Testnet Launch Announcement Transcript — Justin Sun 3/31/18
Hello everyone, long time no see! We will start livestreaming when the people on live reach 2K people. (Wow it’s really fast!) So yeah, right now it’s already 2K, so I will start the live streaming today. Today’s live streaming will be bilingual, both English and Chinese. For my part, I will translate on my own.
For the livestreaming for our team in Beijing, today’s live streaming is in two parts. I will do one of them and my team in Beijing, they will do the second part. The first part I will translate on my own, and for the second part we have an entire translation team. They will do the job.
Let’s start. Today for my livestreaming, most of the time, I’ll just give you the comments on the testnet itself. But for the detail of the testnet and how you can launch for the developer — how you can develop the decentralized application on the testnet — will be the responsibility of our tech team. They will give you the details of the testnet and how you can make full use of the testnet. Because it’s bilingual it will take longer than we expected.
Today, I will firstly give you an introduction to our recent progress. First of all, I think I will introduce our team. Right now our TRON team has increased to a hundred people. Most of them are from Alibaba, Tencent, Amazon; very prestigious companies and all giant Internet companies. I think this is one of the signs of proof that TRON is the future of the Internet; since we have convened so many people from the centralized Internet. They have abandoned their jobs in the centralized Internet and joined the decentralized future.
Also, we are already listed in a 37 exchanges and we have 7 fiat trading pairs. We expect we will launch in the majority of the mainstream exchanges in the future and have more fiat trading pairs, to become a top ten coin with lot of the fiat trading pairs.
In the future I think TRON will be the same as Ethereum is right now, so our trading pairs will be more like the fiat/crypto trading pairs; not like the crypto/crypto trading pairs today, because we have already launched our testnet, and on May 31st we will launch our mainnet. We will trade with our fiat trading pairs instead of the crypto/crypto trading pairs we have today. We have already been the champion on most exchanges on the crypto/crypto trading pairs, so I expect that in the future we will have more trading volume — even more than Ethereum and Bitcoin — when we are trading with fiat.
From these three months’ development, we already have half a million token holders and millions of supporters. We can announce with confidence we are one of the largest crypto communities in the world.
With the team, and exchanges, and supporters progress introduction done, we will get into our testnet introduction.
First of all, when lots of the supporters got to know TRON in September last year, most of them think we are a decentralized entertainment protocol. I think that’s right, but we are not just an entertainment protocol. When I first started this Foundation, I thought that entertainment — including gaming, online gambling, and online entertainment — will be the first use case of the blockchain. But in the big picture I think that TRON’s vision, our vision, is to decentralize the web itself.
I think right now is a good use case: recently we saw the campaign of #deletefacebook. Because Facebook has already become a centralized giant company, they control all users’ data and they make full use of it and sell the users’ data without the consent of the users. And they manipulate that data to get the results they want. Facebook already controls the Internet along with lots of large companies, as we know, like Google, Amazon, Netflix. All these giant companies, they control users’ data and they own users’ data, and manipulate users data to get the results they want.
This is not the Internet we want. We want to decentralize the Internet; to give users’ data back to users so no one can control the Internet, so the Internet belongs to everybody
In the big picture, I think our vision is decentralize the web. We have much bigger picture than Ethereum and Bitcoin. When I first got to know Bitcoin, Bitcoin is just like P2P money. Ethereum is more like P2P blockchain app platform. But TRON, we have much more big picture than just “become bitcoin” or “become the next Ethereum or the next Bitcoin”: we have a big picture to decentralize the web, to make the web become the way it was. When the web was invented by Tim Berners-Lee, he wanted the web decentralized. So we will try to make his mission accomplished.
After we talk about the big picture, let’s get to the small picture; to the work we are doing right now.
The job we are doing right now: we are launching the TRON testnet!
For our testnet mission: we want to become largest blockchain DApp platform in the world. By the “largest” blockchain app platform, I mean for the user base.
In order to support the largest blockchain DApp platform, TRON will offer scalable, high availability, and high throughput support underlying all of the decentralized applications.
From today to the last day, we are no longer the ERC20 token and in the future we will compete with Ethereum as a DApp platform.
We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum. I will explain to you why we can surpass Ethereum in the future.
We are very grateful for Ethereum to support TRON in the last six months. We have benefited a lot from Ethereum, so we will also launch an airdrop for Ethereum users in the coming quarter.
For the next quarter the majority of our job is to migrate from Ethereum to the TRON main network. Not only will we migrate from the Ethereum network to our main network, we will also have our DApps, right now built on Ethereum, migrate to TRON network. We already have 100 million users on our DApps and we will migrate all our DApps to the TRON after our mainnet launch.
I can give you some examples: Obike, game.com, Kitty live, Peiwo applications, Bit Guild, Trip.io, and Mico, we will persuade all the DApps right now built on the ERC20 to migrate from the Ethereum protocol into the TRON protocol. We will migrate all our users to our own mainnet. The transfer will be launched in June and we will have a detailed plain in mid April.
I will give you my comments and my thoughts on why you should choose the TRON protocol instead of Ethereum, so you can choose TRON over Ethereum, in terms of developers, users, and also supporters.
I think it’s from the scalability the TRON surpasses Ethereum. Based on the details of the testnet of TRON we released today, we have 400 times the TPS compared to Ethereum. Right now we have 10k TPS compared to Ethereum, where right now the TPS is 25.
I can give you an example: when the CryptoKitties launched on Ethereum, it caused a huge traffic jam in the Ethereum protocol. Even a very simple game application will destroy the Ethereum network. It will never happen in the TRON network.
We will provide the high computing power and very superior consensus mechanism to guarantee high TPS. This is very big issue and a very important thing for the whole network, because high TPS has these several benefits: First of all, the transactions will be fast enough for the daily small amount transfers. Second, high TPS provides a very strong support for DApps instead of causing a whole traffic jam in the protocol. Third, high TPS provides support for more sophisticated smart contracts and more promising DApps which will benefit the whole ecosystem.
The second advantage is that with TRON we have the zero transaction fee, versus the high transaction fee of Ethereum. I just checked last night and the Ethereum cost of transacting right now is 2 cents of every transaction, which will increase in the future if the ETH price increases. This is a very heavy burden for developers and users, which will also be a very important economic cost for developers and users. Instead of have the high transaction fee with Ethereum, TRON will offer zero transaction fees.
With zero transaction fees everybody, even DApps, can easily make full use of the TRON protocol which make us will be much more convenient than Ethereum and any other DApp platform. this will be have a very convenient environment for every application on TRON.
the third advantage is that TRON will have consistent coin burn compared to Ethereum which right now has unlimited supply.
TRON allows every individual have the ability to issue their own digital assets under the protection of the decentralized Internet TRON protocol. It costs 1024 TRX to issue a new token in the TRON protocol. The cost to the issue a new token will be burned forever.
From this perspective we can know that the more developers launch applications on TRON, and the more developers and the more individuals issue digital assets on TRON, we will burn more tokens. More developers, more digital assets issued on TRON protocol will benefit the whole ecosystem.
Also, before the January 1, 2021, the TRON foundation will be responsible for the reward of the blocks and it will not increase the supply of TRX in the TRON protocol.
With consistent coin burn and the limited supply we have more advantage than Ethereum, who has unlimited supply.
For the fourth advantage, for the TVM we use Java language compared to the EVM which uses Solidity. TVM supports Java which is much more popular than Solidity. Java has a much more mature community of developers than Solidity.
Also TRON is completely defined with Google protobuf, which is natively extensible. For a TRON developer, it’s easier to use the API for a powerful DApp and a customized wallet. in contrast, Ethereum’s Solidity is rather constrained in complexity and extensibility.
The fifth advantage of us compared to Ethereum is that TRON will have 100 million mobile users. Ethereum doesn’t have lots of the experience in developer user-based platforms.
The TRON team has rich experience in developing the Peiwo app for sure; we already have the experience from supporting 30 million users back in the mobile age of the development. Because we have already supported 30 million users, we know how to support the developers with a high availability, high throughput environment. That’s why TRON has already partnered with DApp providers with a total of 100 million users; and why, when our mainnet launches on May 31st, our DApp partners will migrate onto the TRON network and bring those users into our ecosystem. We’ll be more mobile friendly. We will start from mobile in the first place because we know mobile users are the majority of Internet users right now.
The sixth advantage of the TRON is we will devote 1 billion USD into our community support, versus Ethereum, who has no community support plan at all. Here today we announce we will have 1 billion USD to support the community developers and supporters to make TRON grow. But the Ethereum Foundation, they don’t have this kind of support plan for the community.
For the 1 billion user-support plan, we will include the reward of the blocks, we will include developers of the wallet and blockchain browser, and support the DApp platform. If you want to build a DApp on TRON we will support you. If you launch the wallet or launch the blockchain browser, or launch any kind of the entertainment application. If you launch tokens on the TRON protocol we will reward you with our rewarding plan.
I will also give you a little bit of a hint, which we will go into to detail on in our testnet plans for the Beijing tech team: we will also have election campaigns for the nodes in the TRON protocol so every supporter and developer, you can run your nodes on the TRON protocol to validate the ledger. The TRON supporter and developer, you can also run the nodes for the TRON protocol. You can get the block reward from running the nodes of the TRON protocol. The Delegates and the nodes will be elected by the community by TRX.
We can use the TRX we have right now to elect our Delegates. The Delegates will validate the ledger and get the rewards. The rewards will be hundreds of millions dollars a year so it will also be very attractive and convenient for everybody.
So, from this perspective, I think TRX really matters. The TRX in our wallets matters, because we can use them to improve the governance of the TRON protocol. We can use the TRX to decide how to distribute resources of the TRON protocol. Every TRX matters.
I know recently it has been is a tough day for crypto. Most of cryptos have decreased in price from 50% to 70%. But i think it will be a lucky day for TRON because we are making progress every day.
I think for the TRON protocol, we don’t care of the price of today or small amounts; we care about the relative ranking compared to other protocols.
I have full confidence that after our mainnet launch we will become a stable, top ten coin in the coin market cap and we’ll continue to deliver our work to the community.
We will deliver our works. We’ll deliver our mainnet and challenge Ethereum as the more competitive challenger in the future.
Don’t leave the application don’t leave periscope twitter weibo and Yizhibo we will resume our technical live-streaming very soon. See you!