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Everything you need To Know about Justin Sun!

Justin Sun, 1990 born, is the Founder and CEO of TRON Foundation, the brain behind TRON Blockchain, and CEO of Bittorent. He was also featured in Forbes Asia 30 under 30!

Justin Sun created Peiwo, an app that matches and links users by analyzing 10-second speech samples and preferences, striving to be China’s Snapchat. Peiwo also made several sites, with digital sports, game shows, and video broadcasts, for developers to share with like-minded peers. To present, over 4 billion chats have reached it. Justin Sun is intimidating and powerful in the Blockchain world.

Justin Sun is the CEO of BitTorrent, founder of TRON Foundation, and Peiwo app. TRON is one of the most popular blockchains in the world. Peiwo was one of the largest voice live streaming apps in China. Justin was named Forbes’ 30 under 30 Asia in 2017 and Forbes’ 30 under 30 China from 2015 to 2017. He is the only millennial graduate from Human University and a protégé of Chinese tycoon Jack Ma, Chairman of the Alibaba Group. Justin obtained a Masters’s Degree from the University of Pennsylvania after he received a Bachelor’s from Peking University.

In 2017, in addition to creating a protocol that can “decentralize the internet” and allow decentralized applications, Sun developed the Tron Foundation in Singapore. In 2018, it transitioned to its blockchain, beginning with Ethereum. Sun has now specifically placed Tron as an Ethereum rival. Sun and the Tron Foundation were charged with plagiarizing other Tron press release initiatives and failure to accurately attribute code in the code repository of the project in 2018, but Sun has denied the charges.

Tronix, often classified as Tron or TRX token, is launched by Sun in 2017. As per data source CoinMarketCap.com, it’s valued at $2.56 billion and is the world’s 10th largest cryptocurrency. The Chinese businessman said he believes to empower Omaha’s Oracle on cryptocurrency and blockchain-called theoretical underpinnings. The Twitter account of Sun has about 737,000 followers, just a bit less than Vitalik Buterin, founder of Ethereum and crypto wizard, with 832,000 followers.

While intensely into crypto, Sun said he trades conventional stocks and checks yearly tech company reports. Justin Sun was identified as the person putting the $4,567,888 career-high offer to get a private lunch with Warren Buffett, CEO of Berkshire Hathaway. Mr.Sun considers himself to be a celebrity and knows he is not just famous but also a lot powerful. He was born poor, hence the constant need to prove him. He has a very strong work ethic, with extreme focus, which he intends to apply to his company. Mr. Sun completely controls TRON’s public image. His style of leadership has believed to cause chaos and attention too.

Today TRON ranks amongst the Top 20 crypto projects by Market Cap. Justin Sun is extremely ambitious when it comes to TRON, it’s a wait-and-watch game how true and beneficial it will be in coming years in Crypto Revolution.

Also read: How are Utility Tokens different from Security Tokens?

Do you know Stablecoins come with drawbacks?

Although bitcoin remains the most common cryptocurrency, the market values usually suffer from high volatility. For starters, it increased from about $5,950 in November last year to more than $19,700 in December but then declined by around two-thirds to $6,900 by the beginning of February. Its equity market price swings can be wild; it is normal to see the cryptocurrency jump more than 10% in either trajectory within a few hours. This kind of quick instability makes bitcoin and other common cryptocurrencies ineffective for community use and frequently. Currency should serve as a means of money transfer and a way of preserving financial value, as well as its worth should remain remarkably stable over long periods.

Here comes in the picture a Stablecoin, a new class of cryptocurrencies that try to deliver stable prices and are backed by a reserve asset. Stablecoins have attracted attention as they aim to deliver the perfect blend of instant processing and safety or privacy of cryptocurrency payments, as well as the unpredictable stable value of fiat currencies. The value for Stablecoins was more than $10 billion by May 2020. In countries like Brazil, many people have turned to stablecoins as a substitute for their national currencies under unstable economic conditions. Additionally, in Hong Kong, some people are using stablecoins to escape new regulations of the Internet in a volatile market process.

Stablecoins are cryptocurrencies that aim to link their market value to some external reference.
Stablecoins may be linked to a currency like the US dollar or to a commodity price such as gold.
Stablecoins gain their stable prices via collateralization (financing) or by algorithmic purchase and sale techniques for the relative asset or its derivatives.

There’s an even more complex form of stablecoin that is supported by other cryptocurrencies rather than fiat and still structured to monitor financial assets like the dollar. Maker, the most popular stablecoin issuer that utilizes such a process, actually achieves this with the support of Collateralized Debt Positions (CDPs) that encrypt the user’s cryptocurrency collateral. Then, if the smart contract knows the collateral is secured, a consumer will use it to lend a newly minted dai, the stablecoin.

Most Popular Stablecoins include Tether, USD Coin, Dai, and Diem.

Drawbacks:

There are still some disadvantages for stablecoins to concede. Due to the obvious measured way wherein stablecoins are usually set up, they have unique technical challenges than other cryptocurrencies. Crypto’s publication Capital, for comparison purposes, suggests that although stablecoins are labeled “stable,” they are just as stable as commodities that stablecoin is related to. Historically, the price of the dollar is quite steady, but if it were to change, any variations only in the dollar’s value will be depicted in the stablecoin.

Needs rapid expansion, otherwise, it wouldn’t be able to sustain its peg
Peg’s weakness in booms and busts and sudden glitches: if market pressure is sustained for the long term, market value can plummet far beyond what the machine could bear, triggering a terminal decline.
Compared to hedge funds: reduced coin values are bolstered by the expectation of future progress, however, this progress should be financed by entrants who invest in the system.

Nobody can claim to foresee the outcome of cryptocurrencies, however, what seems evident would be that stablecoins are indeed a positive move – another leap to an economy in which a country’s influence on money is disrupted by open markets via healthy competition.

Also, read:-How are Utility Tokens different from Security Tokens?

Is Blockchain-Based Ecommerce Platform really possible?

As online retailers incorporate blockchain technology into their business processes, they give their customers redeemable bonus points when they reach certain spending thresholds. A network of computers known as nodes, miners, or peers maintain their blockchains by validating and transferring data about digital transactions and the movement of cryptocurrencies from one network user to another.

By using blockchain to track its supply chain, an e-commerce company can ensure that suppliers adhere to criteria, commit not to replace products without notice, and ensure transparency in maintaining the process. A single breach of data can cost an e-commerce retailer millions in revenue and much more brand expertise and blockchain provide a level of security that retailers can not afford. By capturing transactions along the chain and granting rebates and rewards to customers when they reach purchase thresholds, blockchain-based loyalty program management makes them faster and safer.

Blockchain – E-commerce secures the security of millions of users of private and confidential e-commerce platforms. Blockchain is based on Distributed Ledger Technology (DLT) which offers a greater level of security than what is available in online databases and platforms. Blockchain-based distributed ledger technology is based on DLT, which provides the highest security available in any online database or platform.

E-commerce sellers rely on leading bitcoin and a host of other cryptocurrencies to leverage low-cost digital payment solutions. One of the biggest advantages of blockchain technology is that it allows retailers to combine services such as payment processing, inventory management, product descriptions, etc. For retailers, blockchain software development enables them to handle transactions such as payment processing, product search and purchase, customer service, and securing digital assets.

Blockchain e-commerce companies can combine inventories management, payment processing, product descriptions, images, and other business activities. Distribution services, enabling loyalty programs, tracking transactions records, constructive criticism, and feedback, and efficiency are just some of the many benefits blockchain development brings to retail and e-commerce businesses. Smart contracts, Ethereum-based transactions, supply chain tracking (hyper ledgers), records, inventory management, better supplier relations, and better traceability of medicines such as medical marijuana in traditional retail are just some of the hurdles retailers face when they test blockchain deployment in their processes.

Blockchain-based technology is predicted to be a major disruption in many business applications and processes with a huge impact on e-commerce. Companies are exploring a range of blockchain-based e-commerce startups to improve brand management systems for retailers, secure international trade flows, reduce ubiquitous fees associated with financial transactions, and reinvent loyalty programs. This blog will discover innovators who are considering the implementation of blockchain technology solutions and e-commerce platforms in the development and development of the retail market.

Blockchain technology for E-Commerce Ethereum is a platform for e-commerce brands that want to manage their blockchain and bitcoin cryptocurrency, which led to the development of Blockchain technology that allows customers to make purchases locally and through apps accepting Bitcoin payments. The benefits of blockchain for e-commerce go beyond cheaper business processes, better security, and an improved customer experience. The most common blockchain technology in e-commerce is Ethereum, which provides a platform for e-commerce brands that want to manage their blockchains and bitcoin cryptocurrencies.

Ethereum provides a convenient platform for e-commerce sites that want to manage their blockchains. It is obvious that within a few hours, a blockchain-based e-commerce platform is needed to promote an improved and reliable online shopping experience.

Blockchain, a decentralized and distributed ledger technology, gives platform users the right and responsibility to own and protect their data without relying on a central authority, without sacrificing data integrity, security or theft. E-commerce brands can manage sensitive consumer information with the utmost security by leveraging the decentralized cryptographic architecture of blockchain ledgers. Blockchain is a distributed ledger technology that gives platform users the rights and obligations to own and protect their data without relying on a central authority and without sacrificing integrity and security theft.

For example, OpenBazaar is a blockchain-based marketplace system with multiple sellers and there are many ways to add technology to traditional online shopping marketplaces with multiple stores. Companies are exploring a range of e-commerce startups using blockchain technology to bolster retailers’ “reputation management, secure the flow of international trade, reduce the ubiquitous fees associated with financial transactions, and reinvent commercial loyalty programs.

Market is a blockchain-based online e-commerce marketplace aimed at small businesses looking to tap the digital retail space, enabling them to post products and accept payments in cryptocurrency such as Ethereum. MCART Protocol is a decentralized influencer marketing and attribution platform made possible by blockchain technology. It serves as a customizable solution for brands and influencers who want to launch marketing campaigns in a purchasable marketplace. RetailGlobal is a blockchain-enabled global trading platform that brings together players from the local and international e-commerce landscape.

Blockchain offers many other benefits, including cost reductions, improving transaction business processes, and improving the overall customer experience. The introduction of blockchain technology into the supply chain will help users track orders and buy online. Alibaba’s cloud blockchain technology and its TMALL e-commerce platform allow users to track TMALL and their orders from luxury pavilions.

This allows the platform to offer its users unlimited cash and recoins based on ecosystem purchases of goods and services, resulting in financial rewards for the buyer. Tradove is a blueprint for corporate networks in the digital age and enables an e-commerce marketplace where users can sell and buy using cryptocurrencies.

How Blockchain is changing Financial services firm dedicated to asset Investing?

Blockchain technology is one of the most promising financial breakthroughs, with the potential to decrease fraud, provide speedy and secure transactions and exchanges, and ultimately assist in risk management within the interconnected global financial system. Blockchain achieves this by employing powerful cryptography that is supposed to be resistant to hacking, hence enhancing the transaction ecosystem’s trustworthiness.

Blockchain may be used for a variety of financial purposes, including maintaining track of transactions and trades. In this age of digital revolution, as our global financial system becomes more integrated, investors would be wise to understand how blockchain is transforming the system and how to profit from it.

Blockchain’s Financial Services Benefits

Blockchain technology has the potential to make the financial services industry more transparent, less vulnerable to fraud, and less expensive for consumers.

Transparency

Because consumers perform activities on a public ledger, blockchain can make the financial industry more transparent. This transparency can reveal inefficiencies such as fraud, allowing financial organizations to solve problems and decrease risk.

Increasing security

The digital universe is a breeding ground for scammers as customers become more engaged online. This worry could be alleviated thanks to blockchain technology.

Traditional banking payments and money transfers are slower and less traceable than those performed on the blockchain. When data travels via various financial intermediaries, it is possible that it will be intercepted, increasing the risk of fraud. Blockchain’s cryptographic methods, which provide security in the exchange of information between participants, can plug this oversight gap.

Clean audit trails can be difficult to obtain in traditional banking at times. This has led to major economic losses in the past due to irresponsible behavior or malicious actors. By combining blockchain technology with machine learning to monitor and manage hazards with a high degree of precision, this risk may be greatly minimized. Blockchain is required for data integrity in financial technology companies and other organizations that employ big amounts of data. Because the blockchain network is decentralized, there is no single point of failure.

Cost-cutting

Blockchain allows consumers to benefit from decreased costs connected with traditional financial services as investors migrate away from financial advisors to avoid higher fees.

Financial technology firms have grown to be a significant element of the financial services business, allowing investors to establish accounts with digital advisors and make their own financial decisions. Consumers will benefit from this innovation because investors will get better value for their money and will be able to strike a balance between financial service automation and cheaper costs. The first to implement this new technology will be able to streamline internal procedures and give lower-cost financial services to their consumers, thereby beating their competitors on the cost to take a larger share of the market. This benefits the average investor who wants to save money while taking advantage of this new financial services environment.

Financial Institutions Face Risks

One key danger hurting the bottom line weighs against the potential blockchain has for financial institutions. Transaction fees, which might be reduced or eliminated with blockchain technology, are how traditional financial institutions generate money. When it comes to money transfers, consumers must rely on banks or third parties to complete the procedure. However, blockchain adoption could eliminate fees and other costs connected with these services by bypassing third parties such as banks.

As a result, banks may encounter volume and transaction-based income issues. Blockchain makes proprietary financial infrastructure-less important because it serves as a verification mechanism that is “not concentrated in the power of one institution. Furthermore, blockchain innovation is moving at such a rapid pace that regulation has yet to catch up. As a result, possible policies affecting blockchain can be considered as a further impediment to blockchain adoption in financial services.

Also read: How is blockchain helping in fueling the logistics industry?

An In-Depth Look at Smart Contract Audits

I have been thinking about the smart contract audit process and its cost, so I did some little research. Distributions of smart contract arrangements onto the Ethereum blockchain are increasing. Since late 2017, the figure of effective calls to smart contracts has remained steady at 1.2 million per day. It is convincing to ensure that these smart contracts, often holding significant assets, are not misused. At present, a contract audit before deployment is the most preferable option available to detect subtle vulnerabilities and assessing the security code and quality.

What is a smart contract audit?

I am therefore convinced that smart contract audit is a valuation of the secure growth process. In the cause of a smart contract audit, developers have a chance to learn from Ethereum specialists, denote underspecified areas of their system, and detect gaps in their coding process.

What is smart contract audit cost”

The record shows that over 2 billion USD worth of digital assets safeguarded since it was founded in 2017. Some factors contribute to the cost of a smart contract audit, mention as follows;

“How much does a it cost?”

The record shows that over 2 billion USD in digital assets have been safeguarded since the company’s inception in 2017.

The following factors contribute to the cost of a it:

Complexity

The cost of an audit is affected by the changing complexity of the audit.

A low-cost audit, for example, is a token that strictly adheres to the ERC20 standard.

The ERC20 token standard is one of the earliest patterns in Ethereum smart contract development and is defined by the number of hours spent on it.

When the complexity of an audit increases, it necessitates more engineering hours, resulting in a high audit cohesion.

Clear documentation can also help to reduce the complexity of an inspection.

The cost will rise if there is a lot of time spent.

Timeline

The issue of time arises when clients require smart contracts audits to be completed in a short period. These clients will be asked to pay a premium.

The amount of time spent auditing a project varies according to its complexity.

As a result, the best option is to contact Quantstamp as soon as possible so that you can factor audit time into your development cycle

However, just as smart contract audits cannot replace internal quality assurance, poorer architectures, or overcome complexity or vulnerability, everything in this world has limitations.

Founders Club | Shashank Kumar, Co Founder – Razorpay | Leadership Series