Justin Sun Speaks on Crypto-Blockchain in Podcast With Abra CEO Bill Barhydt
TRON CEO Justin Sun has always been in the news for good and bad reasons. What this shows is that no matter how much you know him, he is one of the most influential personalities in the crypto-blockchain industry. Sun recently appeared on the Money 3.0 Podcast conducted by the crypto investments platform Abra. The TRON chief was interviewed by Abra CEO Bill Barhydt, and the conversation revealed a lot of interesting bits.
🎧Another great podcast episode of Money 3.0 is live featuring Abra's @billbarhydt in conversation with @justinsuntron of @Tronfoundation. Don't miss it! https://t.co/7l217VH0cw pic.twitter.com/qWKOd54ksd
— Abra (@AbraGlobal) December 3, 2019
In the beginning, Barhydt asked one of the most important questions—When will crypto become useful? The question is particularly important today, as the world seems to be moving away from the bubble that crypto is a money-making asset, which spins a lot of cash in a short time, and the future of the crypto industry will depend upon the utility it provides to a common man. Replying to the question, Sun stated that there are a lot of factors that would contribute in making crypto usable. He clarified,
“For example, like Circle are doing USDC, Tether, they’re doing USDT, and Poloniex, Binance, like, all these kinds of companies are trying really hard to help on fiat on-ramp. So, that’s why I think this, I think, is one of the most important things because if users can’t easier to buy the crypto in the first place, it’s very hard for them to get into our industry. I think this is the first one.”
Likewise, Sun added that the second most important thing to make crypto usable is infrastructure. He thinks that crypto firms must collaborate with the mainstream companies to bring products in the daily life of common people. Sun gave the example of TRON’s collaboration with Samsung, which allows users to send and receive BTC, ETH, TRX, and KLAY without installing a separate crypto wallet.
More and more smartphone manufacturers like Apple, Oppo, Vivo, Xiaomi, Huawei, etc. must adopt blockchain because, according to Sun, this is one the most prominent ways people can come in contact with the industry.
Barhydt further asked him questions on how the applications will affect the common people, to which Sun stated that once companies adopt blockchain, developers can provide dApps. These applications can be in the form of a payment solution, or money transfer system, through which news users will be introduced to cryptocurrencies. The TRON Chief further added,
“Second thing, definitely, I think is one of the jobs we are doing right now. So, we integrate the TRON blockchain with the BitTorrent protocol. So, lots of people will start to use the blockchain because BitTorrent has more than 100 million active users amount, so they can easier to download the files with incentive. Also, they can pay the tokens to accelerate their downloading. So that’s also something I think has a very large user base. At the same time, it uses the blockchain to accelerate the process.”
Barhydt also asked Justin about BitTorrent, as to why and what made him purchase the popular file sharing platform. To this, Justin Sun said that BitTorrent was the first peer-to-peer user case, which was present even before Bitcoin. While emphasizing on the BitTorrent mechanism, he explained that BitTorrent users were uploading files on the platform only out of goodwill, which allowed them to download files further.
“So, that’s why there’s lots of the Torrent clients even help the user to shut down the upload once they finish downloading, because they don’t want to waste the bandwidth, right? So, that’s why we want to introduce the cryptocurrency into the BitTorrent protocol. So, we invented a token called BTT. So, if you can download files, you can earn BTT from other people. And then, if you have BTT, you can spend BTT to accelerate the downloading process.”
Barhydt mentioned several other aspects of blockchain, right from scalability, to acceptance of crypto in major markets like China, which have been hostile towards the industry. Sun explained in the best way possible. Reacting to the question on China and crypto, Sun stated that he was hopeful that the world’s 2nd largest economy would eventually embrace crypto, though on its own terms. When asked about any developer(s) working on TRON Blockchain that he is excited about, Justin Sun was quick to mention blockchain gaming platform WINk.org, which is backed by TRON itself.
