Cryptocurrency

Justin Sun Writes an Open Letter Discussing the Progress of TRON Protocol

Justin Sun has written an open letter addressing the community in which he discusses the progress of the TRON Protocol in 4th Quarter, 2019. The letter primarily talks about five vital projects that the company has underway namely, TRON Protocol’s evolution, Sun Network’s introduction, Blockchain Interoperability, privacy coin, new reward system for SRs, and single-click blockchain deployment.

Sun made a Twitter announcement on September 24, 2019, updating the community about the same.

TRON Protocol:

The open letter first talks about the TRON Protocol that would be updated to TRON Network Version 3.6.5. To enhance the delegation mechanism, TRON is all set to incorporate a hybrid model of PoS and DPoS system from its earlier DPoS (delegated proof of stake) model. The move will further deliver greater incentives for the contributors, and bring increased Protocol governance, says the Medium post.

In addition to that, staking rewards would not remain exclusive to SRs (super-representatives) but distributed among all the staking users. The reward consists of two parts: Block Rewards and TRON Partner Vote Rewards. The SRs will earn a reward of 16 TRX for every block generated; previously, they received 32 TRX.

Moreover, the development team has included several TIPs in the upcoming version, paying heed to community suggestions. These TIPs include:

TIP37 – Prohibition of TransferContract and TransferAssetContract to the contract address.

TIP43 – Performing parallel signature authentication in the virtual machine

TIP44 – Address.isContrac instruction

TIP54 – Activating new TRON accounts in the contract

The improvement protocols would be implemented after the approval from over 2-3rds of all the SRs.

SUN Network1:

SUN Network which was slated to be released on September 25, 2019, has been optimized for higher scalability for the decentralized applications on the TRON Network. Thanks to its customizable features, dApps can run with high security and efficiency and extremely reduced energy consumption.

The letter also pointed out that the SUN Network would offer TRON MainNet unlimited scalability while extending support to the ever-increasing smart contract transactions.

Blockchain Interoperability and Cross-Chain Communication:

Touted as the most exciting announcement by the Founder, TRON will be making an official appearance in the blockchain interoperability and cross-chain communications. TRON proposes its cross-chain plan wherein several parachains would be linked to as well as supported by TRON chain. Here, the TRON chain will act as a relay chain, employing the PBFT consensus mechanism that would confirm transactions in merely a second.

In the initial stage of this relay network, there would be only three parachain slots available for ensuring higher performance and security. Among these three parachains, the TRON Foundation will launch one as the demo while the community will unveil the remaining two.

Other than that, the open letter also revealed that the One-click Blockchain Deployment is running smoothly with the beta version’s expected launch in November. Moreover, TRON’s Anonymous Token Project is also on-track.

While concluding, Sun also revealed that Q4 would see several big business partnership announcements, further strengthening the TRON ecosystem.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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