Transcript of Justin Sun interview
Justin Sun was on “Huobi talk”
Host:Bitcoinworld live host,Huang He
Guest:Founder of Tron
Translated by Jimmy yuan
Host:We all know that the characteristics of the blockchain is a decentralized autonomous organization.Without a core leader, we can operate and maintain this network in the same way through community autonomy.But now everyone agrees that TRON belongs to Justion Sun his own,whether Tron can be as it is today without you, how do you think about this?
Justin: I personally very much agree with the decentralization. At this time,Tron is indeed in a period of development dominated by Tron Foundation.So we call it Exodus. Everyone knows Exodus comes from the biblical story,one legend is that Moses led the Jews out of Egypt and then across the Red Sea to Canaan. However, after entering the Odyssey, I personally believe that after 26th June,the super representative election will generate 27 representatives by public election,also there are 100 representative candidates,it will be a new period of community and foundation governance,and at present,with our governance plan,the future direction of our governance will be towards a more decentralized governance structure, for example, the current development is mainly based on foundation development and supplemented by community development. Recently,Tron Foundation also announced excellent works of community development. At present,Tron Foundation is responsible for the development of protocol and the main protocol,but Explorer and all the wallets are developed by the community,all communities also contributed a lot of works,I expect that more and more community developers will be involved in the development of protocol in the future,after one year or two,Tron will become fully decentralised and fully autonomous blockchain organization.
Host: Just now you actually mentioned that Tron would be a basic public chain based on the technology.As we know that Ethereum is a mature public chain nowadays,what is the difference between Tron and Ethereum,which kind of problems can be solved specifically by Tron?
Justin:I would love to talk about it from several aspects,first is the throughput,which we often call "tps",the second is the governance structure,Tron has some innovation in both,although Ethereum’s public chain is relatively mature,support from developers is also relatively awesome,but the biggest problem in ETH is capacity.currenty,the capacity problem is very restrictive for Ethereum’s network.For the dapp ranking in ETH platform,we can find that dapp with DAU(daily active users) of 100 can be ranking in the top five. Sometimes,even the top1 only has few hundreds of DAU.This is very restrictive for the progress of the industry, because we know that on the mobile Internet, including my own developed app, monthly active users are more than one million,and the top ones may has billions of daily active users.As for now,our main tronnetwork has been on the line. Everyone can use it fully,we can find that our tps is about 2000,it is really 100 times faster than the 25 of ETH, so I personally think that if dapp run in our blcokchain,the basic daily active users can reach at least one million. Compared to Ethereum’s decentralized ecosystem, we will have a qualitative leap.I think it is important for progress of the industry.
For the governance structure, I always wanted to promote the autonomous election in the community. Bitcoin and Ethereum’s holders could not participate in the voting. This year we began to promote the election system. We hope that the pow and pos crypto can learn from this system and let more crypto holders could be involved in community governance. I hope that the super representative of Tron will not only be used as a super node. In fact, my expectations for the super representative will be more. I hope that the super representative including the representative candidates can further into the community governance, for example, in the future,our outstanding applications will come from the delegates' voting. Therefore, we believe that in community governance,communities will exert their respective enthusiasm and be involved in it.
Host: There are nearly 1.23 million adresses in Tron,and there are only 0.3 million in EOS.And for the top ten,holding about 73% of all the trx, and the top 100 is 95%,The ordinary investors must think that Tron is too centralized,can you explain this for us?
Justin: First of all, the Foundation controls 34% of all the trx.Also,it is locked and will not be used for election.There are several reasons for the centration of tokens. They are occupied by large exchanges,also,we plan to begin trx migration this month,we use migration not mapping,and 90% of the exchanges in the world has listed trx,and most of them support trx migration,and now we call people diposit their tokens to these exchanges,therefor,the tokens will be more centralized in these days.The tokens can be migrated automatically in these exchanges,it’s much more easy for users to deal with trx migration,and the tokens can not be lost,it’s very safe.
Host: For EOS mainnet,as we know,it was failure in the first time,what measures you take can determine the success of token migration and maintain the stability of Tron mainnet?
Justin: Of course, we also started the mainnet through community consensus.EOS constitution stipulates that at least 15% of voting rate will start the mainnet,but in the first time,it was only 2%,we will not have such a high start-up threshold. At that time, the launch of the entire mainnet will be successfully completed. EOS can only use the command line to vote. It is very difficult,we are very close to the people,it is very simple to vote in Tron mainnet,you can see the SR list and vote directly,we will have a high voting rate.
Host: In the whitepaper of Tron,you made a plan for 8 years,is it too long?
Justin:In macroscopic vision,we are so different from ETH and EOS,what they want to do are decentralized smart contracts,we are decentralized internet.Internet is a wide-ranging concept,it involves a lot of infrastructure preparation,compared to the development history of internet,we formulated such a plan and we are always willing to make this project success.
In the early period,Tron was drived by Tron Foundation,but in the future,we need community consensus and more people to participate in the development of Tron.I participated in Bitcoin in 2012,I personally admire the development path of Bitcoin. After Nakamoto’s mysterious departure,bitcoin became better through bitcoin philosophy,developers, miners and communities interacting and cooperating. Bitcoin has developed a digital world.I also hope that Tron community can also be separated from the control of the founder and become a product of the community,it has been 9 years since bitcoin was created in 2009,maybe It will take 8-10 years for Tron,we are a young community,there are many places where we want to learn from Bitcoin,bitcoin is great not just because of its market value.The governance structure and development methods of Bitcoin are also which we can learn from.
Host: Any project can not be completed without the support from the community.The situation of Tron is: Chinese tele group has 100,000 people,aslo 100,000 people in the English group,16,000 people in the Korean community,6,000 people from other communities,the number of Twitter fans is 480,000,34,000 in facebook, 1 million in Weibo,to be honest,you are the No.1 in the industry,so,such a large community,how to operate it?
Justin: First,as the founder of Tron,I love the community and I am willing to communicate with the community.Many of issues were done by myself.I would like to communicate with the community and let the community understand more about us,and participation is important,I focus on sharing with the community and management.
Host: You can’t deal with such a huge workload by yourself,right?
Justin: I spend two hours a day.Now we have our own operating team.We have 2-3 people in each language and about 20 people are responsible for this matter.
Host: In addition to the technical aspects,there is a bit heavy topic,about Vitalik Buterin criticized you "ctrl+c and ctrl+v" in one twitter.The next question,in the development of Tron,many people are talking about plagiarism, hype, lack of innovation,how do you answer this question?
Justin: I think Vitalik Buterin has no full undstanding about Tron,our consensus mechanism, verification methods, code language and logic is very different from Ethereum,Ethereum is pow, we are dpos, Ethereum is non-voting governance,for tps Ethereum is 25, we are more than 2000,so we did a lot of improvements, transfer in Ethereum will consume gas,we don’t,I hope Vitalik Buterin can view our code,recently we offer a reward of $10 million for finding the major security holes for us.We are willing to encourage people to make their contribution to Tron and also hope that Vitalik can win this award.
Host: Why did you participate in the election,it is fair for others?
Justin: Here are two points.As you konw,our Tron Foundation locked 34% of tokens,and these tokens will not be used for election,so first we want to deliver a important message for everyone,even the founder himself must get the qualification to manage the community through election.We must get the trust of everyone through our own efforts.The second point is that through participating in election by myself ,will bring more and people to participate in election.
Justin: In addition,for all the 1.22 million addresses,the first 100 addresses hold 95 billion,accounting for 95% of tokens, will Tron SR election become a competition between big whales,who has more votes will be elected?
Justin: Of course,more votes will be elected,those who are willing to buy trx and lock them,must be willing to contribute to the development of Tron,as I said just now,tokens are centralized because they are on the exchange recently,in fact,to be elected will depend on your qualification,whether you can make a good contribution to the community,and your influence on the community.It will affect your election to a certain extent.We are broadcasting the information of each candidate every day. I personally think that the communities place great emphasisis on the election,that’s really good.
Host: You said Tron foundation would lock 34 billion trx until 2021,and all the rewards for block creating will be provided by Tron foundation by 2020,so,after 2021,Tron Foundation will no longer lock the tokens?
Justin: No,we always insist on locking of tokens.Why we claim that in 2021,first,before 2021,this is the period we can completely guarante at this moment.After 2021,we will make a new plan denpending on community conditions,and the specific amount of locks and plan will be determined.In particular, the block reward will be provided by Tron Foundation before 2020.We are different from EOS,EOS additional issuance is 5% per year,we are 1%, they are now changed for 1%, but there are additional 4% will increase,but not reward to block nodes,and in early period,Tron Foundation is responsible for the issuance,therefore, in the fact,there is no issuance at all.
Host: The so-called additional issuance by Tron fundation,and because 34% is to be locked by Tron Foundation,there will be a conflict between them,if the annual issuance of 1% is taken out from 34%,then the locking tokens will be less and less.
Justin: That’s really a good question.Originally it was something that was ready to be announced in a few days,people in the Chinese community will know it in advance. We adopted another way.We will burn a portion of tokens in advance.The exact amount has not be determined.The additional issuance will happen after token burning,later we will only have about 90 billion tokens in the end,then gradually increased to 100 billion,it’s a very slow process.
Host: Tron will be transformed into a public chain,how about you plan for and ecosystem construction?
Justin: First of all, this month is very important for Tron.Token migration will be completed on the 25th,and from June 26th to July 1st, 27 super representives will generate.We will hold a small ceremony,followed by an important news,on July 30th, Tron VM(virtual machine) will formally be online,everyone knows that on May 25th, the beta version was already online,but its support for developers, including archives and interfaces are not perfect, there are still many developers in doubt,we will launch the most complete version on July 30th. Developers will develop dapps very smoothly on that.The last one,the first Tron developer conference will be held in Beijing on August 8th. Developers all over the world will gather in Beijing on that day.Many good news will come,the ecosystem of Tron will get better and better.
Host: Yesterday,news reported that you acquired bittorrent. A blockchain company acquired a very popular traditional leading software company,which shocked everyone,what is your strategic intention?
Justin: I have full respect for bittorrent.It is a decentralized information transmission protocol. It may be the first time that humans have used a large-scale decentralized peer-to-peer communication protocol.It was Invented in 2001 and then was formally commercialized in large-scale in 2003.Its concept is very much in line with our blockchain world, and it is decentralized. At the same time,it has integrated into the real economy includes making the Internet faster by decentralizing.There are many technical geniuses in this company,this is our wealth. Regarding how we can unite with bittorrent,I will keep it secret first.In July,we will have some activities with bittorrent,please pay attention to that,thank you.