Tron Foundation has become a focal point in the ongoing debate over the extent of the SEC’s regulatory authority, especially when it comes to digital assets and entities operating predominantly outside the United States.

Tron’s legal team has put forth the argument that the SEC’s case predominantly targets foreign conduct. They contend that the digital asset offerings in question were executed outside of U.S. territories and, therefore, should not fall under the jurisdiction of the SEC. The core of Tron’s defense lies in the assertion that the SEC is overreaching by attempting to apply U.S. securities laws to transactions that occurred on foreign shores.

The Tron Foundation’s efforts to dismiss the case raises important questions about the reach of U.S. regulatory agencies in an increasingly globalized and digitally connected world. The outcome of this legal dispute could set a significant precedent for how international blockchain projects interact with U.S. authorities and could potentially reshape the regulatory landscape for digital assets.

It is important to note that the SEC has previously taken action against other cryptocurrency entities, citing the need to protect U.S. investors and ensure compliance with federal securities laws. These actions have sometimes resulted in settlements and fines, but the Tron case appears to be pushing back against the trend by challenging the SEC’s underlying authority to prosecute in the first instance.

As the case unfolds, the crypto industry and regulatory observers will be watching closely to see how the courts interpret the SEC’s jurisdictional limits. A ruling in favor of the Tron Foundation may embolden other foreign-based crypto projects to resist SEC enforcement actions, while a decision upholding the SEC’s stance could reaffirm the regulatory body’s power to police the global digital asset space.

In the meantime, the Tron Foundation continues to operate its blockchain platform, which supports various decentralized applications and aims to foster a more decentralized internet. The resolution of this legal challenge may have far-reaching implications not only for Tron but for the broader crypto ecosystem, particularly in how it interfaces with U.S. regulatory frameworks.