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.
Blockchain Investments Could Drop 60% This Year Due To Bitcoin: Report
Economist Nouriel Roubini Slams BitMEX For Money Laundering
“BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere; the exchange does nothing to stop this, as it profits from these transactions.”Roubini noted that ‘’crypto land has become an unregulated casino where the unchecked criminals run riots.’’ However, a paper published by the economist and professor Edgar L Feige says that the majority of the crime is financed by cash-not cryptocurrencies. The Europol and the United States Senate also prove him wrong. His attack on Bitmex was based on the fact that the exchanges are unregulated businesses. For this reason, he noted:
“Hayes has denied this, but because BitMEX is totally unregulated, there are no independent audits of its accounts, and thus no way of knowing what happens behind the scenes.”The Economist Nouriel Roubini believes that BitMEX only operates in the United States but in reality, it turns out that the exchange is not ‘’totally unregulated.’’ Every business decides to open where the laws are most convenient. This means that the exchange is not illegal and this has always been the case. There are also many companies and corporations around the world who pour money into Swiss accounts for example where there are low taxes. Roubini kept on saying that BitMEX supports up to 1:100 leverage and that these operations can be very harmful. In many cases, the clients of the exchange could end up in transactions without being aware of the risks:
“Arthur Hayes, boasted openly that the BitMEX business model involves peddling to “degenerate gamblers” (meaning clueless retail investors) crypto derivatives with 100-to-one leverage…It is little wonder that, according to one independent researcher’s estimates, liquidations at times account for up to half of BitMEX’s revenue.”As reported previously in the latest cryptocurrency news, Arthur Hayes has still not responded to these accusations.
Blockchain In Healthcare To Reach $1.7bn By 2026: Report
"The Asia Pacific is expressing the fastest growth for the blockchain in healthcare market due to the presence of huge opportunities and the presence of fastest growing economy. Japan is an important blockchain in healthcare market, with a mature market, large population, completed infrastructural facilities and high-leveled skilled labor. During last few decades, Japan has emerged as a country for the origin of new and advanced technology. The Japanese government has supported a number of companies to introduce the new technology. Japan accounts for roughly 40% of the global market for sensors, which is a central component of IoT technology," the report notes.The latest cryptocurrency news show that the rate at which blockchain is adopted is more than just impressive.
Tor Internet Privacy Project Launches BTC Donation Fund
‘’I will always remember how @BtcpayServer facilitated the #weareallhodlonaut fundraiser. Now they are powering a super important fundraiser for @torproject If you value privacy and online freedom, please consider donating!’’The official website noted that the funds which will be gathered from the campaign will go directly to the Ledger Nano S Wallet address of the project with no fees or intermediaries. There is also a video on the website which explains how Tor works and why people should use it in order to be safe on the internet. The advantage of donating in BTC is that there are no rounded up figures that you must donate so everyone can donate what they can afford. There are no banks or PayPal like intermediaries as well. The team is on their way to reach the $7,000 goal after more than 200 contributors donated to the project. Two of the contributors even donated more than a thousand dollars in bitcoin. The awareness through media exposure will also help the campaign since the compassion or this project is really high. In only one day, 65% of the target was already gathered. BitPay also tweeted a couple of hours later that a third of the donations arrived with the help of the Lightning Network:
‘’36% of donation amount via lightning network. Quake sounds played in the crowdfunding is making 10 donations of 5 USD via lightning way more satisfying than making 1 donation of 50 USD. Only possible via lightning!’’As noted in the best cryptocurrency news sites, the company is a non-profit one and relies only on donations.
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