Announcement On TRON Foundation Restructured As TRON DAO
Cryptocurrency has gained popularity, and so has the concept of decentralizing the internet. The new era is where the internet is not just controlled by a single person. Every member of the community owns it.
TRON Network came under the spotlight after the launch of MainNet in 2018. The independent blockchain strengthened the spread of the adoption of decentralization. This officially led to the dissolution of the TRON Foundation on July 25, 2021.
DAO, short for Decentralized Autonomous Organization, now stands tall with the support of the community members.
Background
Founded in September 2017, the TRON Network remained a pioneer of decentralizing the internet till the time it was officially dissolved to be restructured into a new organization.
H. E. Justin Sun, the founder of the TRON Network, dedicated all his efforts to accelerate the process and adoption of decentralization via blockchain technology and decentralized apps.
After one year, that is, in May 2018, the network launched MainNet. It is an independent blockchain capable of running its network by its technology and protocol. MainNet turned out to be a game-changer for the network as it constantly assisted the team in fulfilling its commitment to the community members.
The integration of TRON with BitTorrent in July 2018 made it more evident than it was, leaving no stone unturned to achieve its objective.
Other achievements of the network include gaining 70 million users on the blockchain network and upwards of 2.7 billion transactions. TRON DAO is now entirely governed by the community, something that could happen after the network achieves full decentralization in December 2021.
Introducing TRON DAO!
TRON Foundation achieved its objective in the previous year and successfully guided the community to achieving decentralization. This called for the dissolution of the foundation and restructuring it to TRON DAO, something that we came across in the previous section.
The TRON Network had three major nodes, namely justinsuntron, BitTorrent, and Utorrent. All of them quit the TRON Super Representatives in December 2021.
It is now left with 27 nodes, all of them belonging to the community. While it was the dissolution of the Foundation that highlighted the process of restructuring the network, it was also the stepping out of the three nodes that gave a hint of the Foundation being restructured.
TRON DAO commits to allowing all the members to be a part of the decision-making process and governance. It also ensures that the voice of every member is heard in the best possible manner.
What TRON DAO is trying to achieve is cementing consensus among the members, boosting their engagement, and rendering the process of decision making. These are the factors that are best known to give blockchain a competitive edge.
Post restructure, TRON DAO is estimated to go beyond the market capitalization of $100 billion with the strong support of more than 70 million accounts.
TRON currently has a variety of projects in categories like stablecoins, liquidity mining, and wallets, to name a few.
TRON is now eyeing a global expansion with a total of 4,765 nodes spread across the globe. It has even started the mission, quoting that it aims to deliver a Global Human Settle Layer.
The projected arrival of Web 3.0 is again bringing it back under the same spotlight. You can find more information here about how it affects the TRON price.
