Co-founder of TRON and former chief technical officer Lucien Chen announced he is leaving the project due to enhanced centralization. The latest cryptocurrency news report today of his decision.
Chen stated that the project has strayed from its founding principles which have also led to getting the platform more centralized. He revealed his decision on the Medium blog post on May 10.
In his announcement, the co-founder of TRON recalls the history of the TRX project and the successful growth that the token had in the past after it managed to become the 11th largest crypto by market cap. However, Chen pointed out that the current success of the project doesn’t explain the contradictions between himself and the other co-founder Justin Sun.
Among the biggest concerns, Chen argues that the project lost its initial goal and it’s not faithful to the founding principle of decentralizing the web. He claims that the project became excessively centralized and also neglected to foster internet-focused commercial applications. He continued to criticize Tron’s delegated proof-of-stake consensus mechanism and the Super Representative governance nodes system arguing:
“The DPOS mechanism of Tron is pseudo-decentralized. The top 27 SR nodes (block nodes) have more than 170 million TRX votes, and most of them are controlled by Tron. It’s hard for other latecomers to become block nodes, so they cannot participate in the process of block production.”
Chen continued to explain further that some of the nodes have ‘’ more than 90 percent of the votes with only a few voters.’’ This means that the vote of the retail investor has been sidelined. He added:
“Token distribution is centralized, Super Representatives are centralized, code development is centralized. Even the community is organized under centralization.”
As mentioned in the best cryptocurrency news sites, Chen pointed out that as a former CTO who helped during the platform building, he knows that real internet applications can’t function in the TRON Network. Chen will be launching its own decentralized blockchain project named ‘’Volume Network.’’ The new venture will be true to his ideological principles and he will focus on mining-based decentralization.
The Tron Foundation has recently fixed a crucial vulnerability which could have destroyed the blockchain. They awarded the cybersecurity research who identified it with $1,500 bounty.
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[This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.Even the CEO and founder of Twitter Jack Dorsey recently declared that the cryptocurrency still has a long way to establish itself as the best payment option. the Square chief also believes that bitcoin will eventually become the native cryptocurrency of the internet as we previously read in the latest cryptocurrency news. The platforms such as Alchemy will face some major competition in the markets such as China because they already have a robust electronic payment ecosystem.
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