Justin Sun, founder and charismatic leader of Tron Foudation and CEO of BitTorrent, sat down with Nischal Setty, co-founder and CEO of leading Indian Bitcoin (BTC) exchange WazirX. The two discussed the role of India in the progress of the cryptocurrency sector, the future impact of decentralized systems and the spheres of development Tron Foundation is focused on.
Decentralization is the only escape from censorship
As unveiled by Mr. Sun, the Indian market is crucial for the Tron Ecosystem. India accounts for 30% of BitTorrent and μTorrent traffic while the DLive blockchain-based streaming platform will be available in India by the end of 2020.
Mr. Sun underlined that BitTorrent, for him, is just like Bitcoin, a peer-to-peer permissionless decentralized system. Interest in products of this type, like BitTorrent or BTFS—a decentralized data storage system developed under the Tron Foundation's umbrella—will only increase, the Tron founder claims.
This interest will be facilitated by the growing level of both government-led and corporate-driven efforts to control information. Mr. Sun recalled the ongoing TikTok drama, in which U.S. President Donald Trump says he is going to ban Generation Z's favorite app as an instrument of data mining by Chinese intelligence. Sun argued:
So that is why decentralization can solve these kind of problems. For example, if TikTok’s files, and everything was stored on BTFS, no one, even TikTok would be able to get access to those files.
Morever, Mr. Sun mentioned numerous ways to earn using Tron's decentralized products with BTT token rewards.
DeFi, the biggest keyword in the Tron ecosystem
Switching to a discussion of Tron's multi-product ecosystem development, Mr. Sun stressed that the global adoption of Tron and its Tronics (TRX) token has increased significantly in 2020:
I believe TRX these days has become like a major currency in the world.
Mr. Sun attributed this progress to support from the Indian, Russian and Turkish communities. The launch of Tron 4.0, the new phase of ecosystem growth, correlates with the institutional adoption of Tron products.
However, the crucial thesis for 2020 in crypto is DeFi and Tron is no stranger to this segment. Mr. Sun unveiled that JUST, a Tron-based lending/borrowing ecosystem with USDJ stablecoin, is up and running, being operated by smart contracts only, with no centralization points.
I believe in 2020 the biggest keyword for TRON is deFi.
Finally, Mr. Tron announced that JUSTSwap, a native decentralized exchange on the Tron Network, will go live in two weeks on August 17, 2020. It will allow for the exchange of all sorts of TRC-standard tokens.