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Exclusive Interview with Justin Sun on TRON-Samsung Partnership, End of Crypto Winter & Next Bitcoin ATH

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Fri, 11/01/2019 - 07:20
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  • U.Today spoke with Founder and CEO Justin Sun about TRON partnering with Samsung, Chinese Government embracing Crypto, and why the ‘Crypto Winter’ has already passed

Cover image via 123rf.com

The cryptocurrency market has changed at an exponential rate that it has made it difficult to predict what will happen tomorrow. However, there are individuals in the industry who can bring about change and make the mass adoption of cryptocurrencies real, something that we’ve been dreaming of since Bitcoin’s invention. I believe that Justin Sun is one of these individuals whose role in this industry cannot be underestimated. In light of recent news from China, I had the opportunity to speak with Justin to have him share his opinion on these events and to discuss TRON’s much-hyped partnership with Samsung. Let’s dive right into the conversation.

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U.Today: Everyone has been talking about TRON’s partnership with Samsung. This is amazing news for TRON and the crypto industry! I want to congratulate you and your team for this achievement! This is quite an impressive feat! Can you please tell us how it happened and some of the details? Do you know why Samsung chose TRON? What were the main factors?

Justin Sun: First of all, I believe that this partnership is big news for the crypto industry. Right now, TRX is the native currency embedded within Samsung phones after the S10 and S11. That’s why I believe it’s very significant considering Samsung’s large user base, in which billions of people around the globe use their products every day. This gives individuals the opportunity to store TRX as well as TRC10 and TRC20 tokens in their wallets. One can also use these currencies easily to interact with all the dApps built on the TRON and Samsung platforms. So that’s why I definitely believe this is a huge opportunity for our industry. With Samsung starting to integrate blockchain infrastructure into their phones, this will force other phone manufacturers such as Apple, Huawei, Oppo, Vivo, and Xiaomi to also integrate with blockchain manufacturers, giving consumers huge benefits with the mass adoption of blockchain technology. 

TRON-Samsung Partnership

Image via instagram.com/tronfoundation

The second reason why I believe Samsung chose TRON is that we have one of the largest blockchain infrastructures in the world. We have hundreds of dApps right now built on the TRON blockchain. By the end of this year, we are definitely going to pass one thousand dApps. At the same time, one can use TRX and the TRON network for a variety of user cases such as a dApp user case, BTFS decentralized storage, and stablecoins such as USDT. The TRON infrastructure can also be used for several user cases. I also believe that after Samsung has fully integrated itself with TRON, Samsung will empower the TRON ecosystem to do more things in the future.

As for now, imagine that you are a developer. You can develop blockchain infrastructure on top of Samsung infrastructure, allowing oneself to do many things. For example, you can do validations for financial institutions, giving you a large user case in the financial and public sectors. With this partnership, I definitely believe that we will have more user cases in the near future.

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U.Today: The Chinese General Secretary and President Xi Jinping has publicly stated that China has to embrace blockchain. Do you believe that it’ll help TRON and other China-based blockchain companies grow exponentially?

Justin Sun: Yes, definitely. I believe so. Right now, the Chinese Government is pushing very hard to embrace blockchain technologies and is encouraging all blockchain companies in China see such opportunities. With TRON being one of the largest blockchains originally developed by the Chinese, this will give us huge benefits to its development. As for the future work, we’re looking forward to cooperating with the Chinese Government, as well as with other Chinese publicly listed companies to explore blockchain opportunities. We are also planning to open more offices in mainland China as well.

TRON team

Image via instagram.com/tronfoundation

U.Today: Huang Qifan, Executive Vice President of the China Center for International Economic Exchanges, has confirmed that the People's Bank of China plans to roll out its own digital currency called the Digital Currency Electronic Payment (DCEP). What are your thoughts on it?

Justin Sun: I think if the DCPE is available like a currency similar to USDT and USDC, and is an open source and open API for all developers, then I believe that this will be great news for everyone. This will bring 1.4 billion people on board with the blockchain, giving them access to crypto assets and cryptocurrencies. That’s why we’re waiting for more demos and press briefings from the Central Bank of China so that we can understand what really DCEP is.

U.Today: Why did you name your company TRON? I know it sounds cool, and I have seen the movie, but are there any other reasons? 

Justin Sun: TRON is one of the first movies in the world in which the plot is about the virtual world. That’s why we named our blockchain currency infrastructure after the movie because we believe that blockchain infrastructure is the first step towards a virtual world of the future. 

Since I think the whole industry has passed the crypto winter, I think near the end of 2020 and the beginning of 2021 will be the start of the bull market run.

U.Today: What are your favourite games based on the TRON Network? Have you played such games? 

Justin Sun: Yes, sure! I play WINk a lot. I’m one of the most active players on the WINk network. The reason I love WINk is because all the games on WINk are neutral, which is guaranteed for all players. They also have a very innovative product. One example would be that they implemented taxes and hold them on the platform. They also plan to deliver more games in the near future, which I believe is going to be amazing.

U.Today: When do you think we should expect the next All-Time High (ATH) for Bitcoin (BTC) and TRON respectfully?

Justin Sun: In terms of the future, I’m definitely very bullish. Since I think the whole industry has passed the Crypto Winter, I think near the end of 2020 or the beginning of 2021 will be the start of the bull market run. That’s why I think we can wait more than half a year to a full year after the Bitcoin halving, which will start around May of 2020.

Justin Sun

Image via instagram.com/tronfoundation

U.Today: What do you think about McAfee’s Bitcoin price prediction by the end of the year 2020?

Justin Sun: What was his prediction?

U.Today: I thought everyone heard that it’s supposed to be $1 million dollars by the end of the year 2020.

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Justin Sun: I don’t know if it’s going to be one million per Bitcoin, but I definitely think that the price will be much higher than $20,000, which is Bitcoin’s ATH. I definitely think that the Bitcoin price will pass $20,000, and I have 100% confidence in that because the reasons for that are very simple. You have heard that only about 10-20 million people have crypto wallets as well as some crypto assets, right? With the Samsung partnership, now imagine at least a billion people having crypto wallets. This would be a significant increase in the number of people starting to buy Bitcoin. When China announced that they were going to embrace Bitcoin and Blockchain, I realized that would be bringing in about 1.4 billion people. This is why I say the user base for the blockchain would be the minimum in comparison to the future user case. This is also why I have 100% confidence that the majority of the blockchain network will pass the ATH in the future.

Justin Sun

Image via instagram.com/tronfoundation

U.Today: When do you think TRON will be in the top 5 of the CoinMarketCap?

Justin Sun: I think the rankings depend on the user case. After launching the Samsung Partnership, I believe that more people will come on board. After passing $1 billion dollars with our USDT issue on the TRON network, and TRON becomes fully integrated with Bittorrent and Opera, we will likely have more user cases, resulting in more users. I definitely believe that TRON will not only be in the top 5, but we will also compete with Ethereum (ETH) and the public chain.

U.Today: Why is TRON attracting so many USDT from other blockchains? Can you please explain how this transfer works?

Justin Sun: Sure! USDT on the Omni platform are really expensive! For every transaction, you have to pay an amount ranging from  $10 to $20. That’s crazy! On TRON network, it’s completely free! The speed is also a big problem. I use the Omni network a lot. When I transfer USDT from the Omni network, it takes half an hour to an hour to make a transaction. But for TRON, it’s almost instantaneous, taking one to three seconds. I think these are the reasons for the increase in the number of  USDT transfers from Omni and Ethereum networks to the TRON network. We offer a better user experience, and at the same time, a cheaper price. In the future, I predict at least 50% of the USDT will migrate to the TRON network. 

I definitely believe that TRON will not only be in the top 5, but we also compete with Ethereum (ETH) and the public chain. 

U.Today: How do you feel about Facebook’s Libra? Do you think a successful launch of Libra could bring about a mass adoption for cryptocurrencies?

Justin Sun: I think Facebook’s Libra is a great opportunity for the whole industry. But as of right now, I can’t say because Libra is highly regulated by the US Government. I just don’t think Libra has the capability of launching anytime soon. We may expect it to launch in either 2020 or 2021.

U.Today: As we know, the famous lunch with Warren Buffet had to be rescheduled. Do you have any ideas when it would happen? Will it even happen? 

Justin Sun: Sure! I think we have an idea of when to reschedule it. We haven’t decided yet. When we decide, we’ll let you know.

U.Today: Thank you so much for your time! It was a great opportunity to speak with you. I wish you guys the best of luck and hope that you’ll reach your goals.

It appears that there’s not much time to see if these bullish predictions will come true or not, but what we are currently seeing is that blockchain technology and cryptocurrencies have grown significantly in popularity. We are eager to see what happens next.
 

If you think that you have something to tell our readers and you want U.Today to interview you, email us at Editor@u.today

About the author

Rimma has already worked in crypto media for 5 years. She’s an Editor at U.Today. She also worked as a Head of Social Media at Cointelegraph before. Her greatest interest is focused on the influence of opinion leaders on the crypto community, the latest blockchain developments, crypto adoption, and how all of this affects our daily lives.

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  • Charles Hoskinson shared with U.Today how he sees the crypto market in the long term and what we can expect from Cardano next

Cover image via U.Today

Charles Hoskinson, founder of Cardano and CEO of IOHK (Input Output Hong Kong), is one of the most famous and notable people in the blockchain space. Last week I spoke with Charles about the current situation with the market, the biggest news regarding Cardano, and which projects he finds the most interesting. We also discussed who Satoshi Nakamoto might be, if it's possible to find out with complete certainty and how significantly our world will change in the next 50 years. The discussion was so fascinating and dynamic that I decided to publish this interview in 3 parts. This is going to be the first one, where we are talking about the situation with the crypto market during the Coronavirus pandemic and the long-expected Byron reboot release which will be deployed on March 31. Let’s dive into it!

U.Today: So, the market is bleeding. Some analysts say it’s time to buy more crypto, while some say people should only trust cash. There are different opinions, we've all seen them. I’m wondering what your personal thoughts are on the situation. What move should we expect from the Bitcoin price? What about Cardano and the market in general?

Charles Hoskinson: Well, if I was capable of predicting the markets, I'd be a trader instead of an engineer. So, I tend to stay away from price speculation other than talking about broad trends. So, long term I feel that crypto is a significant asset class. First, because it's preferred by the young. If you look at people under the age of 30, they're significantly more likely to hold cryptocurrency than a stock or bond. Second, because it's a hedge to the way the global banking system works. If you have fears about a global recession, if you have fears that banks will become unstable or central bank monetary policies are bad in your country, or a broader sense, then buying Bitcoin or crypto is a hedge against that. So, given those two factors, it seems that we will always see a capital inflow into cryptocurrencies, meaning they're always going to have value. The problem is that cryptocurrency markets are not stable. They're very thin, they're traded on exchanges that have a reputation in some cases of faking volume, and also there's a lot of Black Swan events in these projects and these projects are more motivated by events than they are by macroeconomics, like the oil or the coal industry. 

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A week ago, the Dow Jones was collapsing after the president announced a state of emergency and then crypto collapsed and Bitcoin lost more than 50% of its value. This week the US stock markets are still falling, yet Bitcoin has gone up 30%. So, you know, the same circumstances with coronavirus - in the case of the equity markets, it's collapsing them, and rightfully so, because the fundamentals are no longer sound. And in the case of crypto, they've moved in both directions on the same news event. So it's super hard to predict these things in the short term. But in the long term, I think our industry is quite solid. Most of the top 15 - top 20 cryptocurrencies are extremely well-capitalized. The workforce isn't going anywhere. We see more adoption every year. We see better infrastructure every year, and better protocols every year. We also see greater global demand move away from cash. So, that means paper money is going to die in the next 20 years.

Digital currencies are here to stay. I think these factors give us a long term prognosis of being very bullish. But in the short term, it's just so volatile and unpredictable. It's hard to know where the price is going to move, at least from my perspective.

U.Today: You recently said the Byron reboot release will take place this month* (*at press time, the date of the reboot has been announced - March 31). The release will make connecting to the network much easier, reduce sync times and enable faster restoration. Once the Byron reboot is out, the release of the Haskell Shelley testnet will be announced. Can you tell us more about that?

Charles Hoskinson: Right. So, internally we're on a two-week release cycle and so we have sprints. Each sprint has a series of things that we need to do. And if we get everything done, we ship at sprint eight or nine or something like that. If we miss a few things, it has to be rolled over to the next sprint. So what we're waiting for is to see how diligent we are getting everything done in each of those sprints. 

Charles Hoskinson

Charles Hoskinson. Image via forum.cardano.org

So, there are two major events. One is the shipping of the Byron reboot, which shares about 80% of the code with Shelly's, meaning that once we hit that milestone, we're more than 80% of the way to Shelly. The second is the shipping of the Haskell Shelly testnet which means that state pool operators can actually start rotating their infrastructure from the incentivized testnet to the Shelley Haskell testnet, and that'll be basically very close to what we're going to launch the mainnet with. So, that infrastructure will work one-to-one. 

With a strong degree of certainty, we're going to ship the end of this month the Byron reboot. If it’s not the end of this month, it'll be maybe in a week or two, but it's a very strong certainty that at the end of this month we'll get that milestone. As for the Shelley Haskell testnet, at the end of this month, we'll have a significantly better idea of what sprint that's going to arrive at. Once we've done those two things, then we can look at our estimation, we can look at our velocity with the backlog and we will know with an absolute degree of certainty the release date for Shelly, because I have it on paper. I actually know when we think Shelly's going to launch, but that's an internal estimate and we've been a little bit bad historically with those things. We're being a bit more cautious with our release days. 

We have seen a massive increase in our development delivery time this year in particular. And most of the things that we thought were true have happened roughly when we thought they were going to happen.

It's important to understand how enormous this release is. We've been working on it for 18 months, and it contains tens of thousands of lines of new code. Every single line of code has been rewritten using very rigorous processes.

We also are writing specialized libraries for exchange listing. We remodularized the software, we rewrote a new Explorer. You know, we've done an enormous amount of work in a very short period of time, relatively speaking. 

So we've completely rebuilt the product. Hopefully, now that that's done, it'll be very quick for us to add things like smart contracts and governments and so forth, as opposed to going through what we went through rewriting Byron, which was just a miserable two-year process. The reboot is almost certainly coming out in the next two or three weeks. Then, shortly thereafter, the Shelley Haskell test will come out. I hope for April, but in the worst case, it'll probably be May. It's hard to know. So we'll announce that date when we announce the Byron reboot.

Cardano Community

Cardano community. Image via @Cardano

U.Today: That’s great news! Do you maybe have a surprise announcement regarding a new big partnership? 

Charles Hoskinson: We've worked with a lot of entities, but I don't have any particularly large entity at this time that I'm going to announce.

I mean, we have a great relationship, for example, with New Balance. We have a great relationship with PWC. We have a great relationship with a lot of Fortune 500 firms, at least in that our people talk to their blockchain people. We're the largest scientific research lab in the world for cryptocurrency.

So, every single industrial research group that does cryptocurrency research and development cites our papers. In fact, our GKL model has been cited almost 800 times by every one of our competitors and by all the Fortune 500 research labs. So, through those channels, we certainly have great relationships. In terms of commercial relationships, the challenge with big partners is that you can't really fully integrate with them. 

They'll usually run a pilot on your system, but more often they want to control the IP and they want to control the implementation so they deploy it themselves. So we tend to focus a lot of our commercial efforts on the SME side, the small to medium-size enterprises, where when you create a partnership, it's a true partnership, meaning that we deploy and get them onto our infrastructure and there are consumers of that infrastructure, just like a small firm would be of Amazon web services or something like that. Those are much more meaningful relationships, they bring a lot of value into the ecosystem and there are barriers to exit because they don't have the ability to build their own infrastructure. 

To be continued...

About the author

Rimma has already worked in crypto media for 5 years. She’s an Editor at U.Today. She also worked as a Head of Social Media at Cointelegraph before. Her greatest interest is focused on the influence of opinion leaders on the crypto community, the latest blockchain developments, crypto adoption, and how all of this affects our daily lives.

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