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TRON: Is It Truly Decentralised? (2019)

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One of the most popular projects ongoing in the crypto space right now is TRON. Even though it is fronted by Justin Sun, there are a lot of people working on the project including Lucien Chen.

Although, Chen has actually just this week announced that he is leaving the TRON project over claims that the firm is no longer decentralised and it has run away from its goal of “creating a decentralised internet”.

So yes, the CTO – now former CTO – of TRON has left the project although this wasn’t his only reason for leaving.

Chen and Sun jointly launched TRON over a year ago, so the project is still in its early stages but the amount that it has accomplished in such a short time is nothing short of phenomenal.

Working on TRON behind the scenes for two years, Chen says:

“I felt the wheel of destiny turning rapidly and I also went forward under the drive of the wheel. At the beginning, Justin was in America when ICOs were banned as the unauthorized illegal financing activity on September 4th, 2017. In my efforts, the formation of the domestic team and the coding all started from scratch, and the currency began to soar from ICO. Until now, looking back on the past, it seems like a dream.”

The TRON Foundation has employed hundreds of people during the stages of open source, testnet launching, mainnet launching the acquisition of BTT and the ecological of TRON dApp. We have seen TRON release a project that is a top ten cryptocurrency, which they achieved in just a few months. So even though, TRON has a successful (short-term) history, Chen claims that the project isn’t as good as it was.

This is when the now-former CTO explains his reasons for leaving.

“The reason for leaving is very simple. As a technical man, I feel very sad that the TRON has departed from the faith of “decentralize the web”.

‘TRON is no longer decentralised’

In building a technology like TRON, Chen is well-aware of how real Internet applications won’t be able to function on the TRON network in the circumstance. As it stands, TRON’s ecosystem isn’t on target according to Chen when it comes to the users and commercial adoption.

And so with this, dApp in TRON is basically all about the gambling and funding project according to the former CTO.

Chen says that in the DPOS and Super Representative node, there is an issue of centralised voting that some nodes and voters hold more than as much as ninety percent of votes.

VOL

So it seems Chen is leaving to follow what the blockchain is truly about, decentralisation.

The former CTO says that he is ‘rebuilding’ TRON which seems centralised around certain aforementioned aspects and there doesn’t seem to be a diverse feature in TRON’s ecosystem, according to Chen.

He goes on to say:

“I am deeply sorry to see the project that has grown up in my hands has become like this. The dreams and visions that Justin told me have been ruined. After several months of thinking, I decided to start the Volume Network(VOL) Project.”

The Volume Network (VOL) is the new pet project from Lucien Chen which aims to be a true and decentralised blockchain platform. Chen says that he has dreamt of this kind of project from when he first joined TRON.

Chen Speaks Volumes

Speaking on the mining side of things, he says the top 27 SR nodes have more than 170 million TRX votes but most are controlled by TRON itself.

Chen says in his post:

“I always believe that mining blockchain project is the real spirit of the blockchain. Contribution to the project should be determined based on proof of workload rather than the size of the holding position. The data also illustrate this viewpoint. By the end of the Q1 of 2019, mining- based digital money accounted for more than 70% of the total digital money market.”

Moving onto the consensus mechanism, the mainstream of cryptocurrency based on PoW mechanism in blockchain is currently facing a lot of issues due to its high energy consumption, centralised computing and expansion problems.

“With the experience in TRON, I think that the PoST [proof of space and time] based on hard disk capacity is more suitable for the consensus algorithm, which is the proof of space time mechanism of Volume Network.”

The founder of the Volume Network finishes off saying that this is his big vision to ‘fix’ TRON. VOL aims to be fully decentralised, community-based and an innovative entity.

Lucien believes that this is the project that will truly conform to the spirit of what is blockchain.

-News Source

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Tron

Tron (TRX) Still Struggling Despite Key Development Updates, Properly Bullish Above $0.03

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The Tron project has risen to be one of the most popular projects in the industry in recent years. Much of its success has come from vigorous development and the project’s active team led by Justin Sun.

Though the project has not slowed down in its effort in recent months, its representation in terms of TRX prices has been on a drag. In the last couple of weeks, the coin has been trading on a tight range and has hardly responded to recent project developments.

At the time of press, Tron is nudging at the $0.030 position after a bearish couple of days. In the last couple of weeks, Tron has been stuck in the $0.025 and $0.030 price range. Today the market is seeing some fresh green and Tron is one of the cryptocurrencies seeing significant gains of over 4%.

Recent Developments Around The Tron Project

Just a couple of days ago, the Tron project announced that their token would be available to Opera web browser users. The Opera web browser will now support TRX in its built-in crypto wallet. The platform already has more than 300 million users from around the world and supports Ethereum and ERC-20 compatible tokens and Bitcoin.

The Tron project continues to dominate in dApps. DApps are growing fast due to their speed and cheapness taking away a lot of developers from popular projects such as Ethereum and EOS.

Hint Of Mismanagement?

However, although Tron has had much to celebrate this year, the project has not had faults. In recent days there seems to have been trouble from within the project. The project’s CTO, Lucien Chen, has recently resigned from the project citing several problems with the project, this ranged from lack of “decentralization” to it being a gambling and funding project.

Following the resignation and allegation, the Tron project fired back saying that the CTO was fired early in the year for bribery and theft. However, the project failed to announce his departure at the time.

It still remains unclear who is telling the truth but whatever the case, this is attracting the wrong kind of attention for the project.

TRX Price Prediction

TRX

It is currently clear that the Tron project despite having issues with its management is on the right track when it comes to development and clearly has no issue when it comes to adoption. TRX prices will soon catch up with these developments and with key resistance positions dealt with such as $0.032 and $0.035, we can see TRX  soar to new highs soon.

-News Source

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Tron

TRON users, stay alert! Read more on the BTC Bonus

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Because the TRON (TRX) futures trading market has been launched, a giveaway involving BTC bonus has been announced a short while back.

A promotion period of three days has been given, between May 21st and May 24th, within which the users have to open 10/100/500/1,000 contracts in TRX futures trading market in tiered maintenance margin ratio mode. This will lead to a bonus amount of BTC (which may go up to 4 times).

Up to 1000 USDT can be won. 5 days following the completion of the promotion is when the prize will be awarded. It users are caught controlling multiple accounts, a ban will be placed on their IP

Know more here:

Source:iourbitcoinnews

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Tron

Tron (TRX) Price Positioning For Bullish Break Above $0.0300

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  • Tron price started a sharp downside correction from the $0.0331 high against the US Dollar.
  • TRX price found support near the $0.0245 level and it is currently moving higher towards $0.0300.
  • There is an ascending channel forming with support near the $0.0270 level on the 4-hours chart (data feed via Bitfinex).
  • The price remains well supported on the downside and it could soon climb above $0.0290 and $0.0300.

TRON price is slowly gaining bullish momentum against the US Dollar, but struggling vs bitcoin. TRX could start a strong upward move if there is an upside break above $0.0300.

Tron Price Analysis

This past week, there was a strong rally in TRON price above the $0.0250 and $0.0280 resistances against the US Dollar. The TRX/USD pair even broke the $0.0300 level and settled above the 55 simple moving average (4-hours). Finally, there was a push above the $0.0320 level and the price traded to a new monthly high at $0.0331. Later, there was a sharp downside correction below the $0.0320 and $0.0300 levels. The price even declined below the $0.0280 level, but it found support near the 55 simple moving average (4-hours).

A swing low was formed at $0.0247 and the price is currently moving higher. It climbed above the $0.0265 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low. However, the $0.0285 and $0.0290 levels are currently acting as hurdles. The 50% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low is also acting as a resistance for the bulls. A clear break above the $0.0290 level is likely to open the doors for more gains in the near term.

On the downside, there are many supports near the $0.0270 and $0.0265 levels. There is also an ascending channel forming with support near the $0.0270 level on the 4-hours chart. A downside break below the $0.0265 support level may open the doors for more losses in the near term. The next key supports are near $0.0250 and $0.0245.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is following a decent bullish path above the $0.0265 support. Therefore, there are chances of more gains above the $0.0290 and $0.0300 levels. The next main resistance is near the $0.0330 level, above which the price could trade towards the $0.0360 level.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone, with positive signs.

4 hours RSI – The RSI for TRX/USD is currently above the 50 level, and it could continue to rise towards the 65 level.

Key Support Levels – $0.0265 and $0.0270.

Key Resistance Levels – $0.0290, $0.0300 and $0.0312.

-News Source

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