Rinzler’s Blog # 6 Good News Amidst A Partly FUDDY Week
Fudders: That annoying character who worries about everything.
Social media and crypto-writers across the internet are pumping out as witty and catchy headlines and articles as they can in the wake of Justin Sun’s tweets as of late.
The crypto-press can be a fearsome, impulsive, angry opponent when any misstep is perceived in those who are supposed to safeguard the investments of we who have put our faith them, and though young Justin Sun loves to market TRON’s product, he’s not invulnerable to criticism over what might be seen as unprofessional or misleading behavior.
Earlier this week, a tweet by Justin drew ire from social channels around the crypto-globe, where he touted an “exclusive” story by Reuters. The tweet read, “Reuters exclusive interview with the #TRON technical team: TRON advanced the launch of the main net from July 1st to May 31st.”
Frustrated readers quickly jumped all over Sun declaring the tweet as stretching the truth (to say the least) as the article was paid for by TRON, and Reuters posted a disclaimer at the bottom of the story, “This content is produced independently of Reuters Editorial News. For content inquiry, please contact reuters@vcnewsnetwork.com.”
What all the critics are possibly forgetting is that intent can be lost in translation, and Justin’s tweets are no exception. They’re saying he was claiming Reuters had and exclusive “story” about TRON, but the tweet reads (to me) that Reuters interviewed the TRON technical team. Whether that was paid for by TRON or not wasn’t mentioned in the tweet. Read it how you’d like; I view it as Justin Sun promoting his product on a huge platform for more exposure.
Minor social media hiccups like these don’t hamper my confidence in Sun or TRON. Influential figures throughout time have endured failure beyond what some of us can imagine prior to being accepted as wise teachers, and small perceived mistakes like these are but mere stepping stones on Sun’s path to mission success.
News from this week:
Recent partnerships with TRON (Announced via Tron Medium):
”Recently, TRON announced to reach a strategic partnership with Trip.io, the world’s first traveling block chain project. The two sides agreed to strengthen cooperation and share resources in the areas of main chain, content, travel, entertainment and operational resources in the future.”
“Justin Sun, founder of TRON, said: “Online gaming is a growing and huge market and TRON has always put online gaming at the core of online development.” Jared Psigoda, founder of BitGuild, and his team have extensive experience in online games and online entertainment. I believe the blockchain online game landscape will be further expanded through the strategic cooperation between TRON and BitGuild.”
PoS (Proof of Stake)
It has been confirmed that TRX will run on a type of Proof-of-Replication (PoRep) algorithm. How it will work exactly will be explained in greater detail around the launch of the mainnet on May 31st, or perhaps around the beta release on March 31st. My understanding is that holders are rewarded for holding, (a node) which is an attractive prospect. The return percentage in currently unknown. Read more in the Tron Whitepaper:
“Consensus algorithm based on Fast Paxos variant, it can decide Peer voting weight according to the State, as long as 2/3 nodes confirm the block can reach a global consensus, there is no bifurcation problem. And it can be adjusted to meet other needs, it can also use a variety of consensus mechanisms! Such as the combination of Pos and PoW.”
From what I've been reading it looks as though the coinburn has been misunderstood by some as being a ‘total supply burn'. It will actually be more akin to Ripple burning XRP per transaction, which, if TRX gains adoption in all of the various sectors it aims to charge into in addition to (possibly and hopefully) finding purchase in the immense Chinese mobile payments market, (which in 2016 overshadowed the US market by over 8 trillion dollars,) then the total supply would decrease faster than conservative estimates.
SEC Comments
If you’ve been paying attention to the SEC news this week then you probably know that our falling crypto prices have been influenced by this FUD. However I’ve read variations of the following succinct tweet, summarizing regulatory authorities conflicting stances on the topic:
The Wyoming story can be read here and explains how Wyoming views most Cryptos as a ‘Utility’, which makes more sense to me, especially in TRON’s case.
Bittrex issued a statement on the SEC comments and said they are in compliance with SEC exchange rules.
Market Maker
Then there's the "Market Maker", who, according to etherscan, has been selling TRX "to provide liquidity", according to Sun. To continue to have a sizable (if any) impact on the price, this wallet will run out of TRX in the next month or two. There is some debate about what price action will occur, again, if any.
TRON Labs Technical update
Last week’s Technical Update detailed some interesting contests put forth to the TRON Community: A nickname and mascot design contest, respectively! Design the TRON mascot!
The Essay contest concluded with winners announced on the Tron Foundation’s Medium Blog…tons of great Tron promo here…Excellent work authors, and congrats to TwentySumCrypto on first place!
Even in this red winter, I'm still, and always will be bullish on
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