There aren't many people who are truly believed to be “the next Jack Ma,” the founder and executive chairman of Alibaba. Please appear on stage right. Justin Sun is a creative visionary determined to make his business a global changer. So, can he really become the next Jack Ma?
Sun is the founder and CEO of TRON, a blockchain-based open source platform for the global digital entertainment industry, with an initial coin offering (ICO) scheduled for September this year.
TRON has already surpassed Bitcoin and Ethereum to become the first smart contract blockchain protocol with over 10 million wallet users worldwide.
As a blockchain-based decentralized digital entertainment protocol, TRON provides payment, development, storage, and credit sharing capabilities to support digital entertainment around the world, including live shows, social networks, online casinos and games, and mobile gaming. Strengthen your platform.
And I loved Tron, the 1982 sci-fi action movie starring Jeff Bridges, in which he played a computer programmer who is transported to the software world of mainframe computers, where he interacts with programs and tries to escape. ” I was thinking.
Time passed and TRON introduced the concept of sharing economy to digital entertainment for the first time in history. Users on the platform become content producers by placing text, photos, videos, and live broadcasts in decentralized storage.
The protocols currently used by TRON allow digital entertainment content providers to interact with the public at an unprecedented level without having to pay high fees to Google Play, the Apple Store, or other distribution platforms. It can be achieved.
Interest in TRON is growing as it has already shown a size and growth trajectory comparable to Chinese e-commerce giant Alibaba, and has received financial backing and endorsements from some of the world's biggest names. Well, China to be exact.
The list of main characters includes Tan Bingsen, the founder of Clash of Kings. Dai Wei, founder and CEO of OFO bike, one of China's largest sharing economy companies. Chaoyong Wang, founder of China Equity Group, one of China's largest investment groups with a market value of over $2 billion. Ying Mingxiang, founder of LiFan Group and one of the largest motor manufacturers in China. Jan Linke, founder of BTCC.com.
They are joined by one of China's most famous angel investors, Xue Manzi, whose companies include Huobi.com and Jubi.com.
According to various sources, the global market for digital entertainment products is divided into lifestyle ($200 billion), online gambling ($500 billion), online gaming (approximately $100 billion), and information sharing ($100 billion). It is estimated to be worth about $1 trillion. ).
Mr. Sun was ranked on Forbes China's “30 Under 30'' in both 2015 and 2017, and this year on Forbes Asia's “30 Under 30,'' and is a graduate of Hupan University. was personally invited to become one of the first students. The university, located in Hangzhou, eastern China's Zhejiang province, was founded by Jack Ma, a Chinese businessman with a net worth of about $36.4 billion.
Less than 40 students were lucky enough to attend this “life-changing” course, and one of the instructors was none other than former English teacher Mr. Ma himself.
The 26-year-old Sun, who is based in Beijing's Haidian district and hails from Shandong province on the Bohai coast, became part of the cryptocurrency community when he bought his first Bitcoin in 2012.
A year later, he joined Ripple and worked as chief representative for Greater China. He helped Ripple successfully complete its first round of funding, which totaled $30 million, after which Ripple became one of the top three crypto systems in the world. .
Peiwo App and Smart Contract Protocol
Mr. Sun graduated from the University of Pennsylvania in 2015 with a master's degree. Bachelor's degree The app, which started as a project called Peiwo at Peking University, is now one of the largest audio-based live show platforms in China, with over 10 million registered users and around 1 million monthly active users. It has become.
In September this year, the Peiwo app became the world's first TRON-compatible entertainment app and live show software to support the cryptocurrency's “smart contract protocol”, allowing 10 million registered users to benefit from additional features of the cryptocurrency. It becomes like this.
Commenting on the development, Sun said: “This is just the first move for TRON. Next, we will provide infrastructure for online casinos, gaming and other entertainment systems around the world. Additionally, API access will be provided to facilitate robust payment services. However, our first move is for TRON to bring the benefits of its blockchain network to the Peiwo app.”
TRON offers an entertainment market-wide sharing platform for maintaining and sharing user information across systems, and in doing so it claims to “break down information barriers” between apps.
This allows users to significantly reduce the effort required to enter information in a particular app, and allows developers to achieve highly efficient interactions in the area of user identification, reducing the cost of duplicate identification and preventing theft of user information by an intermediary. It is explained that the risk of leakage can be prevented. agency.
tronics token
TRONIX, the TRON platform’s token, tracks users’ entertainment behavior and shares credit data with apps within the TRON network.
TRX has the additional value of information storage and identification, and records of user acquisition and TRX spending are stored on the blockchain. Core information is accessed from all his TRON apps and serves as the sole credential for users to play on the global entertainment system.
TRON supports all types of cryptocurrencies as the official currency of the platform, while TRX will be used for the conversion and distribution of cryptocurrencies worldwide on TRON.
Sun boldly added: “I am very confident that TRON will be able to achieve his goal of the number of wallets registered within a year. of TRX tokens will be given.”
(Source: Tron)
Information, credit sharing and global payments
Currently, because of the short monetization and lifecycles of entertainment apps and systems, individual developers cannot store or maintain user credentials on a particular entertainment system, and all entertainment systems are It's become like a silo.
Before TRON, the global digital entertainment system faced various payment issues. For example, if an Iranian wants to purchase a digital product from Japan, it would be problematic for the user to pay a fee to the Japanese company. It is not possible for users to open a bank account in Japan just for this purpose, so the payment chain and procedures are lengthy. Through this platform, global payments will be further simplified.
Removing barriers and reducing costs
The traditional online entertainment industry is characterized by high gross margins and high transaction volumes on a global scale. However, each entertainment system has its own token barrier. As a result, it becomes more difficult for users of a given system to switch between systems or apps, as they incur high transaction fees when they use another subsystem or app.
Based on the TRON network, token barriers will be removed – at least that's the theory. The Entertainment Network builds payment interfaces between systems to enable a reliable flow of transaction information. In this way, trust between people in numerous social and gaming links evolves into trust between humans and technology.
deep integration
The TRON Network has built a set of consensus mechanisms to solve identity verification and personal trust issues in online transactions at minimal cost. Uses “point-to-point” transactions to avoid traditional centralized payment structures.
Additionally, the network can act as a host between users and developers, ensuring authenticity and compliance of credentials. These benefits are cited as “significantly improving” the efficiency of the global entertainment economy.
A decentralized economy is itself a typical feature of a market economy. Reducing transaction costs will stimulate a significant increase in consumer demand, leading to new and vibrant growth in the global entertainment economy.
Blockchain network and smart contract system
TRON supports various types of blockchain networks and smart contract systems, including Bitcoin, Ethereum, EOS, and Qtum, providing developers with a multi-protocol infrastructure for entertainment app development and providing users with a “frictionless” It allows you to benefit from something called multi-protocol smarts. network.
The TRON protocol brings a new era of autonomous and trusted gambling, solving trust issues and providing developers with the perfect environment for gambling game development.
Game companies are allowed to issue platform-specific game currencies and trade freely with other game publishers within the TRON protocol, providing an intelligent contract guarantee system for trading various game currencies. .
This is touted to ensure that all transactions are complete and smooth, thereby laying the foundation for a globalized and deregulated gaming environment.
Regarding TRON's schedule from now until December 2018, there are plans to prepare the protocol, release the APP, and go live with the protocol. Completion of development of TRON's first betting APP is scheduled for early next month (September 7th).
Justin Sun believes the future is bright. “We believe that TRON will bring about significant changes in today's online entertainment industry and give a sense of globalization to the entire digital entertainment industry.”
He added: “Until now, there has been no universal digital currency system for the digital entertainment industry due to differences in laws and regulations from country to country. I’d like to think we’re ready to shake it up.”
Considering Mr. Son is half Jack Ma's age, he has many years ahead of him to emulate the Chinese billionaire and succeed, while also making a few mistakes along the way. be. As Ma himself revealed, he was rejected from every job he applied for after graduating from college (including at KFC), and in 2015, he was rejected from Harvard for 10 years by journalist and talk show host Charlie Rose. He said he was rejected twice. So get used to failure and learn lessons from it.
However, there is no doubt that his disciples gleaned pearls of wisdom from this great figure while attending Kohan University. We can all use some of that.
from now on TRON's Initial Coin Offering (ICO) was launched in September 2017, with advice from Hai Liu, CEO and co-founder of Beico and partner at GSR Values, and angel investors Weixing Chen and Charles Xue. It is scheduled to start on the 9th of this month.
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