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Tron Foundation Announces HT Staking; HT/TRX LP Mining on SUN

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The most anticipated DeFi mining collaboration of the Tron ecosystem in 2020 has begun. The Tron Foundation first revealed this when it announced the staking of the HT and HT / TRX LP liquidity mining native token of Huobi Global on SUN.io.

Huobi revealed the opening of SUN deposits on 10 September 2020 by Huobi Inno Hub, shortly after which the trading and withdrawal of the coin was also initiated. It eventually launched a “Stake HT to Mine SUN” campaign aimed at releasing SUN tokens to reward HT users for participating in mining.

 

On 22 September, the Tron Foundation announced the entry of Huobi Token [HT] in the Official SUN.IO Observation List. And the cryptocurrency exchange Huobi Global issued the HT TRC-20 on the TRON blockchain. Shortly after the review, SUN began  HT staking and LP liquidity mining on sun.io

 

Along the same line, Tron Foundation had previously stated,

“The open-minded SUN mining pool community selects premium assets from across the globe to form mining pools. Candidates vary from TRC10/20 to non-TRC10/20 assets. The SUN community will cooperate with JUST team and major exchanges to implement cross-chain bridge, bringing forth the unprecedented unity among global crypto communities.”

The much-awaited launch of SUN community self-governance will enable the community to be fully governed by users who will vote with SUN for setting up new mining pools. The SUN token will then subsequently become a “transit center” within the DeFi space on Tron and will act as a cross-chain channel between TRON and external assets.

SUN- “a living demonstration in the coalescence of encryption with the artistic expression”

SUN is more than just TRON’s first ‘meme’ coin. It is a “social experiment” that is focused on the development of Tron’s DeFi ecosystem and is designed as the “quintessential Bitcoin equivalent” on Tron blockchain as it features no VC investments, PE investments, pre-mining nor reserve for the team, and boasts to be fully operated by the community through its open-source smart contract, thus inheriting Bitcoin’s trait of absolute fair distribution. SUN further improvises on how governance needs to be carried out in a bid to achieve a full-fledged self-governance of the SUN community.

A quick primer: SUN Genesis started mining on 2 September, and according to the Foundation’s open letter to the community, the blockchain-based company hopes that the coin will become a nexus for community-builders to collaborate on the Tron ecosystem. Besides, the SUN token also aims to drive the adoption of cryptocurrencies and will enable its holders to discuss, vote, and help implement unique proposals on the Tron ecosystem.

The letter by the foundation also read,

“We respect and appreciate crypto culture featuring humor and self-mockery, which is a critical source of power that continuously drives the spirited adoption of cryptocurrency.”

Tron’s New DeFi Instrument JustSwap Breaks 6M in Total Volume in Less Than 24 Hours

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Justin Sun formally launched JustSwap on August 18th at a live stream event introduced JustSwap to JUST (JST) and Tron ecosystem users. JustSwap, the first exchange token protocol on Tron (TRX), is expected to open the Tron blockchain users to the DeFi world, a space that has seen a splendid rise over the past year. Released in testnet beta, the new protocol will be powered by Tron-based oracle AlphaLink.

A quick primer: JustSwap essentially enables its users to make exchanges instantaneously between any TRC-20 token, thus, making system pricing as well as several other operations seamless.

Meanwhile, it will act as a decentralized cryptocurrency exchange protocol for the purpose of attracting users through low latency, fast transactions, and periodic liquidity rewards. In addition, the new instrument will be part of the JUST lending/borrowing system built around USDJ stablecoin.

In another update, JustSwap’s official Twitter handle revealed that the total volume broke 6 million in less than 24-hours after the launch. In an open letter, Tron Foundation CEO, Justin Sun stated,

“TRON and Just team are going All-In on the DeFi ecosystem. We will not back down until we see the decentralized financial revolution end in triumph.” He further added

“I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.”

DeFi has swept across the cryptocurrency industry, and Tron’s exploration of space is crucial, given that it is one of the largest blockchain networks in the industry.

JustSwap will give users the opportunity to earn transaction fees by becoming a liquidity provider and ensure that they receive trading costs and mining rewards. This, in turn, will encourage more holders of TRX and TRC20 to use JustSwap instead of regular crypto-exchanges charged for trading fees.

It is no secret that Ethereum has been facing inflation issues with its rising Gas fees as a result of severe conjestion in the blockchain. This could prove an opportune time for Tron’s JustSwap to enable its users to participate in the open financial market place as the DeFi craze continued to brew in the backdrop.

JustSwap is said to have flooded with the fake tokens of the popular projects following the launch. The fake token filtering feature has yet to be integrated into the platform. Justin Sun has assured in the open letter that this feature will be added soon, he said in the open letter

“JustSwap team will crack down on fake tokens by reviewing each and every token in the dropdown list, making sure those which get on to the list are fully legit., In parallel, a report channel for fake tokens will be opened (report@JustSwap.org) and any identified fake token will be immediately delisted”

Tron Lawsuit Could Have Drastic Implications on it’s Future

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Tron ex-employees filed a lawsuit against the foundation on the basis of claims of labor law violation and toxic working environment. This follows in a long line of controversies plaguing the company for the past few years. When it’s not social media lash back against Tron founder Justin Sun, then it’s critics usually targeting the firm’s philosophy for “Hype first, product second”

The legal suit accused Tron founder Justin Sun and a business associate for harassing and firing two employees. A move they deemed only as payback after the employees objected to management practices and implementation of technology.

Lukasz Juraszek, 28 and Richard Hall, 50 outlined in a 70-page document, how they’ve had to put up with escalating hostilities. Meanwhile, the toxic work environment would, later on, culminate in their termination. Both have been in the development team of BitTorrent. A file-sharing service that partnered with Tron Foundation following a $120 million sales in 2018. 

The suit names Tron foundation’s 29 year old head Justin Sun and 37 year old head of engineering Cong Li as defendants. Note that the lawsuit was made public last week. Despite the fact that the claims are unproven, the legal suit could have a lasting impact on the future of Tron. The 70-page document claims that sun berated Richard Hall with derogatory remarks into pressuring him to fast track BitTorrent software releases. 

On several other occasions, Juraszek pointed out that Sun had allegedly slapped Cong Li and didn’t get disciplined.  Even when it was evident that Li had physically harassed a manager with whom he’d allegedly verbally attacked in person and during group chat confrontations.  The document highlights that he saw two pairs of shoes through the conference room door. A sight that was followed by a loud commotion, as well as what seemed like a “hand strike, a slap or something”

After opening the door to leave the conference room, Li noted that the manager’s eyes were glossy and his eyes red. 

Moreover, the suit highlighted ethical dilemmas confronting cryptocurrency workspaces. The lawsuit highlighted what seemed like working on value-neutral technology that criminals can use to break the law.  Richard Hall noted risks of third parties hosting copyright-infringing content as well as child pornography. Hall added that Sun and Li showed no care about his proposal for retaining lawyers, who would review Tron Foundation’s BitTorrent updates.

Meanwhile, the lawsuit is pursuing $15 million worth of damages and government action, on the grounds of labor law violation, discrimination, wrongful termination, hostile work conditions, and emotional distress. A December submission to the court by Tron Foundation, Justin Sun and Cong Li contested to the motivation behind the charges, factual substance and jurisdictions. The lawsuit noted that : 

“Cong Li summarily dismissed these concerns, stated that he had discussed these concerns with Justin Sun; and that no legal review would be done,” 

What Happens After The Lawsuit

A further statement by a Tron spokesperson pointed out that Sun and Li were not able to discuss the details of pending litigation.

“but what we can tell you is that our customers, employees and the TRON community are extremely important to us.”

Nevertheless, it appears that the blockchain company turned a blind eye on an allegedly important detail of illicit activity taking place on the BitTorrent BTFS file sharing service. The lawsuit is likely than never attract regulatory scrutiny towards the Tron BitTorrent file sharing service.

While the plaintiffs only want compensation for the alleged work environment hostility; they also accused Sun of misrepresenting himself as an aspirational, “whiz kid” -; a protege of Alibaba founder Jack Ma. Whereas he engages in illicit activity and manipulation of Tron (TRX) for personal gains. 

The suit cites that an employer has not the right of coercing an employee into unlawful directions. And neither the right to discharge the employee should they refuse to follow an unlawful order.

It would seem a strong case against the foundation had it enough backing. In fact, Sun refuted all the allegations. Possibly, Hall and Juraszek might have to present a stronger accusation to convince the court. 

Tron had a rather uphill performance last year following its drop from position seven to thirteen. The coin currently sits at number 12. Analysts believe that last year would have been a wonderful year for Tron, had it not been for Sun’s media ruse.

The current accusations sit in a long line of scandals plaguing Tron Founder Justin Sun. Nonetheless, the price seems unbaffled by the happenings and optimist TRX fans still hope for the better. Especially given the blockchain’s announcement as the most active dApp ecosystem. 

 

 

Justin Sun Speaks About Latest DLive Partnership and its Path Towards a ‘Blockchain World Revolution’

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The Tron Foundation and Justin Sun have been in the news multiple times for umpteen releases from the company’s roster. In a recent video uploaded by the Tron Foundation, the Chief Executive Officer [CEO] of the company spoke about its latest partner DLive and how it aims to transform the entire blockchain industry.

Sun was confident that the partnership with DLive was the start of creating a new and improved decentralized ecosystem with added benefits for users and token holders. The CEO claimed that any user or content creator can come and create on the platform with the added advantage of being able to control their uploads and belongings.

DLive had partnered with Tron on December 30 with the blockchain-based content sharing platform aiming to utilize the features provided by Tron’s BitTorrent. An official statement from the company had said:

” DLive and its blockchain development team will collaborate with the BitTorrent team to bolster its products and services. BLive, the live streaming platform introduced by BitTorrent in early 2019, will be merged into the DLive platform, and their team will join the DLive team. DLive will begin utilizing the BitTorrent File-Sharing System (BTFS), a distributed file sharing and storage system, to allow all content living on DLive to truly move towards decentralization.”

The Tron official added that content on the platform cannot be tampered by anyone, not even the CEO himself. According to him, the proposed platform will be in direct competition with honchos such as YouTube, Periscope and Facebook. The services are built to be top-notch with the focus always being on creating a system where data and content can be streamed seamlessly and quickly.

The company also has plans to rope in several cryptocurrency influencers to spread the message of decentralization across sectors and that work will begin in the first quarter of 2019. Sources close to the company have stated that there will be no compromise on the storage level and the new year is intended to provide a more clear cut focus on what is important.

Sun also pointed out the shifts in the number of Android clients in the BitTorrent department, clocking an average of 10 million users monthly. The partnership between DLive and Tron further promised a “best real-world example of what is possible when you combine blockchain and digital media”.