NEWS

Justin Sun, Co-founder Tron (TRX): “Chinese Companies Must Put in 5X the Effort to subvert Public Perception”

Tron TRX

The supreme objective of NEO and Tron is to make the blockchain future better, faster, secure and useful. Although NEO is unfairly described as the “Ethereum of China”, it should be observed and noted that objective of Da Hang is to create a smart economy based on the blockchain. It rightfully deserves it position as an alternative, smart contracting platform and a worthy competitor of Ethereum, not a version or a clone of “Ethereum”.

NEO Versus Tron

However, challenging NEO is Tron, an aggressive Chinese blockchain company that is not only building but is aggressive creating ramps where users can migrate from Ethereum to their scalable and decentralized platform. Like NEO both have smart contracting capabilities but on a lower level, NEO is inclined to shape crowd-funding and create a smart economy. Tron, however, is “out to embrace the world” and aspire to “to become companies like Alibaba Group or Byte Dance (famous for TouTiao or Today’s Headline app) whose products are used by people all over the world.”

On a micro-level, Tron, unlike NEO, has a high throughput and plans to “decentralize the web” with a focus of revolutionizing the entertainment industry. The network boasts high throughput meaning it is scalable, institutional ready and the main proponent Misha Lederman says the network is yet to show its true potential.

The Bakkt Application

Towards their goal, Tron is simply not relenting. Despite their high market cap, they are out of the top-10 even after a successful BitTorrent ICO. All the same proponents want the coin to have Bakkt Support. Misha revealed that they wrote to Bakkt arguing their case why Tron (TRX) should have the same support as Bitcoin, the world’s most valuable asset.

In his letter, Misha made a case for Tron saying it is one of the most traded assets with support from over 60 cryptocurrency exchanges where traders can choose from 130 trading pairs of crypto and fiat. It is this level of accessibility, Misha continues, that further gives Tron (TRX) the credence and more reasons for addition at the Bakkt platform.

The ardent Tron supporter further explains that the Tron’s popularity has seen the network’s user base explode and in Nov 2018, the number of public addresses and active users blew past the one million mark. All this time, the network kept up with increasing demand and didn’t at one-point clog but remained fast with ultra-high throughput.

Even so, the network remains underutilized and just 0.5 percent of the network capacity is in use. However, what’s note worthy during this time is BitTorrent acquisition and consequent tokenization from the Binance Launchpad. That and the integration of PEIWO into the Tron protocol will have far reaching positive consequences on the Tron’s user base.

Joseph Lubin Criticism

Nonetheless, Joseph Lubin, the founder of ConsenSys Media is doubtful of Tron and EOS, the two competing platforms ranked above Ethereum by the CCID. In an interview with Tom Shaughnessy, host of the Podcast “51%” and reported by Ethereum World News, he says they successfully raised money from investors but will likely not meet their objectives.

“Some projects are certainly intending to be competitive with Ethereum, some projects are focusing on marketing to be competitive with Ethereum – Tron and EOS in that basket – and both of them have kind of taken an approach of ‘raise a bunch of money and fake it till you make it’ basically, and we’ll see how that goes.”

But now, Justin Sun, the co-founder of Tron, seems to be countering Joseph Lubin argument saying:

“In the global market, a Chinese originated company will need to make more efforts and overcome more obstacles to be successful. But how do we subvert the public’s perception? The only way is to make products that are at least five times better than those of others, and double our efforts in addition.”

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Loving Crypto, Open to Technology, Engineer, Trader
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