CTO Lucien Chen Resigns - Announces New Network
Established in 2017 by CEO Justin Sun, TRON has been an interesting cryptocurrency to follow. TRON has been likened to Ethereum and EOS for its deployment of smart contracts. Sun's friendly Twitter rivalry with Ethereum founder Vitalik Buterin is also worth noting. Despite making major advances such as the purchase of BitTorrent and launch of BitTorrent token, TRON seems to have had a recent setback. In a surprise announcement on Medium, TRON's CTO Lucien Chen resigned, announced his own project, & even criticized TRON.
Announcing the Volume Network
In Chen's announcement, he criticizes both TRON as a project and Justin Sun personally. He makes claims that TRON is not truly decentralized due to the use of DPoS which restricts who can & can't mine. Chen also claims that TRON has lost its initial vision. In addition to his criticism Chen announced his new blockchain & cryptocurrency the Volume Network. The Volume Network is intended to implement TRON's initial vision in a new blockchain. As per the announcement:
"I know that leaving TRON and rebuilding a new TRON is not for money as Justin did, but for returning to the origin of the blockchain project so that the decentralized community can participate in it deeply."
The Volume Network makes use of a unique mining algorithm called Proof of Space & Time (POST). This is one of the most interesting aspects of the project. If POST manages to allow fee-less transactions while maintaining decentralization, it could easily end up in the top ten cryptocurrencies.
The resignation of Chen and foundation of yet another competitor is something that could negatively affect TRON's value. TRON has enough competition with Ethereum, Cardano, & EOS as it is.
To read more on the Volume Network & read their White Paper, click here.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado