Advertisement

Advertisement

Home business

TRON's Justin Sun Resigns, Says Foundation Will Be Dissolved By 2022

TRON's Justin Sun Resigns, Says Foundation Will Be Dissolved By 2022

In a surprising turn of events, TRON Network founder Justin Sun has resigned from his position as CEO of the TRON Foundation. Sun announced the decision in a letter posted to the TRON website, saying that he will now dedicate himself to other projects.

In an open letter, Sun addressed the TRON community (#TRONICS), sharing his thoughts on the move:

"I have always aspired to be a successful entrepreneur and effective leader since my early days and cherished the prospect of building a profitable business empire that caters to the needs and satisfaction of my customers, shareholders, and employees. But instead, I stumbled into cultivating a decentralized blockchain platform: TRON. Though created by chance, TRON became one of the earliest communities of decentralized autonomous organizations (DAOs) in human history. And I never regretted my choice to build TRON ever since."

The Tron Foundation, on the other hand, will be fully dissolved by 2022, according to Sun. The decision was settled beforehand, back in July 25 this year. The revelation follows Sun's announcement that he has been appointed as ambassador of the Grenada government to the World Trade Organization in Geneva, a new role whose duties he would now take, going forward.

Aside from his role as ex-CEO of TRON, Justin Sun is CEO of Rainberry, Inc., which was formerly known as BitTorrent, Inc., a technology company that developed the BitTorrent peer-to-peer protocol. Rainberry was later subsumed and acquired by TRON in 2018.

According to Sun, the decision to step down from TRON was aimed for "the greater benefit of society," such that "having a founder of a thriving community abdicate all power over users, assets, and data," would ultimately be beneficial to the community.

Following the announcement, three super nodes (“justinsuntron,” “BitTorrent,” and “µTorrent”) associated with Sun will be removed and withdrawn from the TRON technical grid, effective immediately. In effect, the TRON community will be voting for 27 new super representatives to replace what Sun has left behind.

Despite his departure from TRON, Sun promised that he will “continue to support and encourage the development of TRON and its decentralized community”.

Sun has been a controversial figure in the crypto community, notwithstanding allegations of workplace harassment and copyright violations on the TRON whitepaper itself. TRON, which was touted as one of the first Layer 1 blockchains that were considered as "Ethereum killers" has had a significant impact in the decentralized finance (DeFi) sector, and continues to grow its features and offerings on its own protocol.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

Tags: 

Advertisement

Advertisement