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Justin Sun

Tron Foundation Announces Opening BTC-TRX LP Mining Pool on SUN Network

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Justin Sun-owned Tron Network has been making headlines in recent days. In the latest development for the Tron ecosystem, the foundation announced the issuance of a total of 1000 Tron-based BTC on the Tron network. The total market cap has reportedly surpassed $10,692,382.

The Founder of the Tron [TRX] blockchain and CEO of BitTorrent [BTT], Justin Sun tweeted

“Issued by JUST Foundation, TRC20-BTC is another masterpiece of TRON-based crypto-asset following the miracle of TRC20-USDT whose total supply has exceeded over 4 billion. All BTC holders may issue TRC20-BTC.”

The Tron-based BTC was whitelisted on the DeFi protocol, JustSwap on the 5th of October. Following this, the foundation further revealed a 14-day LP mining pool for BTC-TRX on Sun.io. The official blog post announced the initiation of a 14-day 1x BTC-TRX LP mining on the same day.

Tron Foundation

Touted as a “masterpiece”, TRC20-BTC is issued by JUST Foundation. It is the DeFi euphoria that has given rise to synthetic assets and as Bitcoin on Ethereum gets traction, the Tron foundation has been spearheading its own Bitcoin-pegged synthetic asset on the Tron Blockchain.

Tron has been making several notable strides to bolster its DeFi efforts. Sun had first teased the launch of synthetic Bitcoin on the Tron blockchain in August this year. The Tron Foundation announced working with top-tier digital payments processor BitGo to introduce tokenized Bitcoins and Etherereum on the Tron blockchain, a month later.

In terms of DeFi, Tron claimes to have an edge primarily due to the crucial factors such as high scalability and low fees offered by the blockchain as compared to its competitor, Ethereum whose perennial problem of network congestion is far from fading away.

Sun has never shied away from admitting that he wanted to build viable infrastructure and cloning Ethereum’s DeFi protocols on the Tron blockchain. Talking about the launch of JustSwap during the recent LA Blockchain Summit, he had asserted,

“We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see the same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.”

Tron Foundation Announces HT Staking; HT/TRX LP Mining on SUN

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The most anticipated DeFi mining collaboration of the Tron ecosystem in 2020 has begun. The Tron Foundation first revealed this when it announced the staking of the HT and HT / TRX LP liquidity mining native token of Huobi Global on SUN.io.

Huobi revealed the opening of SUN deposits on 10 September 2020 by Huobi Inno Hub, shortly after which the trading and withdrawal of the coin was also initiated. It eventually launched a “Stake HT to Mine SUN” campaign aimed at releasing SUN tokens to reward HT users for participating in mining.

 

On 22 September, the Tron Foundation announced the entry of Huobi Token [HT] in the Official SUN.IO Observation List. And the cryptocurrency exchange Huobi Global issued the HT TRC-20 on the TRON blockchain. Shortly after the review, SUN began  HT staking and LP liquidity mining on sun.io

 

Along the same line, Tron Foundation had previously stated,

“The open-minded SUN mining pool community selects premium assets from across the globe to form mining pools. Candidates vary from TRC10/20 to non-TRC10/20 assets. The SUN community will cooperate with JUST team and major exchanges to implement cross-chain bridge, bringing forth the unprecedented unity among global crypto communities.”

The much-awaited launch of SUN community self-governance will enable the community to be fully governed by users who will vote with SUN for setting up new mining pools. The SUN token will then subsequently become a “transit center” within the DeFi space on Tron and will act as a cross-chain channel between TRON and external assets.

SUN- “a living demonstration in the coalescence of encryption with the artistic expression”

SUN is more than just TRON’s first ‘meme’ coin. It is a “social experiment” that is focused on the development of Tron’s DeFi ecosystem and is designed as the “quintessential Bitcoin equivalent” on Tron blockchain as it features no VC investments, PE investments, pre-mining nor reserve for the team, and boasts to be fully operated by the community through its open-source smart contract, thus inheriting Bitcoin’s trait of absolute fair distribution. SUN further improvises on how governance needs to be carried out in a bid to achieve a full-fledged self-governance of the SUN community.

A quick primer: SUN Genesis started mining on 2 September, and according to the Foundation’s open letter to the community, the blockchain-based company hopes that the coin will become a nexus for community-builders to collaborate on the Tron ecosystem. Besides, the SUN token also aims to drive the adoption of cryptocurrencies and will enable its holders to discuss, vote, and help implement unique proposals on the Tron ecosystem.

The letter by the foundation also read,

“We respect and appreciate crypto culture featuring humor and self-mockery, which is a critical source of power that continuously drives the spirited adoption of cryptocurrency.”

Tron’s New DeFi Instrument JustSwap Breaks 6M in Total Volume in Less Than 24 Hours

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Justin Sun formally launched JustSwap on August 18th at a live stream event introduced JustSwap to JUST (JST) and Tron ecosystem users. JustSwap, the first exchange token protocol on Tron (TRX), is expected to open the Tron blockchain users to the DeFi world, a space that has seen a splendid rise over the past year. Released in testnet beta, the new protocol will be powered by Tron-based oracle AlphaLink.

A quick primer: JustSwap essentially enables its users to make exchanges instantaneously between any TRC-20 token, thus, making system pricing as well as several other operations seamless.

Meanwhile, it will act as a decentralized cryptocurrency exchange protocol for the purpose of attracting users through low latency, fast transactions, and periodic liquidity rewards. In addition, the new instrument will be part of the JUST lending/borrowing system built around USDJ stablecoin.

In another update, JustSwap’s official Twitter handle revealed that the total volume broke 6 million in less than 24-hours after the launch. In an open letter, Tron Foundation CEO, Justin Sun stated,

“TRON and Just team are going All-In on the DeFi ecosystem. We will not back down until we see the decentralized financial revolution end in triumph.” He further added

“I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.”

DeFi has swept across the cryptocurrency industry, and Tron’s exploration of space is crucial, given that it is one of the largest blockchain networks in the industry.

JustSwap will give users the opportunity to earn transaction fees by becoming a liquidity provider and ensure that they receive trading costs and mining rewards. This, in turn, will encourage more holders of TRX and TRC20 to use JustSwap instead of regular crypto-exchanges charged for trading fees.

It is no secret that Ethereum has been facing inflation issues with its rising Gas fees as a result of severe conjestion in the blockchain. This could prove an opportune time for Tron’s JustSwap to enable its users to participate in the open financial market place as the DeFi craze continued to brew in the backdrop.

JustSwap is said to have flooded with the fake tokens of the popular projects following the launch. The fake token filtering feature has yet to be integrated into the platform. Justin Sun has assured in the open letter that this feature will be added soon, he said in the open letter

“JustSwap team will crack down on fake tokens by reviewing each and every token in the dropdown list, making sure those which get on to the list are fully legit., In parallel, a report channel for fake tokens will be opened ([email protected]) and any identified fake token will be immediately delisted”

TRON Network Hits Major Landmark with 6 Million Addresses

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According to the announcement by Justin Sun, founder and CEO of Tron, on May 29, Tron ‘s network hit a major landmark with 6 million registered emails. In addition, the increase in the number of addresses coincides with the increase in DApps based on the network, which reached a total of 768 last week.

To date, Tron Network has seen a significant increase in its use in 2020 although its overall market capitalization has been declining. However, according to Justin Sun, his decentralized blockchain platform now has 6 million registered addresses.

 

 

In the past two weeks, Tron Network has seen a steady growth in the number of new addresses according to data from Blockchain explorer, Tronscan. See the chart below.

Tron Network

New Tron Network DApps behind increase in addresses?

Moreover, The Tronscan explore also indicates that there has been a substantial increase in the number of daily TRX transactions on the main chain so far in 2020. According to the chart below, The number of Tron transactions have increased from 13,689 to 813,929 total daily transactions as of May 27 this year.

 

TRON Network

The fact that the increase in TRX accounts is not reflected by the rise in the price of TRX, signals that the growth has been driven by the rise in the number of DApps being created on the Tron Network. 

Currently, there are 768 decentralized applications built on the Tron ecosystem as per the latest DApp weekly report.  Moreover, the report noted a stable growth in the number of decentralized applications on the platform.

Most Tron-based DApps involve gambling and other high risk activities

As per the report, between May 23 and May 29, there were a total of  518,000 TRX transactions processed from DApps built on the Tron Network, worth an upwards of  $4.1 million. 

Additionally, the report noted that most of the decentralized applications on the Tron ecosystem; involve gambling and other high-risk applications. The report also noted that exchanges account for the smallest percentage of Dapps on the Tron blockchain.

LinkedIn Cryptocurrency Fraudsters Mimic TRON’s Justin Sun and Ledger CEO

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Fraudsters have always devised new tactics, such as pre-filmed videos of famous figures in the industry, to defraud people of their hard-earned crypto. LinkedIn cryptocurrency fraudsters have come up with a strategy to manipulate pre-recorded videos to impersonate prominent people even in live video calls.

The LinkedIn cryptocurrency fraudsters are imitating the founder of Tron, Justin Sun, to defraud unsuspecting victims of their crypto. The defrauders target digital currency schemes under the disguise of collaborating with Tron. The scammers then go on to invite their targets to a Skype live video call with ‘TRON CEO Justin Sun.’

Pre-recorded Justin Sun video used by LinkedIn Cryptocurrency Fraudsters

Moreover, the tricksters use the pre-recorded video to pause the video once the victims start talking and playing when they’re done, using their voice in the call. In addition, the scammers have a fake Justin Sun passport, which they use as proof of identity when carrying out their evil schemes.

 

Among the targets of the LinkedIn cryptocurrency fraudsters is Kyle Pierce, the co-founder, and lead-creator of blockchain-based uPlexa startup. Kyle Pierce published a Medium post explaining that he was approached on LinkedIn by an individual claiming he works for a firm by the name Ledger Capital.

The fraudster requested his email address claiming that Ledger Capital is working out a secret project with Tron, and they would like him to be part of the project. He noticed something was off but decided to play along. After a long time of rescheduling, the two finally agreed on a date for a live video call.

The Skype live video call

During the call, Pierce noticed that there was something wrong with the video. He noticed that the video was a pre-recording, with a background voice on top of it. Pierce claimed that the person talking in the background would even continue to speak after Justin Sun’s pre-recording had stopped talking.

Although the goal of the fraudsters is still unknown, it’s crystal clear that they are willing to go to large extents to achieve them; and defraud any off guard victim.

Exchange Giants Binance Back Justin Sun’s Steem Hard Fork 0.23

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Although cryptocurrency exchange giants Binance had initially claimed to assume an opposing stance in Justin Sun’s controversial Steem hard fork, the firm announced on May 23 that it will honor its obligations.  The exchange stated that it will synchronize its network up to the Steem hardfork 0.23. The fork confiscated and voided more than $5 million worth of Steem owned by some of the community members who had earlier opposed Justin Sun’s takeover of Steemit.

Sun recently purchased the blockchain based social network. However, he enraged the Steemit community to the extent that they enacted a hardfork to Hive, a duplicate of Steemit. Justin Sun and his supporters were not allowed the free HIVE airdrop tokens. The disputed Justin Sun Steem hardfork 0.23 attacked those accounts that took part in the Hive token airdrop. 

Exchange Giants Binance Initially Opposed Steem hardfork

According to yesterday’s announcement, Binance claimed that it refuted its support when it was originally apprised of the hard fork earlier this month. Moreover, the exchange highlighted that they were not in support of Sun draining the wallets of the rebels, as it is not what blockchain stands for. The exchange wrote:

“We do not condone this type of behavior and believe that blockchains should not be used as a tool for censorship or editing user balances.”

Nevertheless, the crypto exchange firm has reversed its initial stance and will synchronize its network up to Steem 0.23. The exchange firm stated that its reason to back the hardfork was because its users were unable to transact on Steem with Binance opposing the hardfork. The announcement noted that its opposition of the hardfork was unfavorable to its users who hold STEEM.

Steam Rises in The Battle for STEEM

Back in March, the TRON founder purchased Steemit, giving access to STEEM tokens worth in excess of $12 million; which were initially owned by its creator Ned Scott. With the STEEM tokens at his disposal, Sun could use it to dominate Steemit. As a result, the Steemit community voted to deny Justin Sun from gaining the funds; as they did not entrust him with that authority.

Annoyed by the action, Justin Sun utilized his monetary superiority and his connections at exchanges such as Huobi and Binance to enact a hardfork that reinstated his access to the founder’s share. This resulted in many members of the Steemit community departing to form a replica of Steemit, called the Hive 

Crypto Twitter Community Loves Elon Musk’s Attempt to Explain Bitcoin to JK Rowlings

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British author of the popular Harry Potter series of novels, J.K. Rowlings asked for an explanation of Bitcoin on Twitter. Despite the attempts by the crypto Twitter community to educate the author on Bitcoin through memes, links and other materials, she was still not convinced. To much delight, the CEO of Tesla, Elon Musk joined the conversation, principally agreeing with the author that it is difficult to understand Bitcoin.

After starting global waves over the name of his son, Tesla CEO Elon Musk has created sparks again on the internet after his attempt to explain Bitcoin to J.K. Rowlings. Immediately after Rowling’s tweet, the crypto Twitter community flooded the thread offering their insights to the renowned author and her 14.6 million followers.

Ethereum founder joins Crypto Twitter community

Among the respondents to Rowling’s tweet was Ethereum co-founder Vitalik Buterin. According to Buterin, Bitcoin is:  

“Basically global digital payments, plus the store of value properties of gold, all with 21st century cryptographic tech to keep the whole thing running safely.”

Additionally, Gemini which is owned by the Winklevoss brothers also responded to the author’s tweet. The New-York based crypto exchange noted that unlike the popular sentiment, BTC is not ‘magic money’. As the discussions heated up, with popular figures in the cryptocurrency industry offering to help, Tron’s Justin Sun offered to send 1BTC to Rowlings. He tweeted: 

 “I can send you 1 bitcoin. Seeing is believing … Just imagine a magic coin (bitcoin) Dumbledore doesn’t understand (like Warren Buffett) but Harry Potter is fascinated about it.”

Nevertheless, despite the multiple attempts to explain Bitcoin to Rowlings, she admitted that she is still confused and even gave up hope of ever understanding the most popular digital currency: “God bless every single one of you now earnestly explaining bitcoin to me as though I’ll grasp it if you break it down properly. Things like this are white noise to me,” Rowling admitted. “I cannot and will not ever understand Bitcoin, but I love you for thinking that I can or will.”

Still confused? Steps up Tesla CEO Elon Musk

Among the respondents attempting to explain the concept of Bitcoin to the Harry Potter Author was Tesla CEO and SpaceX founder Elon Musk. Musk responded: “Massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.” He added, “I still only own 0.25 bitcoins btw.” 

The SpaceX founder who condemned the United States government’s stimulus relief plans the other day has come under siege off late; following his comment that the price of the Tesla stock was “too high,” which instantly sent the price down.

Justin Sun Gets His Dinner With Warren Buffett! Let Us Look At What Happened

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Tron and its co-founder Justin Sun has been in the news multiple times for partnership announcements and developments. Sun also shot to fame after the famous Warren Buffett lunch which took a different turn when the Tron CEO canceled it.

According to the latest developments, it seems Sun has corrected that downturn. He just announced that he completed dinner with the Berkshire Hathaway honcho where he was able to discuss a lot of changes.

Sun took to Twitter to announce this mammoth news. This event comes a few weeks after a huge part of the cryptocurrency community ridiculed him

The Tron CEO’s latest post read:

The dinner took place in the Happy Hollow Club. Justin Sun jokingly stated that the dinner bill was much cheaper than the $4.56 million tag for the event. He surprised the crypto community by revealing that Warren Buffett received his first Bitcoin which was now safely stored in his Galaxy Fold.

Tron’s CEO added that since he gifted the Bitcoin to Buffett, the world’s largest cryptocurrency’s value had shot up by 16 percent. It makes sense that the cryptocurrency was stored on a Galaxy Fold after Samsung’s open admission that they were getting into crypto and blockchain. Sun gifted the Berkshire official 1.9 million TRX tokens equivalent to his birthday.

Sun stuck to his promise if showing Buffett the power of cryptocurrency by transferring  $4.5 million to the auction bid.

According to Sun, Warren Buffett was impressed by the speed of the TRX transfer. The Samsung used by Buffett is embedded with 100 BTT tokens, 100 WIN tokens, and USDT tokens.

It is not clear whether this will affect the industry on a price point but it has sure lifted the community’s sentiments.

Tron Lawsuit Could Have Drastic Implications on it’s Future

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Tron ex-employees filed a lawsuit against the foundation on the basis of claims of labor law violation and toxic working environment. This follows in a long line of controversies plaguing the company for the past few years. When it’s not social media lash back against Tron founder Justin Sun, then it’s critics usually targeting the firm’s philosophy for “Hype first, product second”

The legal suit accused Tron founder Justin Sun and a business associate for harassing and firing two employees. A move they deemed only as payback after the employees objected to management practices and implementation of technology.

Lukasz Juraszek, 28 and Richard Hall, 50 outlined in a 70-page document, how they’ve had to put up with escalating hostilities. Meanwhile, the toxic work environment would, later on, culminate in their termination. Both have been in the development team of BitTorrent. A file-sharing service that partnered with Tron Foundation following a $120 million sales in 2018. 

The suit names Tron foundation’s 29 year old head Justin Sun and 37 year old head of engineering Cong Li as defendants. Note that the lawsuit was made public last week. Despite the fact that the claims are unproven, the legal suit could have a lasting impact on the future of Tron. The 70-page document claims that sun berated Richard Hall with derogatory remarks into pressuring him to fast track BitTorrent software releases. 

On several other occasions, Juraszek pointed out that Sun had allegedly slapped Cong Li and didn’t get disciplined.  Even when it was evident that Li had physically harassed a manager with whom he’d allegedly verbally attacked in person and during group chat confrontations.  The document highlights that he saw two pairs of shoes through the conference room door. A sight that was followed by a loud commotion, as well as what seemed like a “hand strike, a slap or something”

After opening the door to leave the conference room, Li noted that the manager’s eyes were glossy and his eyes red. 

Moreover, the suit highlighted ethical dilemmas confronting cryptocurrency workspaces. The lawsuit highlighted what seemed like working on value-neutral technology that criminals can use to break the law.  Richard Hall noted risks of third parties hosting copyright-infringing content as well as child pornography. Hall added that Sun and Li showed no care about his proposal for retaining lawyers, who would review Tron Foundation’s BitTorrent updates.

Meanwhile, the lawsuit is pursuing $15 million worth of damages and government action, on the grounds of labor law violation, discrimination, wrongful termination, hostile work conditions, and emotional distress. A December submission to the court by Tron Foundation, Justin Sun and Cong Li contested to the motivation behind the charges, factual substance and jurisdictions. The lawsuit noted that : 

“Cong Li summarily dismissed these concerns, stated that he had discussed these concerns with Justin Sun; and that no legal review would be done,” 

What Happens After The Lawsuit

A further statement by a Tron spokesperson pointed out that Sun and Li were not able to discuss the details of pending litigation.

“but what we can tell you is that our customers, employees and the TRON community are extremely important to us.”

Nevertheless, it appears that the blockchain company turned a blind eye on an allegedly important detail of illicit activity taking place on the BitTorrent BTFS file sharing service. The lawsuit is likely than never attract regulatory scrutiny towards the Tron BitTorrent file sharing service.

While the plaintiffs only want compensation for the alleged work environment hostility; they also accused Sun of misrepresenting himself as an aspirational, “whiz kid” -; a protege of Alibaba founder Jack Ma. Whereas he engages in illicit activity and manipulation of Tron (TRX) for personal gains. 

The suit cites that an employer has not the right of coercing an employee into unlawful directions. And neither the right to discharge the employee should they refuse to follow an unlawful order.

It would seem a strong case against the foundation had it enough backing. In fact, Sun refuted all the allegations. Possibly, Hall and Juraszek might have to present a stronger accusation to convince the court. 

Tron had a rather uphill performance last year following its drop from position seven to thirteen. The coin currently sits at number 12. Analysts believe that last year would have been a wonderful year for Tron, had it not been for Sun’s media ruse.

The current accusations sit in a long line of scandals plaguing Tron Founder Justin Sun. Nonetheless, the price seems unbaffled by the happenings and optimist TRX fans still hope for the better. Especially given the blockchain’s announcement as the most active dApp ecosystem. 

 

 

Tron CEO Justin Sun Meets With Apple Co-founder Steve Wozniak; Community Tries To Gather More Information On ‘Partnership’

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The cryptocurrency market has always seen tie-ups with mainstream companies and individuals as a marker for adoption. Tron, the cryptocurrency known for its multitude of announcements recently broke the news of a significant jump in popularity.

Justin Sun, the Chief Executive Officer [CEO] of the Tron Foundation recently announced that he had met Steve Wozniak, the co-founder of Apple.

During a time when everyone was running helter-skleter for partnerships, Tron seems to be enjoying its moment in the limelight. The news about the meeting was first shared by Wozniak on Twitter when he tweeted:

Sun went on to retweet this news, claiming that he was looking forward to their ‘partnership’. It’s still unsure as to what they may have discussed, but a majority of the Tronics become already on-board with the Tron CEO

Some have speculated that the discussion may have surrounded adding TRX tokens to upcoming iPhones. The chances of that happening may be slim as most of the executive decisions for Apple was taken by its CEO, Tim Cook. The reason why some believed that Tron may be added to future Apple tech was that the former did that with Samsung.

Back in October 2019, the Korean tech giant had decided to integrate Tron and Mobile-compatible dApp building tools to its fold. According to a release by Samsung, the Samsung Blockchain Keystore SD v1.2.0 contained APIs that would allow TRX transactions. This was a huge win for Tron as it was the first time that a cryptocurrency had been fully integrated with a mainstream component, let alone with Samsung.

A few members in the cryptoverse joked that Sun’s meeting with Wozniak would have gone the same way as the lunch with Warren Buffett. These critics were referring to the charity lunch that Justin Sun missed after talking about it for weeks on end.

The latest meeting between the two public figures has prompted some cryptocurrency enthusiasts to believe that digital assets were finally breaking into the mainstream fore. Steve Wozniak has also been a popular player in the crypto industry by commenting on its regulatory issues as well as advantages.

Just a few months back, Wozniak had claimed that he liked the concept of cryptocurrencies but some countries did not know how to handle it. He was afraid that countries only wanted control, thereby beating the essence of digital assets. Wozniak asserted that developers need to invent effective solutions using blockchain and crypto as that would allow other industries to sit up and take notice.

The Apple c-founder’s interest in crypto was solidified in late 2018 when he co-founded EQUI Global. The venture capital firm works by issuing investors a digital currency called EquiTokens, which can later be traded.