At the Milken Institute Asia Summit on November 15, 2021: Hi I am Justin Sun, the founder of TRON. TRON is a decentralized blockchain protocol. It is also known as DAO.
So, basically even through I am the founder, but I only can facilitate the development of the Protocol itself.
All the protocol governance is governed by the community itself. So, we have 27 Super Representatives governing the whole network democratically – elected by the TRX token holders. We are also one of the biggest stable coin protocol in the world. I think it is basically the same level as Ethereum.
We have over $40 billions worth of stable coin on our protocol. And, we are handling over $15 billion transactions every day, which is 6 times more than PayPal.
And, also basically TRON is a smart contract platform. So, we can do all what smart contract platforms can do.
We have DeFi application Network. We have GameFi application Network. We have NFT and NFT-Fi, and all the new exciting things happening on the TRON blockchain. And, also right now we are collaborating with USDT, USDC, TUSD and USDJ. Most of the regulated stable-coins in the crypto space. Thus, trying to be the next generation of global settlement layer.
I think Blockchain technology is a very regulator friendly technology, because first of all you don’t need to trust a single party for the technology. All the codes are open sources. So, everybody can verify and check how the codes runs and what is the result of those codes. You only need to trust the maths and also the logic behind all the codes.
And, secondly I think all the license for financial institution is because sometimes we need to trust a single entity or trust a single person to hold like a country who holds all the assets, but in the blockchain world, this is fully decentralized. All the people around the globe can check and verify the results. And, all the ledgers are managed in a very decentralized way.
For example, today in TRON we have over 100 validators around the globe. So, even for myself as a founder, I can’t change like any results that happen on the TRON Network. So, I believe, this is a very good foundation for Web 3.0, which basically every institution, every regulator can trust the decentralized networks like Ethereum, Bitcoin and TRON to make sure all the results on the network are trustworthy.
And then, I think blockchain network also provides all the track records for all the transactions, which is precious when we try to have AML and KYC. I know lots of banks find it very hard to trace all the transactions, but in the blockchain and ledger perspective, basically you can check all the transaction from day one.
So, where those transactions come from. Even they went to exchanges – you know those addresses are from exchanges. You can get information from all the centralized exchanges too. So, I think basically it is turn the black boxes of financial services in to a fully transparent way to check all the transaction.
Thirdly, I also think it is very important, basically blockchain services is a global service provider. It also eliminates the gap between different countries.
For example, today we have Swift as one of the global settlement layer of all the wire transaction, but the problem for Swift is that Swift is centralized and controlled by USA. So, basically you are only a member of SWIFT. It is very hard for you to participate in the governance of Swift.
And, also at the same time you can’t be treated equally in the Swift network. But for blockchain technology there is no threshold. It is a permissionless network. Everybody as long as you have computers you can be validators; you can check the results of the blockchain. That is why I feel this is also very friendly to small countries when they participate in this kind of new financial network.
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