TRON (TRX) Founder and CEO Demonstrates His Support for Net Neutrality

Siamak Masnavi

On Thursday (1 November 2018), Justin Sun, the founder and CEO of TRON Foundation, announced his support for net neutrality, and demonstrated this support with a $10,000 pledge to DonateForNetNeutrality.com, a crowdfunding effort by the non-profit organization "Fight for the Future", which was founded in 2011 with the mission of ensuring "that the web continues to hold freedom of expression and creativity at its core." The goal of this organization is "to build tech-enhanced campaigns that resonate with millions of people, enabling them to consolidate their power and win historic changes thought to be impossible."

Net neutrality "is the principle that Internet service providers treat all data on the Internet equally, and not discriminate or charge differently by user, content, website, platform, application, type of attached equipment, or method of communication."

Fight for the Future's latest campaign is about putting pressure on the U.S. Congress to save net neutrality -- which was killed on 11 June 2018 following a vote by the Federal Communications Commission (FCC) in December 2017 -- by passing legislation that would "effectively force the FCC to bring back the rules the FCC approved in 2015." Under the Congressional Review Act (CRA), "Congress, with the approval of the president, can not only reject regulations issued by a federal agency but effectively bar that agency from taking similar action again."

The DonateForNetNeutrality.com website says that although the Senate has already passed a resolution, "now the House is running out of time to do the same." It further says that the money being raised will be used to the following:

  • "Flood Congress with phone calls, tweets, and emails"
  • "Run crowdfunded billboards, newspaper ads, and online ads"
  • "Organize in-district actions and events"

Here is how Justin announced his support for this campaign on Twitter:

The press release by the TRON Foundation says that Justin's $10,000 donation will "help fund efforts to educate voters in key districts across the country to vote pro-net neutrality and support lawmakers to reverse the decision that ended net neutrality." This donation comes shortly after TRON's "initial pledge of $3M to the Blockchain Charity Foundation headed by Binance."

The press release also contained the following quote from Justin:

"Given my deep belief in an open and decentralized internet, I support Donatefornetneutrality.com and urge others to do the same in this critical moment where Congress can still act in favor of net neutrality. When the internet is free and open, it fosters innovation that benefits not just a few, but all of us. It's our responsibility to protect these core values and push our community towards the cause."

Justin, who is also the CEO of BitTorrent, apparently "plans to energize support from the BitTorrent community of over 100M users." BitTorrent "has a long-standing history of supporting net neutrality and also Fightforthefuture.org and Donatefornetneutrality.com through campaigns that have urged tens of millions of users to get involved."

Featured Image Courtesy of the TRON Foundation

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The 5 Billion USDT Mistake and How Tether Recovered From It

Tether, the company behind the issuance of USDT tokens, has issued a total of 4 billion in a single day – more than the cryptocurrency’s current circulating supply – in what was seemingly a mistake.

The company’s move was first spotted by the Whale Alert Twitter bot, which tracks large transactions on the blockchains of top cryptocurrencies. The transaction that saw the company mint 5 billion USDT tokens caused a stir in the cryptocurrency community.

This, as there are currently over 3.9 billion USDT tokens, and an additional 5 billion being printed at once would get the token close to the $10 billion market cap. Moreover, some critics believe USDT tokens are used to manipulate cryptocurrency markets, and to pump the price of bitcoin.

Soon after Paolo Ardoino, the CTO of both Tether and Bitfinex, noted that the 5 billion USDT issuance was due to an “issue with the token decimals” that occurred while the company was preparing to swap tokens from the Omni layer to the TRON blockchain.

As covered, Tether and TRON announced a collaboration in March that would see the company issued TRON-based USDT tokens, compatible with the TRC-20 token standard.

As Ardoino revealed in his tweet, the mistake was fixed through transactions burning the excess tokens that were printed. In two transactions, Tether burned all of its 5 billion tokens, to then issue the 50 million USDT it intended to in the first place.

In one of the burning transactions, that saw Tether get rid of 4.5 billion USDT, users commented that the funds could have still been used for illicit purposes before they were burned. Currently, there are a total of 87.9 million USDT on the TRON blockchain.

Various cryptocurrency enthusiasts don’t trust Tether or cryptocurrency exchange Bitfinex – companies that share management – over allegations relating to market manipulation. Adding fuel to the fire, back in April the New York Attorney General accused the companies of covering up an $850 million hole.