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Not just anyone can be called “the next Jack Ma”. Sun Yuchen, a highly creative dreamer, seems determined to lead his company to change the global gaming landscape. Can he really become “the next Jack Ma”?
Justin Sun is the founder and CEO of TRON, a blockchain-based open-source global digital entertainment protocol company that plans to launch an ICO (Initial Coin Offering) in September this year.
TRON has surpassed Bitcoin and Ethereum to become the first smart contract blockchain protocol with more than 10 million C-end users.
As a decentralized digital entertainment protocol based on blockchain, TRON is committed to improving the operating efficiency of global digital entertainment platforms, providing payment, R&D, storage and credit contribution support for digital entertainment platforms such as live broadcasts, social networks, online gambling, online games and mobile games.
I can't help but think of the 1982 science fiction film "TRON" starring Jeff Bridges. The film tells the story of the protagonist being brought into a virtual world by a computer control program, and in order to escape this virtual world, he tries hard to find the computer program TRON.
Today, TRON has emerged and introduced the concept of sharing economy into the digital entertainment industry for the first time. It transforms platform users into content producers, producing text, pictures, videos and live broadcast content in distributed storage space.
The protocol adopted by TRON can achieve a high degree of interaction between digital entertainment content providers and ordinary users, without having to pay high fees to distributed platforms such as Google Play and Apple Store.
Investor interest in TRON is growing, and its size and development trajectory can even rival that of China's e-commerce giant Alibaba. TRON has received financial support and credit guarantees from major companies with global reputations. Specifically, its backers include Tang Binsen, founder of "Clash of Kings", Dai Wei, founder and CEO of "OFO Bike", one of China's largest sharing economy companies, Wang Chaoyong, founder of "Xinzhongli", one of China's largest investment groups with a market value of more than $2 billion, Yin Mingshan, founder of "Lifan Group", one of China's largest automakers, and Yang Linke, founder of "BTC China".
It is estimated that the global entertainment product market value is as high as US$1 trillion (about RMB 7 trillion), including lifestyle ($200 billion), online gambling ($500 billion), online games ($100 billion) and information sharing ($100 billion).
Sun, who was named to Forbes China's and Asia's "30 Under 30" lists in 2015 and 2017, was one of the first students at Lakeside University, a university in Hangzhou, capital of eastern China's Zhejiang province, founded by Chinese business tycoon Jack Ma, who has an estimated net worth of $36.4 billion (250 billion yuan).
Since the establishment of "Lakeside University", less than 40 people have been fortunate enough to be admitted to participate in this "life-changing" course, and Jack Ma himself also participates in the teaching.
Sun Yuchen, 26, was born in Shandong, a coastal province of China's Bohai Sea. His company is located in Beijing's Haidian District. Sun Yuchen joined the cryptocurrency community after buying his first bitcoin in 2012.
A year later, he joined Ripple and became the chief representative for Greater China. During his tenure, he helped Ripple complete its first round of financing of US$30 million, and Ripple subsequently successfully became one of the world's three major virtual currency systems.
Peiwo App & Smart Contract Protocol Justin Sun graduated from the University of Pennsylvania with a master's degree and previously received a bachelor's degree from Peking University. In 2015, he initiated the "Peiwo" project and launched the "Peiwo" App, which has now become China's largest audio live broadcast platform with a total of more than 10 million users and more than 1 million monthly active users.
In September this year, the "Peiwo" App will become the first entertainment application compatible with TRON and the world's first live broadcast software that supports the "virtual currency smart contract protocol". More than 10 million users on its platform will be able to enjoy the additional functions brought by virtual currency.
Commenting on the development of his company, Justin Sun said: “This is just the first step for TRON. Next, we will promote the construction of entertainment system infrastructure to the whole world, including online gambling and online game business. In addition, we will also provide API channels to improve the stability of settlement services. However, the first step for TRON is to use the blockchain network to develop the ‘Peiwo’ App.”
TRON provides a user information sharing platform for the entire entertainment market, claiming to have broken the information barriers between different apps.
TRON explained that this approach can greatly reduce the information that users need to enter when registering on different apps. At the same time, developers can achieve efficient interaction in user authentication, reduce the cost of repeated authentication, and prevent user information from being stolen or leaked to intermediaries.
TRON IX Token TRON IX (TRX for short) is the token of the TRON platform, used to record users' entertainment behaviors and share credit data between apps in the TRON network.
TRX also has the added value of information storage and authentication, which can record user assets and TRX consumption recorded in the blockchain. All apps connected to TRON can obtain core data, which is the only credential for users to participate in the global entertainment system.
Although TRON will support all types of virtual currencies, TRX, as the official currency of the platform, can be used for the conversion and circulation of global virtual currencies in TRON.
Justin Sun also said: “We are very confident that the TRON wallet will achieve the goal of one million registrations within a year. The first one million users to register on the TRON platform will receive a large number of TRX tokens as rewards.
Information, Credit Sharing & Global Payment Nowadays, as the profit cycle and life cycle of entertainment apps and entertainment systems are shortened, individual developers are unable to store or maintain user credit information in a single specific entertainment system, so each entertainment system falls into an "information silo" state.
Before the emergence of TRON, the global digital entertainment system faced a variety of payment problems. For example, if an Iranian wanted to buy a Japanese digital product, how he could pay the Japanese company was a big problem. The payment chain and payment process would be lengthened because the user might have to open an account in a Japanese bank. With the TRON platform, international payments can be greatly simplified.
Eliminate barriers & save costs The traditional online entertainment industry has high gross profit margins, large transaction volumes, and global coverage. However, each entertainment system has its own inherent token barriers. Therefore, users who use different subsystems or apps often need to pay high transaction fees when they are active in other systems, which makes it difficult for users to switch between different systems and apps.
In the TRON network, this token barrier can be completely eliminated, at least in theory. By creating a payment settlement interface between different systems in the entertainment network, a reliable flow of transaction information can be achieved. In this way, the mutual trust between people in different social and gaming communities can be transformed into mutual trust between people and technology.
The deeply integrated TRON network is based on a complete set of consensus mechanisms, solving authentication and personal credit issues in online transactions at the lowest cost. TRON adopts "peer-to-peer" transactions, avoiding the traditional centralized settlement structure.
In addition, the TRON network plays a role of coordination and control between users and developers to ensure the authenticity and compliance of credit information. These advantages can greatly improve the operating efficiency of the global entertainment economy.
The decentralized economy itself is a market economy. Reducing transaction costs will stimulate the growth of user demand and promote the prosperity and development of the global entertainment economy.
Blockchain Network & Smart Contract System TRON supports multiple blockchain networks and smart contract systems, including Bitcoin, Ethereum, and Qtum, and provides developers with a variety of protocol infrastructures that can be used for the development of a variety of entertainment apps, allowing users to enjoy a "smooth" multi-protocol smart network.
The TRON protocol has led the gaming industry into a new era of high autonomy and high reliability, solving the trust problem and providing developers with the best environment for gaming game development.
Gambling companies can issue any kind of gaming currency and trade freely with other game publishers within the TRON protocol. TRON provides a smart contract guarantee system to safeguard transactions between different gaming currencies.
TRON claims to be able to ensure the integrity and smoothness of all transactions, thus laying the foundation for the globalization and de-control of gaming and entertainment.
Regarding the planned development timeline before December 2018, TRON said that they will focus on protocol preparation, App release and protocol launch.
Justin Sun believes the future is bright. “I believe TRON can bring changes to today’s online entertainment industry and will realize the globalization of the entire digital entertainment industry.”
He added: “Before, different countries had different policies and regulations, and the digital entertainment industry did not have a unified digital currency system. I believe that the tokens we launch and the future development of our company can completely reform the global digital entertainment industry.”
Considering that Sun Yuchen is only half the age of Jack Ma, it will take him many years to catch up with the billionaire, and there will be achievements and mistakes along the way. Jack Ma was rejected by many companies (including KFC) after he resigned from school. In an interview with journalist and talk show host Charlie Rose in 2015, Jack Ma also said that he was rejected by Harvard University 10 times. Therefore, learning to get used to failure and learn from it is also a lesson that Sun Yuchen must learn.
But there is no doubt that during his time at Lakeside University, Justin Sun will be able to draw valuable wisdom from Jack Ma, a business tycoon. This is also something that all of us should learn from.
TRON’s upcoming ICO has received support and guidance from many parties, including Beico community co-founder and CEO Liu Hai, Jinshajiang Venture Capital, and angel investors Kuaidi Dache founders Chen Weixing and Xue Manzi. TRON’s ICO will be officially launched on September 9, 2017.
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