Tag: tron

Barred from Leaving China? Tron Founder Justin Sun Surfaces in San Francisco

After bidding a record $4.57 million for lunch with Warren Buffet, Justin Sun – the founder of Tron Foundation announced on Tuesday on his Weibo social media platform that he had to cancel the charity lunch, which was originally set for Thursday in San Francisco. Justin has been a well-known entrepreneur in China’s cryptocurrency community, after graduating from the University of Pennsylvania, he returned to China and served as chief representative and advisor of Ripple Labs.

Sources mentioned that Justin Sun was on the border control list by the Chinese government that can restrict him from travelling abroad due to alleged illegal fundraising, money laundering, gambling and involvement in pornography according to Caixin. An investigation has been launched regarding the allegations by the public security department.

According to Tron Foundation’s Twitter, it was only mentioned that Justin Sun and Warren Buffet had “agreed to reschedule at a later date,” due to the fact that Justin Sun has been ill with kidney stones.

On a live video broadcast on Justin Sun’s Twitter, he shows the Bay Bridge in the background, which meant he appeared to be in San Francisco.

Images via Shutterstock, altnews.nu and kisspng.com

TRON Launches Sidechain Solution & Aims to List on Coinbase

Decentralized application platform, Tron (TRX) announced the launch of its sidechain solution, the Sun Network, as revealed in the company’s blog on 11 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.  

There are two distinguishing features of Sun Network compared to other scaling solutions: 

1) The network focuses on improving the transaction processing systems of the smart contract transactions as well as lowering transaction fees. 

2) The sidechain development can satisfy more customized requirements, such as transaction rates, transaction confirmation speed and setting sidechain incentives.

Tron founder, Justin Sun tweeted on 10 August that it is the company’s number one priority to get Tron listed on the cryptocurrency exchange Coinbase after Tron supporters raised a concern on whether US citizens can trade TRX in Coinbase in a tweet on the same day. 

Image via Shutterstock

TRX Mortgage Lending Platform Now Available to Public On TRON’s Nile Testnet

The Tron Foundation announced that the TRON TRX mortgage lending platform which is being launched on the Nile test net is available for the public testing phase, according to a medium post on Monday. The foundation believes that the platform will expand the quality of Tron ecosystem and foster awesome ecological prosperity within the loans sector.

The decentralized borrowing platform has been temporarily named DeLoan, the project is a decentralized TRX mortgage lending platform established on TRON and it leverages a stablecoin which has been tentatively named CRD (Credit) and is pegged at  $1 just like USDT. The platform when fully established will allow users to lend CRD by mortgaged TRX assets and with the passing of time, CRD can also be used to buy other digital assets such as BTC and ETH. It is very important to note that unlike USDT, the generation method of CRD is purely decentralized.

A management coin on the platform called DLN (an abbreviation of DeLoan) will also be integrated shortly, which will be used to ensure the decentralized governance of the DeLoan ecosystem. DLN will be used to pay loan interest and also DeLoan’s voting rights on proposals, helping to maintain and enhance key parameters of DeLoan, such as lending rates.

The report stated clearly that the DeLoan testing phase only supports PC access at the moment. The official version will be updated to accommodate other operating systems and the names used in the report : DeLoan, CRD, DLN are subject to be changed in the future.

Justin Sun Finally Got His Long-Awaited $4.57 Million Dinner with Warren Buffett

Founder of TRON, cryptocurrency entrepreneur Justin Sun had his long-awaited $4.57 million charity auctioned meal with Warren Buffett. 

Sun announcedin a Facebook post that he had dinner with Buffett at a private country club in Omaha, Nebraska, in the United States on Jan. 23. Other guests, invitees of Sun, including Litecoin creator Charlie Lee, eToro CEO Yoni Assia, Chris Lee, the CFO of Huobi, and Helen Hai, the head of the Binance Charity Foundation also joined. The meal had been initially scheduled for late July 2019; Sun reportedly postponed the dinner due to health issuesfollowing the rumorsof Sun barred from leaving China.

Source: Justin Sun’s Facebook page.

Sun presented several gifts to Buffett, including one Bitcoin, stored in a Samsung Galaxy Fold phone. He wrote in a Facebook post,“Since I gifted him this #Bitcoin, $BTC has increased 16%! Hope it continues to moon!” He also presented Buffett with a bronze horse,as they were both born in the Year of the Horse, according to the Chinese zodiac. As 2020 is the year of the mouse, Sun also gifted Buffett a traditional Chinese paper cutting of a mouse.  

Buffett has made his stance on Bitcoin clear, that the cryptocurrency is benefiting from an investment bubble, and is not suitable for long-term investors. Buffett previously compared Bitcoin to “rat poison squared,” and urged long-term investors to stay away from the bubble that was created, which he predicts will eventually collapse. 

The original goal of the dinner, according to Sun, is that he hoped that the meal would “bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology. Sun said in a statement after the dinner that it was “really an honor, and I’m grateful for Mr. Buffett’s dinner, wisdom and vision.” He added that he would like to take Buffett’s advice and guidance to make TRON a better business with the whole crypto and blockchain ecosystem. 

Image via Ian Kerins

Ethereum, EOS, & TRON: Which Blockchain Will Continue to Dominate the Dapp Ecosystem in 2020?

By measuring the success of how individual blockchains: Ethereum, EOS, and TRON have been performing in the first month of the new year, the data from January 2020 gives an insight into the year ahead. 

Although Bitcoin kicked off the entire ecosystem of blockchain, it was Ethereum that first unlocked aspects of its true potential by allowing developers all over the world to create decentralized applications (Dapps) on their blockchain platform. Through Ethereum, developers could code smart contracts that serve as the blueprint for Dapps. Other blockchain protocols joined in, the two most major Dapp enabler alternatives to Ethereum are TRON and EOS and there are currently over 3000 Dapps running on blockchain protocols.  

Ethereum  

Ethereum has served as the main network for Dapps to be built upon, but since its creation, it has run on a proof-of-work consensus algorithm. 

Ethereum has set a new record of daily active unique wallet count user base, with an increase of 82% this year, compared to January 2019. Currently reaching a daily average of 16,840 users, the daily active unique wallets were just 9,264 at the end of January 2019. 

Daily active unique wallets have three times more users in the Games and Marketplaces category in January 2020 compared to the end of January 2019, an uptick of 163%.   

In terms of the number of active decentralized applications (Dapps) deployed, the depth of its development community has seen consistent growth in users and value during 2019.  

The daily value seen so far in early 2020 in dollars across the Ethereum Dapp ecosystem has increased by 39% compared to December 2019. Daily active unique wallets were also up by 4%.  

Decentralized finance (DeFi) has been making waves over the last several months following the surge in platforms and products offering DeFi services and applications. Skirmantas Januskas, CEO of DappRadar is particularly pleased with this development, he said, “Yes, the explosion in DeFi Dapps on Ethereum is proof Dapps can offer great utility and do so in a manner that is very hard to copy in the centralized software space. The major driver of this is MakerDAO’s DAI stablecoin, which enables developers to build increasingly complex products on top of a trusted layer. This level of composability is at the heart of DeFi and allows developers to come up with ever more sophisticated solutions to niche problems.” 

DappRadar’s report also suggested that the decentralized applications that had the highest impact on the rising DeFi number are MakerDAO, with an average of more than 350 daily active users, Compound with over 240, and PoolTogether with over 100.   

TRON  

TRON has seen a rise in 2020, along with Ethereum, with a user base that has grown 33% so far, comparing to January 2019. TRON’s user base also rose by 8%, ending a month with over 22,000 users, hinting at the point that TRON may take lead in daily active users.  

The most popular category by daily active unique wallet split has been the Gambling and High-Risk sector, as the top three Dapps on TRON belong to this category as well. 

EOS 

EOS started 2019 in a positive trend, but the second half of 2019 has been a slow downhill ride for EOS. The EIDOS airdrop sparked network congestion, which impacted the general Dapp usage, following a continuous decrease in daily active unique wallets by 8% in early 2020.  

In contrary to TRON, the EOS user base in the Gambling and High-Risk sector has decreased by 29%. The more popular categories on EOS are Exchanges and Games.   

  

Justin Sun's TRON to Receive $2 Million from US Government Aid Coronavirus Relief

Justin Sun’s Tron platform has reportedly obtained US government aid of more than $2 million in coronavirus relief. The ongoing coronavirus crisis has wreaked havoc in the US financial markets. Particularly small-sized businesses are suffering from the economic shutdown meant to slow down the spread of coronavirus. With hundreds of thousands of employees in danger of losing their jobs, the US government created the Paycheck Protection Program (PPP) to help small businesses stay afloat. The money does not need to be repaid. 

Prominent figures question Justin Sun’s relief loan

But the small business loan program has had some serious issues to ensure that these funds are distributed properly. For example, many people seem to question the grounds for giving Tron government aid. Even key personalities in the crypto community have questioned the basis at which the controversial 28-year-old entrepreneur could get the aid.

Some blockchain startups have been denied grants. It was reported that ConsenSys, which was founded by one of the Ethereum co-founders also applied for the small business relief money, but could not get it. Zach Herring, program director at ConsenSys said that while several hard-working Americans are struggling with the complicated application process to get a loan and face rejection without a valid reason, Sun is walking away with a lot of money.

Furthermore, the US Federal Reserve has also been accused of engaging in dubious practices by allowing companies, which had used the widely-abused accounting techniques in the past, to get loans.

Critics argue that Justin Sun is a wealthy individual who does not appear like he needs the aid to survive the crisis, especially when putting into consideration of his multi-million-dollar acquisitions of crypto-related firms like Steemit, Poloniex, and BitTorrent. He recently had paid $4.5 million to have lunch with Warren Buffet.

Sun’s wealth is considered to be valued at $200 million. He shifted business operations of Tron to San Francisco after Beijing banned local cryptocurrency exchanges and all ICOs in 2017 to keep a tighter rein in the financial system.

Recently the US Attorney’s Office for The District of Rhode charged two men for attempting to take advantage of the Small Business Loan Program meant for the coronavirus relief. It remains to see whether Justin Sun will face such similar scrutiny.

Sun’s $4.57 million lunch with Warren Buffet

While Tron remains one of the leading blockchain platforms by user activity and market capitalization, its founder Justin Sun has continued attracting controversies. He has become one of the most controversial personalities in the blockchain space. More recently, he paid $4.57 million in a charity auction to have lunch with Warren Buffet, one of the most successful investors in modern history.

Before Sun revealed to his Twitter followers that he had won a lunch event with Warren, he created suspense by making many pre-announcements, saying that something big was about to take place. But just a few days before the lunch meeting, Sun posted on social media that he was suffering from sudden health complications. He, therefore, mentioned that he would not be able to attend the meeting with Buffet. Soon after he cancelled the meeting, many sources reported that Sun was accused of alleged money laundering and involvement in pornography.  The reports also claimed that the Tron founder had been barred from leaving China because of his involvement in gambling and illegal fundraising activities.  

While it could be difficult to confirm everything, which occurs in the crypto space, Sun has become famously known for his marketing and publicity stunts. In the past few years, Tron has attracted several controversies, mainly because of its CEO’s excessive hype and marketing. Tron has several vocal supporters who are adamant that the company is gaining market share, and active users are rising. Many people know Justin Sun for his controversial headlines and keen to follow his activities.

Image via Elevenews

Justin Sun Tweets Tron just Issued $1.3 Billion in Tether, Here's What it Means for Crypto

While the broader cryptocurrency market is still reeling from a multi-year bear market since 2017, stablecoins like Tether are seeing action. Billions of dollars in USDT have been issued since its launch and the addition of Tron-backed stablecoin issuance, coupled with the now-concluded Bitcoin halving, signals a volatile period ahead for crypto traders and investors.

Nearly $3 Billion Issued to Date

Tether issued on Tron’s native blockchain has exceeded the latter’s market cap. To date, approximately $3 billion in USDT in Tron has been issued, almost three times Tron’s $1 billion market cap. 

On May 12, Tron founder Justin Sun tweeted:

The thread received mixed responses. Some state the move brings forth much-needed liquidity and Tether-backing to the crypto market, infamous for its volatility. Others suggest the move is unneeded — excessive printing of USDT leads to unfair prop ups of Bitcoin prices, suggesting artificially inflated coin values similar to pump-and-dump schemes. 

Tether has been printing at an alarming rate since late-2017 when Bitcoin and the cryptocurrency market crashed more than 60 percent. Altcoins like Tron were crushed, falling as much as 90 percent from all-time-highs.

The bear market was an opportune time for Tether, and other stablecoins like Paxos and USDC, to serve investors and crypto traders as a relatively stable asset to protect against volatility and capital. 

Tether was initially, in 2017, issued on Omni-layer Bitcoin, shifted to Ethereum, and then ended up at Tron due to the latter’s scalability, network heuristics, and secure algorithm. As of today, the amount of Tether (USDT) tokens issued on the Tron (TRX) blockchain now accounts for nearly 20 percent of all USDT tokens.

(TRC20-based USDT on Tronscan)

Bitfinex and Tether CTO Paolo Ardoino explained Tether’s “chain swap:”

“This process allows traders to obtain access to the various blockchains that support the cryptocurrency that they are holding, thereby enabling the use of their digital assets on these other supporting blockchains.”

Each time Tether prints large volumes, an initial surge in cryptocurrency prices follows. This usually precedes a drop, as traders presumably use stablecoin as collateral to enter “short” positions and contribute towards volatility. 

Importantly, such periods also see increased activity in the altcoin market. Coupled with Bitcoin’s now-concluded halving, the Tether issuance could mark another surge for Bitcoin and altcoins in the coming weeks, possibly even shifting BTC’s current 65 percent market dominance to under 50 percent if 2016’s post-halving trading conditions are replicated. 

Image via Shutterstock

TRON Founder Justin Sun Offers Bounty Reward for Twitter Bitcoin Scammers

As distressed Twitter users scrambled to get a sense of the recent Bitcoin attack that happened earlier this week, TRON founder Justin Sun spoke up and offered a $1 million bounty reward for whoever was able to uncover the identities of those behind the Twitter mass hack.  

The Founder of the cryptocurrency platform TRON and BitTorrent CEO was among the many big-name influential figures that saw their Twitter accounts compromised and used as a Bitcoin laundering platform by scam artists. Through BitTorrent’s Twitter handle, his leading software company that deals with multi-tech companies such as Windows, Android, Mac and more, the young entrepreneur announced that he will “personally pay those who successfully track down, and provide evidence for bringing to justice, the hackers/people behind this hack affecting our community.” 

During the massive Twitter hack, the spam attacks demanding Bitcoin funds constantly kept surfacing on all handles, despite the spam tweets being perpetually removed as they rolled in and the security settings of celebrity accounts – set as a two –factor authentication process. 

BitTorrent was quick to address the issue and warned its crypto followers at the time of the incident to disregard whatever posts, comments, and/or DMs from CEO of Binance – CZ, from Binance’s official account, from TRON founder Justin Sun and his TRON foundation account, seeing as they were all under widespread attack from hackers. 

Twitter Goes Down & Sparks Reaction 

Following the huge Bitcoin scam attack, Twitter stocks fell in just under 15 minutes, going from $35.60 to $34.70 during after-hours trading, which is a decrease of around 2.5%.  

Many influential figures spoke up about the incident and were quick to criticize social platform Twitter’s way of dealing with the hack attack. Head of cybersecurity firm SocialProofSecurity Rachel Tobac said that she was quite surprised that Twitter did not go “completely dark to prevent misinformation campaigns and political upheaval.” The Bitcoin scam sneak attack was known to have also affected political candidate Joe Biden and former President of the United States, Barack Obama, among many others.  

Another influential figure, Scott Melker, a former music producer turned crypto trader, spoke about Twitter’s tactics in dealing with the situation, and said that this was an example of why centralized platforms were not reliable. He said that there were “single points of failure that you do not control.” Melker was also unsure of how Twitter could tastefully handle this massive hack outbreak in a way that would appease its users and wrote on one of the last tweets he could post on his verified Twitter account before his platform accessibility was restricted: 

“Imagine having the most powerful people and companies in the world all angry at you at once.” 

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.

$100 Million of Tether Swapped from Tron Network to Ethereum Blockchain

$100 million worth of Tether (USDT), a leading stablecoin, has been transferred from the Tron network, a blockchain-based decentralized operating system, to the Ethereum blockchain, according to Paolo Ardoino, Bitfinex and Tether CTO. 

Ethereum is making headways

Ethereum has been stamping its dominance in the recent past because of its growing adoption in the booming decentralized finance (DeFi) sector, as well as other projects like decentralized applications (Dapps) and smart contracts. 

Therefore, this superiority explains why Tether has been undertaking routine chain swaps from the Tron network to Ethereum, with the latest transfer being $100 million of USDT. 

These swaps are a common delicacy for Tether as users usually have the option of shuffling their coins to another blockchain. For instance, in September, at least $1 billion of USDT left Tron for Ethereum. 

Despite Ethereum experiencing a good run in the decentralized finance ecosystem, EthHub co-founder Antony Sassano recently revealed that its circulating supply was limited because 60% of it had remained stagnant for more than a year. Therefore, interesting times lie ahead as Ethereum 2.0 first approaches.

Ethereum reserves swell to $11 billion

According to Tether’s transparency page, its Ethereum reserves have skyrocketed to $11 billion. This explains why USDT has been leaving in droves from Tron to Ethereum as the former’s reserves have shrunk to $4.7 billion. 

Nevertheless, the Tron network is still firm, as revealed by its CEO and founder Justin Sun. He noted that the system is hosting 3,000 Bitcoin (BTC) configured as BTCTRON. Precisely, the wrapped version of Bitcoin, BTCTRON, had 838 holders who had undertaken more than 8,128 transactions.

Tether’s adoption is continually happening on many fronts. For instance, in August, blockchain analysis company Chainalysis disclosed that cryptocurrency assets valued at nearly $50 billion left China in 2019, and Tether made up at least $18 billion of these transfers. 

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