TRON is one of the world’s top 4 cryptocurrency and deserves higher valuation: Sun
HODL is slang in the cryptocurrency community for holding the cryptocurrency rather than selling it. “If you hold onto it, you will have a good result. The world’s population is about 7 billion, but the number of people with knowledge of blockchain is merely 10 million,” said Justin Sun, the founder of the cryptocurrency platform TRON. June 25 marks the first year since TRON launched its mainnet network Odyssey, a change that Sun says on his Twitter is 200 times faster than Ethereum and 100 times cheaper than EOS. In the TRON community, the first year anniversary was dubbed “independence day,” since the mainnet was separated from Ethereum. To mark the special day, Join:D had an exclusive live interview with Sun. Below is a transcript of the interview. Q. In August, 2017, TRON undertook an initial coin offering. But most of other cryptocurrency released at that time failed. What made TRON settle in the market? There are three reasons. First, we aimed for internationalization. TRON started in China, but pushed forward different projects in different countries. TRON now operates in about 130 countries. We focus on making the platform fit into each country’s regulatory framework and laws. Chinese only accounts for 5 percent of TRON users. More than half of our team is non-Chinese. Second, we have distinguished development skills. It only took nine months to establish a mainnet. June 25 is the first anniversary, and we haven’t had any problems. As you already know, Ethereum’s server once went down. As for compensation of workers, I am confident that ours is better than Google’s. Thirdly, specialization. From the beginning, we adopted a specialized system. The power of community is really important. We have the most powerful community. No matter what the project is, it is hard to communicate without supporters. I am thankful for Korean users. Q. A rumor has that you uploaded a posting on Weibo saying that “bitcoin is a scam. And you will be screwed if you put your hands on it.” Korean investors got confused. What is your intention behind the comment? I badly wanted to explain this. What I posted on Weibo was a joke. In China, many people still think that bitcoin or blockchain is some kind of illegal scheme. I was joking to celebrate bitcoin breaking the $10,000 mark. For clarification, it meant that “Everyone, please don’t invest in bitcoin because it is a scam. You might lose the meaning of life after earning so much money.” Q. In the beginning, there was a controversy brewing over as to whether you copied other coins and white papers, which led into a rumor that TRON is a scam. Please explain about this. Open source is the foundation of what blockchain is. So, it is a sure thing to study and refer to other technologies. TRON also took from some of good projects and technologies. Conversely, I would be happy to know if someone else has referred to our project because it means we are well-received. Having said that, we will provide a service designed to help companies or any entity to launch their own blockchain with a simple click. Q. Why did you acquire BitTorrent? And which coin do you recommend – BTT or TRX – from the perspective of an investor? Founded in 2001, BitTorrent is a peer to peer file sharing platform. The network for BitTorrent is bigger than that of bitcoin. And BitTorrent is closely linked with daily lives with 1.5 billion users. I bought it because the platform fits to our vision of decentralization. As for investment, it is hard to pick one. Go for both of them. Q. You described Ethereum as a sinking boat. But you uploaded a photo with Vitalik Buterin, founder of the coin, on your Twitter. Are you a friend with him, and what do you make of Ethereum? I have known him since 2009. He also visited my office several times. We are so close that we often go back and forth with jokes. We share the same goal of developing the cryptocurrency industry. It is big, and we have a lot to learn from Ehthereum. But one thing that disappoints me is that its pace of development is too slow. For instance, there was only one upgrade of Ethereum since 2018. We enacted 22 upgrades, and we are faster than Ethereum. If Ethereum goes on like this through next year, I expect it to fall behind in the competition. Q. You paid 5.4 billion won ($4.75 million) for the privilege of having lunch with legendary investor Warren Buffett. Some wonder whether the lunch is worth it. What led you to bid? First, I want to express gratitude. I was able to earn much by following his investment strategy. So, I wanted to thank him for this. Second, the money goes to charity. I have made up my mind to donate to charity activities. I already give $30 million for medical support programs in Uganda. Thirdly, I wanted to build connections between blockchain and the finance sectors. Buffet has express disapproval about bitcoin and blockchain. So, I wanted to build a network to better understand each other. Q. Who will join the lunch? Recently, the first roster was unveiled. Charlie Lee, founder of litecoin, was on it The lunch will take place July 25. Other names will be made public later. Q. Can’t you announce them here? I am sorry for not being able to tell here. I will be on TRON’s official channel 12 hours after this interview. But I can tease a new announcement here. niTROn Summit will be held in Seoul next year. (The niTROn Summit is global platform that will feature experts from a wide range of industries and blockchain projects. The event was held in San Francisco in January this year.) Q. The TRON Foundation will release 33.2 billion tokens that have been locked away by January 1, 2020. How will you manage the asset? It is true that we plan to circulate the locked tokens, but won’t offload them. Our foundation has sufficient funds and holds a positive view on the future of TRON. For more information, I would like to recommend watch the live broadcast that will be on 12 hours after this interview. (During the live broadcast, Sun announced a $20 million of buyback plan.) Q. What do you think is the appropriate price for TRON? If the actual price is below what you think it should be, what could be the reason? TRON shoul be one of the four top cryptocurrencies in the world. I think TRON is worthy of the title. The reason for discount is the overall downturn in the market. I project that bitcoin will break the $20,000 level soon. The current market underestimates our potential. (According to CoinMarketCap, TRON’s market cap was $2.63 billion, ranking 10th. Litecoin ranks fourth with $8.48 billion. So, Sun thinks that the price should jump to 150 won from the current 45 won.) Q. Do you have any coin or token in which you have invested? No, I am only focused on managing and developing TRON. I don’t have time to seek information of other projects. Investment is not what I am supposed to do. My vision is to support the growth of TRON. Q. Are there any last words you would like to share with the readers of Join:D and Korean investors? In 2019, we in the early phase of blockchain and cryptocurrency industry. The readers are pioneers. If you hold onto it, you will have a good result. The world’spopulation is about 7 billion, but the number of people with knowledge of blockchain is merely 10 million.