Tron [TRX], the ninth biggest cryptocurrency by market cap, managed to grasp the attention of the entire cryptocurrency space as the Former Chief Strategy Officer, Simon Morris remarked that Tron’s network does not have the capacity to process the transactions taking place on BitTorrent, in an interview with Breaker Magazine. He also remarked that Justin Sun, the CEO and Founder of Tron Foundation, does not have a single tech bone in his body and that he would not technically understand anything.
This news led to the majority members in the community questioning Tron’s move on tokenizing BitTorrent and whether Tron is indeed the right platform for the token. This news also had an adverse effect on Tron’s price, a major blow for the cryptocurrency as it was pictured with a surge of over 50% prior to the fall.
Nonetheless, Justin Sun has debunked the statements made by the former CSO, on his official Reddit page. In the post, Sun has stated that out of all remarks, only one stands true, “Automated auctions to prioritize download queues could make the entire BitTorrent network as much as 40 percent faster.” The CEO stated that this was the reason the Foundation “embarked on such an ambitious project” to expand BitTorrent’s current 100 million monthly users.
This was followed by Sun speaking about BitTorrent token’s transactions, stating that the token whitepaper mentioned that the platform will have an on-chain/off-chain exchange, which would facilitate the transfer of tokens between a high-performance private ledger and the public Tron blockchain. He added that “an on-chain/off-chain exchange” translates to a hybrid approach taken by the team.
“Why? Transferring files using the BitTorrent protocol involves splitting them into tiny pieces for exchange with many peers. Each exchange requires a micropayment, which is made off-chain. When the exchange is complete, these payments can then be anchored by on-chain consensus — a common approach on many blockchains today.”
Sun further stated that the team is “excited” about BitTorrent [BTT]’s potential and the opportunities it would present to creators looking for more control over the files they share with others. “We’ve known all along that actions and execution are what will count for our community, and we remain committed to them,” Sun added.
TronSpark, a digital online content platform said:
“Tron kills the FUD created by someone who doesn’t pay attention to details. Thank you
@BitTorrent for pointing out his lack of due diligence.”
PAAlmasi, a Redditor said:
“Single project tribalism aside, any progress within the crypto space is a win for everybody. The space is still incredibly young, which let’s numerous projects to coexist and still thrive. I think this acquisition was clever and could be a great way to move the project forward. I think this makes a lot of sense.”
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Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
— AMBCrypto (@CryptoAmb) June 24, 2019
Crypto News – 24 June
Erik Voorhees on Bitcoin: According to the CEO of Shapeshift, Bitcoin’s relative traceability has allowed governments to become comfortable with it
Read more at https://bit.ly/2WVviJW
Max Keiser on gold’s ‘resurgence:‘ Max Keiser made news after he stated that Bitcoin’s growing popularity as a competing store of value and millennials were responsible for gold resurfacing in the conversation about store of value assets
Read more at https://bit.ly/2Xve2zp
Tron back in the top 10: A month after CEO Justin Sun promised to get Tron back in the top 10 of the world’s largest cryptocurrencies, TRX surged by over 6% to achieve the same by overtaking Cardano
Read more at https://bit.ly/31TXekX
Bank of International Settlements on Libra: While talking about Facebook’s Libra, BIS’s report attested to the need for sound public policy, financial regulation, competition regulation, and data privacy regulation
Read more at https://bit.ly/2Fsoptu
Bitcoin short futures position on the rise: According to a Twitter user, 70% of all Bitcoin short futures position are taken by four traders
Read more at https://bit.ly/31Om4CQ
LocalBitcoins’ Russian Ruble trading charts: According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement
Read more at https://bit.ly/2JgRWYz
Howard Chu on Monero: According to the Founder of Symas Corp., Monero was “outstripping” other projects in the space which have larger budgets, in light of the new features added to Monero
Read more at https://bit.ly/2Y8IsEQ
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