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TRON is for decentralized apps; Ethereum for decentralized finance: Justin Sun

Manu Naik

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Recently, BitTorrent CEO and Founder of cryptocurrency platform TRON, Justin Sun, appeared for an interview with John Jun at the Samsung Developer Conference, just days after Samsung officially included TRON APIs into their Blockchain Keystore. The interview made some waves after Sun commented that while Ethereum is more for decentralized finance, TRON is more for decentralized applications.

According to Sun, there will be more DApps on the Samsung ecosystem within the next six months, and in the future, hundreds of millions of users will be able to take advantage of the benefits of blockchain, without even knowing about the underlying technology.

On the issue of security, Sun said that it would be best to keep a physical copy of an account’s secret phrase somewhere safe. When asked about his thoughts regarding the storage of private keys on a centralized server, Sun replied that it would be a good idea.

“If you hold hundreds of millions of dollars of assets, you may have to use cold storage and other levels of protection. If there’s only thousands of dollars, it’s definitely okay to store it on a centralized server. Security problems can be covered by insurance.”

The TRON Founder also said that 5G technology is very promising for blockchain due to the increase in communication speeds in provides. This was a sentiment shared by Ethereum’s Vitalik Buterin at the same conference.

“TRON is also collaborating with BitTorrent and we’ve developed a new decentralized storage called BTFS (BitTorrent File Storage System). For example, the files on my phone are also stored, encrypted, on other people’s phones. Even if I lose my phone, if I remember the secret phrase, I can recover all the files from other people’s phones. 5G will make it easier to get that data from other people’s phones.”

Sun added that despite the Foundation’s current focus on games, DeFi is a promising avenue for the future.

“With KNOX embedded you can actually, without the internet, transfer money from one phone to another. You can sign the transaction and send it to your friend, and it gets broadcasted when you’re connected to the internet. So you can make offline payments.”

With regard to plans for the future in terms of regulations, Sun said that the industry would probably first move to countries that are friendly to cryptocurrencies, rather than those more conservative about them. He also spoke of how the mobile ecosystem for blockchain will improve with the collaboration between Samsung and TRON.

“For the past 10 years, most of the cryptocurrency ecosystems have been build on top of desktops. Google and Apple are very conservative toward blockchain, so they block all the applications on their app stores.”

When asked to describe blockchain in one word, Sun responded with a single word,

“Trust.”

Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Litecoin’s ailing price prepares for breach of descending channel

Namrata Shukla

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Source: Pixabay

Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.

Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.

Short-term

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.

The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.

Conclusion

Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.