Tron (TRX) And Justin Sun: Amongst Criticism and FUD Is the Future Bright?
Tron (TRX): In The Focus Of Decentralization
It must not be easy to take responsibility for creating a decentralized Internet, which is the ultimate promise of the Tron Foundation and its creator Justin Sun. The TRON network has been criticized as a platform without a product, but to what extent are these accusations true?
Super Representative Candidacy
Today, on July the 19th, Justin Sun, creator of TRON, announced the nomination of a new candidate to be the network's top representative. To the surprise of many, he was himself.
In TRON’s network, the role of top representative is called “Super Representative“. It will play an important role in network governance and represent the interests of Tron users to the rest of the world. Sun's own candidacy comes as part of an effort to remind Tron (TRX) token holders that participation in network governance is important.
As expected, questions arose from the community about whether Sun would use the 33.2 billion TRX tokens that remain in the possession of the Tron Foundation to vote for himself, and Sun promised that this would not happen to make the process as fair as possible.
Sun said he sincerely hoped Tron users would vote for him, but wished the other candidates good luck. As such, there are currently more than 60 candidates in the race for the position of Tron Network Super Representative.
The Tron community gave mixed answers about Sun's expectations of his candidacy:
“You’re running for representative of your own company! Bold move, Cotton. God damn, best of luck!… Are you so stupid of doing this? The founder will run and wants to be one of the SR?… SERIOUSLY Justin? Instead of focusing on what you can do for the TRX and let the public run the SR, you wanted to compete with us and divide your time having SR and being the Founder?” were some of the statements made by several users on Twitter.
Sun's sudden candidacy seems to be in line with the kind of “rock star” approach he has taken in other aspects of his career. This is very much like a “moving fast and breaking things” attitude that Mark Zuckerberg came to talk about at some point.
Justin Sun, The Creator
Justin Sun is a pioneer. At just 26 years of age, he is not only the brain of the TRON network, but was also chosen to be part of Forbes Asia’s 30 under 30 list. He has accumulated more than 424,000 followers on Twitter and is the CEO of PEIWO, which defines itself as the largest voice streaming application in China.
He was Ripple's principal representative in China and was named Global Shaper at the World Economic Forum in 2014. It also acquired BitTorrent after a legal battle that ended in mid-June of this year.
In addition, Sun was elected by Jack Ma, CEO of the multinational Internet and retail conglomerate Alibaba, for its academic program. As a student of Ma's program for entrepreneurs at Hupan University, he graduated with a thesis entitled “The Birth of a Decentralized Internet“, which focused on the present, history and future of blockchain technology.
The Future Of Tron According To Its Creator
According to Sun, Tron's path is clear. The company, which already has offices in San Francisco, Singapore and Beijing, is looking to establish new offices in other parts of the world and expand its overall business operations.
In Sun's words, his own vision is a little deeper than that of the Tron Foundation. In fact, it seems that Sun sees Tron as the main tool for achieving a fully decentralized website. That is to say, a platform that will allow users to maintain all the property rights of the content they create and upload.
The True Beginning
Tron has been very fortunate in the cryptocurrency market. Its ICO was held in September 2017. At that time, the worldwide fever and popularity of cryptos was beginning, bringing markets to more than $500 billion by the end of the year. The symbolic sale of Tron closed successfully, with a collection of approximately $70 million.
After its public release, the currency soared, along with the rest of the cryptography market, from approximately $0.04 to $0.25 in a matter of weeks. The rally attracted a lot of positive attention; things looked good for the new network.
But as with all popular cryptocurrency, it also goes through the path of heavy criticism and general skepticism on the part of the community.
Examples of these rumors in the market can be seen in the cases of Cardano (ADA) or Ripple (XRP). At one point, it was said that ADA was being maliciously sold to vulnerable populations with unrealistic promises of high income, which was supposedly plaguing the network. At another point it was also said that XRP was receiving a lot of criticism about how many institutions have actually adopted any of its products. And we still fall short of telling the rumors about Bitcoin (BTC) in recent months.
Faced with the problems of rumors and misinformation, Tron is no exception. The accusations that Tron's whitepaper was plagiarized reached the press in January of this year. Bedeho Mender, founder of JoyStream, a BitTorrent client, claimed on Twitter why the TRON whitepaper makes wholesale copies of IPFS and Filecoin without a single reference. Since all the ideas of Bitswap, PoRep and PoSt were actually the ideas of others.
Juan Benet of IPFS echoed Mender's accusation with his own infographics. However, Sun dropped the charges as a result of poor translation. Even so, the FUD (Fear, Uncertainty and Doubt) on Tron continued to spread.
In a scathing report by TrustNodes in January entitled “TRON: The $14 Billion Whitepaper With No Product”, Tron's promises were put to the test.
In response to Tron's statement on the creation of a platform that would give users ownership and control of the data they create and free ownership of all digital information, TrustNodes explained that the solution proposed by several projects and Tron does not appear to be different. This is a far from novel use of various decentralized technologies, such as IPFS and blockchain tech, to create distributed data storage.
“Tron mechanism is a good idea,” the report said, but it also explained that its implementation of a truly decentralized network while having the speed and convenience of centralized services is very difficult, and if possible, would be achieved at other stages. The report accused Sun of being a “marketing wizard with a pocket full of empty promises”.
The report also questioned the likelihood that Tron's migration from blockchain Ethereum (ETH) to its own mainnet would take place in March, as it had tentative plans to do.
TrustNodes was not wrong about at least one thing: The migration to the Tron mainnet did not begin until GMT+8 on May 31, 2018. The first block was produced on the mainnet on June 25th.
However, the migration did not immediately bring the media hype and TRX price hikes that many expected. In fact, the price of TRX sank from $0.075 on May 27 to $0.056 on June 1. Following the general trend of the crypto market, in general terms.
At that time, GlobalCoinReport wrote that the downward trend around the mainnet migration was a sign that the hype around Tron was really over. At that time it was felt that Tron needed to update the actual results and meet the high expectations, otherwise it will disappear from the cryptocurrency market faster than it appeared.
Meanwhile, the real “hodlers” are ignoring the recent shortcomings and focusing on the long-term prospects.
Highs And Lows
Long-term expectations have not yet proved their worth. So far, the TRX token is worth $0.038 dollars at the moment of writing this article. In addition, Google's search trends show that TRON has not managed to attract much attention.
Tron's downward trend is not unique. The crypto market has lost billions since the beginning of the year; each of the major virtual currencies lost significant value, and they cannot still recover from it.
But despite all the trouble, Tron still has some good things going for it. Just to mention the fact that Justin Sun is still considered a rising star in the business world; the currency ranks as the eleventh largest cryptocurrency by market capitalization. Additionally, the Reddit community of Tron has more than 66,000 users, a very big number.
So recovery may still be in sight. We just need to watch and see whether it is possible to experience that recovery in the short or long term.