Researchers at Satis Group have tagged at least eighty percent of the firms that raised funds through initial coin offerings. However, the 28-year-old CEO of Tron, Justin Sun, wants to prove that this statement doesn’t apply to his company.
TRON (TRX) Price Today – TRX / USD
Sun became wealthy after creating Peiwo, the Chinese equivalent of Snapchat. Since then, he has been working on a tough battle to earn trust for his company and the cryptocurrency. The company raised about $58 million two years ago in an initial coin offering.
Last summer, the founder of Tron acquired BitTorrent for $140 million. This company is about fifteen years old and is one of the largest decentralized networks in the world. Sun planned to take advantage of the blockchain since the decentralized ledger is transparent and secure. It will be combined with the decentralized file sharing app and offer crypto rewards to users who share their PCs for file sharing.
Justin Sun’s interview
This week, Tron’s founder appeared on stage at the Nitron Summit. The summit drew in more than a thousand attendees, and he made an appearance with basketball legend, Kobe Bryant. Tron created a $100 million fund in a bid to convince the game developers to make games, which use Tron’s protocol as well as TRX, the cryptocurrency. He promises to create a crypto network that is reliable and fast.
Tron was interviewed by Venture Beat, and he says that he wants his company to be the main blockchain which could be the alternative to centralized internet networks of Facebook, Google and Apple. For this to happen, Sun must get mainstream users such as the 100 million BitTorrent users to begin to trust cryptos despite the coin market slide that has sliced the value of cryptos in half. Tron is not excluded from this downslide as its value has dropped from $20 billion to $1.6 billion.
Integration with bit torrent
Sun plans to find a better solution for the protocol of BitTorrent to improve its efficiency. Presently, most people seed for goodwill may not have the incentive to seed. Swarms and trackers become obsolete quickly after they are abandoned. Sun believes that the first step is making BitTorrent’s cryptocurrency available to users who contribute to the network.
The CEO of Tron also said:
“The second step will be a move to decentralized storage plans, decentralized CDN, decentralized live streaming. But this is the first step. Right now we have 800,000 to 1 million already testing the BTT. We’re supposed to launch to 20 million users in Q1 with the test mode. In Q2 we’ll move to production mode, so other people can enjoy the protocol.”
A sharing economy
Sun was asked what the company would do with the cryptocurrency, and he replied saying that they plan to give it to BitTorrent users who will get tokens for testing. This will be a new experience and hopes to bring up to 100 million new users of crypto.
He also says that they will discover that if the tokens are spent on bandwidth and transfer, they will have a faster download speed. They will be able to find more seeds and swarms. Sun says,
“Sometimes you download a torrent and you find out a movie is great, the content is great, but there aren’t any people seeding it. You can’t download it. But with this, a lot of people will be continuously seeding. It’s a mutually beneficial environment. In the future, if you contribute to shared storage or shared CDN, you can get even more rewards.”