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TRON CEO Justin Sun Circulate “Open Letter” to TRON Community

  • The staking reward systems is a fair and decentralized process. The participation is great and it doesn’t create problems for exchanges, wallets, and partners.
  • The network had increase ratio of stake and the turnout of the voters are great too. The TRON community is more active and a strong financial system. This result in a higher lock up amount.
  • The unnecessary rewards become less and it uses low bandwidth, it is also strong.
  • The future is bright as the consensus is complicated and incentive plans are great.
  • The decentralization is bigger and there are more Partners. The network is more global.

The CEO of TRON, Justin Sun is a very active user of social media and he always communicates through his twitter account about the new development on the platform. Recently he released an ‘Open Letter’ addressing the TRON community and talked about the progress of protocol in the 4th quarter of 2019.

He addressed the community writing ‘Dear Tronics’ and further states that

“We’re about the three-quarters of the way through 2019, and I wanted to give you an update on our progress, as well as a look ahead to the many great things coming. In this letter to the community, I’ll discuss five important projects we have underway: the evolution of the TRON Protocol, the introduction of the Sun Network, Blockchain Interoperability & Cross-Chain Communication, one-click blockchain deployment and the privacy coin.”

Here, I will discuss these five important assignments of the TRON:

Progression of the TRON Protocol

Sun revealed in the future update that is coming on the TRON platform that is Network Version 3.6.5 of TRON and they are adding some important improvements on the commission functioning by changing into a hybrid structure of DPoS and Proof-of-Stake from the previous DPoS, which will take the staking network ahead.

He further said that this improvement will provide enhanced administration to TRON protocol and will provide increased incentives for the workers of the platforms. The focus to their team to participate more people in the administration of the TRON network, to make more alliance, create more exchange and have more members in the community who participate in the working of the new staking system. The gather more information people can visit https://github.com/tronprotocol/TIPs/issues/53.

The rewards from staking will be given to all staking users even counting super-representatives (SRs). The reward made up of two things:

• Block Reward: Every SR created a block, a person will get 16 TRX.

• TRON Partner Vote Reward: In this ono, every block for the highest voted 127 nodes will get the parts of rewards as per the votes they receive, which is a total of 160 TRX.

The platform also launched a commission functioning for staking and it will help take a percentage of the customer’s staking rewards by SRs. In this commission SRs can have particular values from 0 to 100, in this 0 means no TRX charges will be applied on user’s rewards and 100 mean that each incentive will take by SRs from the users. SRs can also make a percentage of adjustments.

They also amended the way users receive their rewards and it will register permanently in the frozen states in the history of allowance. Also, it will be given to the balance of the users when they start their transaction of withdrawal. On the other hand, users can transfer rewards as they like. They want to more partners on their platform, wallets, exchanges and community member to participate in their network.

The profit of the new staking system for TRON Partners Incentive Function:

• The staking reward systems is a fair and decentralized process. The participation is great and it doesn’t create problems for exchanges, wallets, and partners.

• The network had increase ratio of stake and the turnout of the voters are great too. The TRON community is more active and a strong financial system. This result in a higher lock up amount.

• The unnecessary rewards become less and it uses low bandwidth, it is also strong.

• The future is bright as the consensus is complicated and incentive plans are great.

• The decentralization is bigger and there are more Partners. The network is more global.

This is not it, TRON network has more planning for TIP53 too and they are planning to give around 50 million TRX to the SRs. This is according to the amount of the block they created to form the Genesis Block moment was created to 15th Oct 2019. They are encouraging the SRs for their participation in the network for the previous year. The main developing group of the network has attained further version 3.6.5 of TIPs, like:

• TIP37: This stopped the TransferContract and TransferAssetContract to address the contract. This does not allow the mentioned process and it helps to decrease the wrong happening to occur to the users.

• TIP43: This does the task of verification of the parallel signature through the digital machine. This will speed up the count of the signatures verification that is present in a contract.

• TIP44: This will help in instructing Address.isContrac and this will make simply the process of checking the address present is the contract address or not.

• TIP54: The function of this to operate the contract’s new TRON accounts by transacting TRX/TRX 10 tokens in the account to increase the flexibility.

The voting process is very important and this improvement in the protocol will be operated later over two-thirds approval from all SRs.

Sun Network

Sun said they will introduce this on 25th September and it will a part of the side chain scaling solution. The network provides the first test demo DAPPChain to lure the participation for the people. Then they will boost the members to create a more authorized chain and build an extendable, cheap and good network. Sun network is amended for the larger expandability on the TRON networks for DAPPs. The DApps could be modified, utilize less energy, safe, and efficient.

The network will also offer infinite expandability to the MainNet of TRON and provide assistance to enlarging transactions of the smart contracts. The benefit of TRON’s side-by-side-chain expandable solution:

• Affinity with TRON MainNet: This model of the sidechain is derived by the main chain utilizing the DPoS consensus functioning with large escalation. This includes all feature of mainchain and provides better performance. The users can alter from MainNet to the side chain easily. The developers also are benefitted from the side chain as they can create more complicated smart contracts.

• The whole network has Higher TPS: Each time new TPS is added then the whole network will have an increase TPS. The side chain of the TRON is around 2000 and they greatly expandable.

• Less cost: The consuming power of the resource is very low on the side chain and it is a fraction of the mainchain’s consumption. The DApps which has large transfer volumes is noticeable cause it uses less energy. Also, sometimes there is no usage of bandwidth at all.

• Good APIs with assistance tool kits: The network offers a lot of Rpc APIs and Http APIs which are friendly with the TRON mainchain alliances. For the communication among the side chain and mainchain like withdraw and deposit. The network utilizes and offered the answering APIs which is for development and easy utilization.

Blockchain Interoperability & Cross-Chain Communication

Tron is entering in this region so and they think in the future world will have co-existing and interacting chains. TRON has put a lot of work to assure it’s customers about safety and security while doing the cross-chain inter-connections and funds transfer. Also, there are some of the parachains which are associated the and provide assistance to TRON chain, also TRON chain could act as reliance chain in between.

The acting relay chain TRON will engage PBFT consensus function that ensures transfers in the period of a second. On the other hand, the parachain act on their own and free. They use different functions of consensus along with dependable algorithms and free state machines. The reliance chain that is TRON will offer confirmation of SPV for the cross-chain transfer and create blocks to register them. This will be an actual mechanism of the cross-chain transaction to be there which is decentralized and secure.

Tokens will be staked for hiring the slots of parachain. For hiring, because the public chain platform doesn’t have sufficient balance for doing staking then it will lead to crowdsourcing tokens to hire parachains slot via IPO. Utilizing IPO will lead the large participation of the community and it will decentralized the parachains. Also, enhance the quality assignments to the alliance with the platform. TRON will be working with some of the most reputed exchanges of the global level to provide strength to the IPO.

At the initial stage, their parachain seats will be present. This is for security and better performance and out these three, one will be introduced as a demo by TRON itself and the other two will be launched by the community. TRON already finished the development of PBFT protocol for the cross-chain of TRON and the SPV will be finished by 15th November. And by the end of this year, the cross-chain function will complete and the IPO execution will be started.

One-Click Blockchain Deployment

With the help of this project, the customers can create and arrange public chains or partnered chains by functioning on icons and graphics. They can also alter the consensus functions and transfer type of their choice. This is will guide every one of the blockchain and TRON will set an example for future blockchain projects and businesses.

This will great inspiration for future projects by different enterprises. The work is on-going and the best version of this will launch in mid of the November. TRON is also inviting developers and encouraging them to share the codes between the network and them.

Unidentified Token Project of TRON

There is one more project which is most-awaited by the TRON community and that is Unidentified Token Project of TRON. It is will be very useful for the TRON network and the network is working with the zk-snarks technology on the project. The codes of the project are mixed into a higher and developed set (https://github.com/tronprotocol/java-tron) and the testnet version which functioning from more than a month http://testnet.tronex.io/

The benefit the community will get from this project:

• Highly Anonymous: This provides total anonymity for the address of sender’s and receiver’s.

• Increase TPS: The performance speed of the transactions is increased up to 100/second on the network.

Justin Sun further stated in the letter that he and his team are expecting that TRON will become reputed and powerful in the future. He stated,

“We believe, TRON will be a strong player in the future privacy coin market. The anonymous project will go public in Version 4.0. We expect to start working on multi-party computation (MPC) in October as a prelude to the launch of the anonymous network. Moreover, we will continue to invest in privacy protection, especially in the research on applying anonymous smart contracts, such as privacy contracts, to TRON Network, as a move to attract more business users.”

He further stated that they are working will top technical research and development to provide better technology for the community and it is really helpful for the developing team too. The team is very dedicated and concentrated on these projects to make the firm strong and lure more participation from people.

Also, TRON will work forward to an alliance with more exchanges and make the relations or position in the market more powerful. They will be more and more strategic toward their functioning to strengthen the tome TRX and more partnerships will be declared during quarter 4.

At the end of the letter, he stated they are stepping into the second stage of the development of the firm and he believes the currency will the one of the dominant players in the cryptocurrency market and their blockchain technology will also become basic functioning within the various economic or financial sector. He added in the end

“May we forged ahead, to TRON for the better, and TRON for the future!”

 

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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