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Tron Foundation’s decision to take over Tron’s subreddit r/Tronix gets called out for centralization

Namrata Shukla

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Tron Foundation's decision to take over Tron's subreddit r/Tronix gets called out for centralization
Source: Pixabay

Tron, the eleventh largest cryptocurrency on CoinMarketCap, continued to struggle in the market and was unable to get back into the list of top-10 cryptocurrencies. Tron Foundation is actively promoting the coin along with its CEO Justin Sun. In a new move, the Tron Foundation took over the r/tronix subreddit, and was soon followed by many in the community calling it a step towards centralization.

Reddit user, r/pochacod, informed the community that the subreddit will be handed over to the Foundation. According to the Redditor, the reason behind the handover was,

“…due to the unclear distinction between this being a community sub vs the Official sub of the Tron Foundation.”

Source: Reddit

Source: Reddit

The Tron Foundation informed the user that they planned to work closely with the community, with Tron assuming the responsibility of the top moderator, who will be playing an important role. The user added,

“As they will be a direct representation of the Tron Foundation, it was explained that they could not risk the top mod going rogue and steer the community into misinformation or scams, especially if the community thought the sub was was being supported by Tron.”

However, this news was alarming for a lot of people in the community as this could be a step towards centralization, followed by censorship of content. However, the user assured the community that the Foundation had asked them to be the main moderator.

“They only ask for the top position so they can ensure there is no foul play in the future in order to safeguard the community. I myself will do my best to be open and critical so we can move Tron forward.”

The move to take over Tron’s subreddit was prompted by GOC network requesting the top moderator position for itself. However, Tron Foundation noted that the Founders of the network embezzled money from Tron when they were its employees and thus, asked to delete their post from the subreddit.



“It because of this that Tron specifically asked for the removal of GOC posts in order to protect the community as the founders had no moral dilemma in stealing from a company.”

The community did not respond well to this news, calling it an act of centralization. Reddit user, mantiaa87 said,

“Sounds centralized.”

Another user, aesthetik_  had a similar thought,

“This is centralization of power and control of communication. Not network centralization.
If they only allow posts relating to apps with financial interests aligned to generating profit for themselves and remove competition, then this project will rapidly form a cartel structure stripping wealth from its members for the benefit of a few.”





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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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