The cryptocurrency market is undergoing a profound change. Blockchain in particular, has received a significant amount of attention from all aspects of the industry. Use cases are many and varied: ranging from programmable cryptocurrencies, property deeds management, provenance tracking to voting records.
Bitcoin was the first application of this technology, unleashing an entirely new set of businesses, jobs as well as the digitisation of payment. It has served us well in the last 8 years. In its growth process, Bitcoin has made many wealthy far beyond their dreams.
The key is, what will be the next coin that will deliver a similar return that we have seen with Bitcoin, Ethereum or NEO?
Before TRON, a global digital entertainment system would be faced with various problems with respect to payments. For example, if an Iranian wants to buy digital product from Japan, it is a problem for the user to pay the Japanese company in question. The payment chain and procedure are prolonged as it is impossible for a user to open a bank account in Japan only for this purpose. Through this platform, global payments are much more simplified.
TRON is based on the ERC 20 Token Standard, that supports various kinds of blockchain networks and smart contract systems including Bitcoin, Ethereum, Qtum, and provides developers with multi-protocol infrastructure for entertainment app development and allows users to benefit from what it is described as “smooth” multi-protocol smart networks. Perhaps NEO might be next in line?
TRX has additional values of information storage and identification, with records about user acquisition and TRX spending stored in the blockchain. Core information will be accessed by all TRON apps, acting as the only credential for users to play in the global entertainment system.
While TRON will support all kinds of virtual currencies, as the official currency of the platform, TRX will be used for the conversion and circulation of the entire world’s virtual currencies in TRON.
This means that gaming companies are allowed to issue any platform-specific gaming currency and trade freely with the other game publishers within the TRON protocol, which will offer an intelligent contract guarantee system for the trades of different gaming currencies. (Forbes, 2017)
Who is Justin Sun?
Justin Sun is the CEO of TRON. In particular, he has been hailed as the next Jack Ma (Forbes, 2017). He was described on Forbes and on many mainland news agencies as an ingenious visionary with the determination to make his businesses global game changers.
Justin has appeared among the ranks of the Forbes China “30 under 30” in both 2015 and 2017 plus Forbes Asia “30 under 30” and was named as a Global Shaper by the World Economic Forum.
What’s more impressive is that he was personally invited to become one of the first students of Hupan University. Located in Hangzhou in eastern China’s Zhejiang Province. The university was founded by Jack Ma himself.
The Hupan University has always been very open about its selective nature for students. By admitting only 44 out of over 1000 applications in 2017, its acceptance rate (4.07%) was lower than that of Stanford (4.7% for this year’s undergraduate college).
To become an eligible applicant of Hupan University, one has to be the founder of a company that’s at least 3 years old, has more than 30 employees and an annual revenue of over 30 million yuan. On top of them, applicants also need to provide proofs of the business’s tax payment, and to get 3 accommodation letters of which at least one must be from the University’s list of certified referees. (Elephant Room, 2017)
In-addition, Justin was a former China representative for Ripple which he spearheaded Ripple’s Series A Funding in China which led to its 100+ times multiple growth.
Justin is by no means, a light weight.
Team & Background
Similar to Ethereum. TRONIX is backed by a team of industry veterans and numerous high profile investors. (Note: I would not be surprised if Alibaba is using Tron Lab as a proxy to combat Tencent’s grip on the messaging & entertainment foothold.)
Key investors include:
Wei Dai (The founder of the largest shared bicycle provider in china with a 3 Billion USD valuation)
Feng Li (Investor of Coinbase and Ripple) also an former board director of Ripple,
Binshen Tang (Founder of Clash of Kings, with over 10 Million Monthly Active Users),
Weixing Chen (Founder of Kuaidi) *Note that Didi recently purchased Uber China Business for 35 Billion Dollars (CNBC, 2016)
Patrick (Founder of QTUM) & Linke Yang (Founder of BTC China)
This is just scratching the surface, links of the other investors can be found below.
In-terms of development team. Justin mentioned in his livestream that Peiwo and Tron Lab, had a headcount of 80 people and that he was looking to hire 50 more in his Beijing Office.
Chinese ICO Regulations?
“State media reports mentioned that regulators in China are discussing a plan to possibly suspend all initial coin offerings (ICOs) within the country.”
As highlighted in “TRX: End Game – Part 2″, any kind of hype in China attracts attention. In this case, government scrutiny.
The key question is, how will it impact Tron Lab’s ICO? And other ICO’s coming out from China?
臥虎藏龍 Crouching Tiger, Hidden Dragon
Baidu revealed a lot of interesting information about Justin, while mostly irrelevant, here are the most interesting ones that I have dug up.
Justin Sun (孙宇晨) is the son of a government official. He is a part of the Guangzhou Panyu CPPC and is the Vice President of the Youth Internet Development Association which was founded by the Guangzhou Communist Youth League.
Justin’s Company “Peiwo Huanle”, is one of the founding member of the National Internet Finance Association of China (NIFA), the organisation which incidentally helped draft the recent Chinese 2017 ICO regulation.
The Law Firm “Zhong Lun” 中伦文德 that Tron recently retained, is a supporting unit in the drafting of the Chinese 2017 ICO regulation. Founded in 1993, Zhong Lun was among the first law firms approved by China’s Ministry of Justice.
Justin leads the curriculum development of Blockchain at Jack Ma’s prestigious Hupan University. A university that has a lower admission rate than Stanford. (*See why is TRX more valuable than bitcoin.” Part 1 for more information)
Justin is also the 58th Richest Author in China. Having published several books including “This world is cruel but warm” 这世界既残酷也温柔 which was one of his best selling books.
Will the new Chinese ICO regulations impact TRX?
In my perspective, highly unlikely. In actual fact, I would not be surprised if Tron will be the only government recognised Chinese ICO for this year 2017.
What does this mean for Tron when it lists? It will be heavily bought by Chinese investors as it is the only de facto government approved ICO project. Thus a very handsome return for ICO participants and early buyers.
Sun boldly added: “We are very confident that TRON will reach a target of one million wallets registered within a year. The first million registered users will be rewarded with considerable TRX tokens by registering on the TRON platform.”
This is the next Bitcoin/Ethereum/NEO moment. Don’t miss it out guys!
Orginal article -http://reddit.com/r/Tronix/comments/6xjrw0/tron_trx_the_next_big_thing