Justin Sun, 29, was born in Qinghai Province, China, and is the founder and CEO of Tron, one of the largest blockchain networks in the world.
Sun, who has a Masters degree in East Asian Studies from the University of Pennsylvania and a Bachelor of Arts in History from Peking University, founded the Tron Foundation in Singapore in September 2017. Later that year, Tron released its open source protocol through its mainnet launch in May 2018.
Tron’s cryptocurrency, Tronix (TRX), is currently the 14th highest performing cryptocurrency in the world. According to the Tron website, TRX can process 2,000 transactions per second. Tron acquired the peer-to-peer file sharing giant BitTorrent in June 2018 to run the BitTorrent token BTT.
Justin Sun’s controversy was successful
Since Tron was founded in 2017, Sun has become one of the most controversial figures in the blockchain space. In March 2019, Sun announced a competition on Twitter to give away a Tesla. This caused an uproar as Sun switched back and forth between the winners several times. Sun also hit the headlines for planning, canceling and eventually organizing lunch with famous billionaire Warren Buffet.
While polarizing, Sun is responsible for much of the success of the Tron ecosystem. According to Sun, Tron’s greatest achievement in 2019 was the partnership the company entered into with Samsung, which was announced last October. Sun told Cointelegraph:
“A major obstacle to blockchain adoption was that phone manufacturers were accepting cryptocurrency and blockchain-based apps. For example, many crypto wallets can’t make it on the Apple Store and Google Play. The partnership with Samsung shows that the Samsung Galaxy Store supports cryptocurrency and DApps. Samsung is the key to building on Galaxy. We also have plans to work with other leading phone manufacturers in the future. “
Sun mentioned that nearly 700 distributed applications (DApps) are running on the Tron platform. This shows the success of Tron in a short period of time, considering that there were only 70 DApps at the beginning of 2019. Sun found that two DApps are developing on the platform every day, making the network the leading DApp provider in the industry.
What’s coming in 2020?
Tron recently announced its second solution, the Sun Network, a sidechain scaling platform that provides unlimited scaling capacity for the Tron network.
The solution should enable DApps to consume less energy and at the same time guarantee higher security and efficiency. Sun stated that many DApps on Tron will migrate to the Sun Network this year for further scalability.
Sun also noted that a dark mode task team is working on solving the scalability issues between Tron and BitTorrent, which is an important task as Tron plans to add 100 million BitTorrent users to its blockchain by the end of February 2020.
Scalability issues were demonstrated during the BTT token sale, which lasted approximately 15 minutes and, without technical issues, could have lasted seconds.
Plans for BTFS and a DeFi acquisition
After YouTube banned crypto-related content, Sun also mentioned that the newly introduced BitTorrent file system will serve as one of the largest decentralized storage protocols in the world. He explained:
“After the introduction of BTFS, nobody can delete information on the Internet anymore. The content is distributed on BitTorrent users’ computers around the world so information cannot be deleted. “
Sun told Cointelegraph that the network would start sometime in March this year.
Additionally, Sun mentioned plans to bring a decentralized finance solution (DeFi) to the Tron ecosystem. According to Sun, 900 million stable coins have already been built on Tron. Sun noted that the combined market cap of these stablecoins could exceed $ 2 billion in the next year, giving him confidence that Tron will catch up with leading DeFi player MakerDAO.
According to the latest findings from Dune Analytics, MakerDAO’s stablecoin DAI has seen a large volume of transactions in the past few months. Data shows that the monthly DAI transaction volume reached USD 2.5 billion in November 2019 and over USD 1 billion in December 2019.
Justin Sun ranks 10th in the first Cointelegraph Top 100 in crypto and blockchain.
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