Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.
In this exclusive interview, TRON founder Justin Sun explains what value the project proposes to its users, unveils how it stands out from other initiatives and shares TRON’s future plans.
TRON is one of the largest blockchain-based operating systems in the world. Being less than two years old, the project has already managed to make plenty of headlines (take their recent acquisition of BitTorrent and creation of BTT token, for instance). Moreover, its native cryptocurrency TRX entered the list of world’s top 10 coins by market cap in 2018.
Coinspeaker reached TRON’s founder Justin Sun to find out how the system works, what makes it different from competing projects and what are TRON’s plans for the future.
Coinspeaker: “There’re people who yet don’t know what is your business about. Could you tell a few words about your business and what is the final aim you’re working with.”
Justin Sun: “Our goal is to decentralize the internet. That means we want to return to the vision of the original internet, which is to give everyone the power to share information freely. Right now, that power is mostly in the hands of large companies like Facebook, Amazon and Google.”
Coinspeaker: “How did you come up with the idea of TRON Network? How quickly the team managed to translate those ideas into reality?”
Justin Sun: “I’ve been interested in crypto and blockchain since 2012. I initially invested in Bitcoin, and then worked in the industry before realizing I would need to take the initiative to realize my goals by creating an independent company. We are less than two years old, but already have made big stride by buying BitTorrent and recently introducing BitTorrent Token.”
Coinspeaker: “Please tell us a few words about your team. Who are those professionals driving the innovation?”
Justin Sun: “We have a great team of people in both the US and China (with other offices around the world). Right now, the TRON people are working on improving our blockchain protocol, while the BitTorrent people are working on integrating blockchain into the BitTorrent peer-to-peer protocol. The goal for both teams is to encourage developers and content owners to create innovation in the blockchain world.”
Coinspeaker: “Now let’s move to TRON itself and speak about it in more detail. Do we get it right that Ethereum and EOS are the closest TRON’s competitors?”
Justin Sun: “In the near term, yes. Both companies are looking for a decentralized app ecosystem. If we’re successful longer term, the competition will be Facebook, Google, Amazon and others.”
Coinspeaker: “What are the conceptual differences between TRON and Ethereum? Why developers should choose TRON?”
Justin Sun: “We use DPoS, which means delegated proof of stake. DPoS is a consensus mechanism where 27 super representatives produce the blocks who are in-turn voted for by TRX account holders. We can settle everything within our community by voting on a proposal. It’s a lot more efficient.
It’s not like Ethereum where the miners fight against the developers. We also have much-better throughput than Ethereum and Bitcoin, and no costs for executing transactions on smart contracts.”
Coinspeaker: “And what about EOS? Are there any fundamental differences and why developers should go to TRON?”
Justin Sun: “EOS cost a lot more money to developers. It’s easy to port applications from Ethereum to TRON (that’s why we followed Ethereum’s development path), but not so for EOS. For app developers who don’t have a lot of money, they have to decide whether they should stake their future on the EOS platform.”
Coinspeaker: “What value do you propose for ordinary people? How they could benefit in the future?”
Justin Sun: “Right now, people don’t realize how much they’ve lost their privacy. Facebook owns the information you share there. Amazon and Google know where you, what you’re doing and what you buy. A decentralized ecosystem returns power back into the hands of users.”
Coinspeaker: “What main objective TRON sets for 2019?”
Justin Sun: “For 2019, the goal is simple: Build trust in crypto and blockchain by executing on our vision.”
Coinspeaker: “TRON’s acquisition of Bittorent made headlines in 2018. Do you plan to utilize TRX directly in the project or you expect BTT to fill all the service’ needs?”
Justin Sun: “We think BTT works with BitTorrent. To use TRX would dilute the value of the currency for current holders, among one of several reasons why we chose the BTT route.”
Coinspeaker: “Could you name several KIlleer DAPPs on TRON?”
Justin Sun: “Well, BitTorrent itself is a killer app. It already was the largest decentralized application out there, with more than 100 million monthly users. And we’re adding great games fast, with five of the top 10 grossing games recently on the TRON network. Try TRON Goo. It’s great fun.”
Coinspeaker: “Now we’d like to ask several kind of personal questions. What do you think of Bakkt? How, in your opinion, its upcoming launch can affect the whole industry?”
Justin Sun: “I won’t comment specifically on Bakkt. We’ll have to see how they execute. But overall, the industry needs as many mechanisms as possible to build trust for people who seen so much volatility in the past year.”
Coinspeaker: “What do you feel about STOs? Have they any chance to revive ICO market? Does ICO market need that revival at all?”
Justin Sun: “The industry is feeling its way, trying to find solutions that work for everyone. What the average investor is really starting to ask for is a solid business plan and execution. The mechanism for raising money won’t matter as much as accomplishing those two things.”
Coinspeaker: “Thank you so much for your time and answers. Anything else you’d like to add for our readers?”
Justin Sun: “I believe 2019 will be a big year for blockchain. People are already starting to see clear winners and losers. When the poor performers drop out is when we’ll see a return of trust and true growth across the ecosystem.
For TRON, we’ve got some big plans ahead in addition to the things we’ve already announced. If people like what they see as we roll out these things, I believe TRON can truly become a household name.”