Justin Sun is the founder of the blockchain-based digital platform TRON and is amongst the pioneers in the Web3 industry. TRON’s launch revolutionized the content industry as, with the help of blockchain technology; it allows content creators to own their creations entirely. The network’s token, TRX, is unique from other digital currencies as it is used to pay content creators. The TRON ecosystem follows permissionless protocols and provides creators with a platform to upload content without restrictions. TRON is also beneficial as it helps power decentralized exchanges, online gaming applications, and lending platforms.
Early Life
The cryptocurrency entrepreneur was born in 1990 and pursued his Bachelor’s degree in history from Peking University. For his Master’s degree, Justin Sun opted for East Asian Studies at the University of Pennsylvania, the place which piqued his interest in cryptocurrency initially. He also made his first Bitcoin investment during those years.
Before Entering The Crypto World
Before starting his entrepreneurial journey, Justin Sun attended Jack Ma’s Zhejiang Hupan Entrepreneurship Research Center. He also made it to the cover of Yazhou Zhoukan, a Chinese newsweekly, in 2011, even before starting his crypto journey.
Creating TRON
Justin Sun started his journey in 2013 when he joined Ripple Labs as an adviser and chief representative. Then, after testing his entrepreneurial skills by building Peiwo, a social networking app, Sun launched TRON and TRX in 2017. A few months later, TRON held an initial coin offering before the Chinese government banned ICOs and raised nearly $70 million. Then, TRON’s testnet, Web Wallet, and Blockchain Explorer were launched in 2018.
The same year, the network changed its protocol from an ERC-20 token based on the Ethereum network to an independent peer-to-peer network. Eventually, in 2018, the TRON Foundation acquired BitTorrent, with which it became independent and created the Genesis block.
Despite hurdles, TRON continues to grow, and recently the network surpassed 100 million accounts, reaching over 132 million, referring to a 67.9% annual growth. It also ranked 2nd in the total supply of Stablecoin and had a circulation of 39.5 billion. TRON also had an impressive average daily transaction of $8.04 billion.
Another milestone for the network came recently when TRX, which is the world’s first deflationary digital currency, achieved to stay in the state of deflation for almost 64 weeks. Its supply stayed at 10 billion from October 28, 2021, to January 16, 2023.
Conclusion
Justin Sun’s brainchild, TRON, has not only brought a positive change in the Web3 industry but has also acted as a bridge between two emerging industries, i.e., crypto and content creation. The network has redefined crypto in terms of diversity and has also played a crucial role in highlighting the unique benefits of digital currencies.
