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Tron [TRX]’s Justin Sun becomes SR candidate of his own company

Ranjitha Shastry

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Tron [TRX]'s Justin Sun becomes SR candidate of his own company
Source: Unsplash

Founder of Tron [TRX], Justin Sun, has furnished his candidacy to become a Super Representative on the Tron network and community. On 18th June, Justin Sun announced the same on Twitter and the Tron Super Representative [SR] website.

His tweet read:

“I am excited to run for #TRON Super Representative alongside excellent candidates, in the hands of our community. Voting is a crucial part of the #TRON ecosystem and embodies our mission of decentralization and democracy. Every vote counts!”

Along with the tweet, he posted a circular which stated that his personal Twitter page will act as the main site for Tron SR campaign and that his campaign address is TFA1qpUkQ1yBDw4pgZKx25wEZAqkjGoZo1 [Source: Tronscan]. Sun mentioned:

“I hope that my candidacy will make all the TRX holders, supporters and believers see the significance embedded in voting. I hope it will enable all of us to contribute to the establishment of a truly democratic, decentralized TRON community. Voting allows us to carry on and promote “the popular sovereignty and the natural rights” of the token.”

Running for the SR elections, he mentioned is a “completely personal action” and with this said, 33.2 billion TRX tokens held by him/Tron Foundation will “will not be participating in the election”.

At present, Tron has over 60 SR candidates. Sun also mentioned in the circular that like every other SR candidate so far he is also determined to go through the already set selection process, which is said to “displays Tron’s inclusiveness and openness as a decentralized and autonomous community”. He ended the circular by stating:

“I sincerely hope that members of the TRON community could vote for me. As one of the firmest believer of TRON, I am excited to witness more miracles coming along our way, and I hope everyone in the community can execute their rights to vote for the SR candidates.”

As an SR member of the Tron Foundation, they will have a major role in the future governance structure of the firm and they will mainly represent the will of the people. It is also said that the SR will also act as guardians of the Tron network and will actively participate in the calculation and validation of the network.

This post by Justin Sun attracted a lot of attention questioning his candidacy as a ‘major stakeholder’.

Colin O’Kane, a Twitter user commented:



“No offence I am living the Tron project I am enjoying the partnerships but how does being a SR candidate ensure independence as a majority stakeholder? Everyone has money tied up in your dream but as soon as you open your mouth a landslide happens, marketing needs to be subtle.”

Katie’s World 18+, a crypto enthusiast, and a Twitter user commented:

“You’re running for representative of your own company! Bold move, Cotton. God damn, best of luck!”

Ildefonso Ungui RN, a Twitter user commented:

“Are you so stupid of doing this? The founder will run and wants to be one of the SR?
SERIOUSLY Justin? Instead of focusing on what you can do for the TRX and let the public run the SR, you wanted to compete with us and divide your time having SR and being the Founder?”





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Ranjitha Shastry is a part of AMBCrypto's News Reporting Team. Having done her major in Journalism and mass communication, she is passionate about business and economic journalism.

Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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