Crypto

TRON founder Exits: “Project has betrayed the idea of ​​Blockchain”

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The extensive blog post published on Medium not only caused a great surprise among the investors of the Tron Foundation. In the post, Lucien Chen writes that Tron has increasingly come off the right track in the last two years. “As a technical person, I am very sad that TRON deviated from the belief in a decentralized Internet,” said Chen.

That’s why the founder of TRON gets out of the project

Specifically, Chen gives three reasons for leaving:

  1. Tron is no longer decentralized.

The consensus algorithm DPOS (Delegated Proof of Stake) and the Super Representative Node have, according to Chen, a serious voting problem and are de facto centralized. Thus, a few Nodes have more than 90 percent of the total votes, while ordinary retail investors have no voting rights. This contradicts the basic idea of ​​Blockchain.

  1. Tron is not connected to the internet

As a technology platform Tron failed because there are no functioning Internet apps. The promise of decentralized apps (dApps) has not been fulfilled, real commercial applications are still far off. The original Ethereum-based platform is therefore currently nothing more than a gambling and financing project.

  1. Tron contradicts the basic idea of ​​Blockchain

As a third reason, Chen states that Tron deviated completely from the original idea of ​​Blockchain. While Blockchain is based on a decentralized system, Tron has evolved in the opposite direction.

Token distribution is centralized, Super Representatives are centralized, and code development is centralized. Even the community is centrally organized. The Tron ecosystem lacks diversity and different opinions. The project has become a purely monetary instrument without any of the idea of ​​the decentralized Internet being left.

Lucien Chen

New project to revive the idea of ​​TRON

Because of the above reasons, Chen said, “with deep regret,” he decided to turn his back on Tron and co-founder Justin Sun to launch a new project called “Volume Network” (VOL). Volume Network is set to become a fully decentralized blockchain project just as Chen envisioned when joining Tron.

Decentralization should be based primarily on mining. Above all, the problem with Tron was that the proof-of-stake mechanism led to an uneven distribution of votes. With the mining he wants to prevent exactly that.

The volume network will use a new method of hard disk mining. This would be more sustainable and environmentally friendly than the current model, which relies on ASICs and expensive GPUs. In addition, the threshold for potential buyers is lowered.

Innovative consensus model relies on proof of space and time

Unlike many cryptocurrencies currently relying on the proof-of-work mechanism , Chen plans to introduce the VolumeNetwork consensus algorithm “Proof of Space and Time” (PoST). In this model, participants in a decentralized network should prove their financial interest by providing storage space.

PoST works much like the proof-of-space mechanism, which was already brought into play by BitTorrent . Above all, the difference is that time also plays a role. Miners, after receiving the block data, must perform some computationally intensive mathematical operations and then select the appropriate blocks by combining the results of the verification with the block data.