Justin Sun, founder and CEO of the Tron Foundation, an organization focused on the ongoing development of the Tron (TRX) platform, has predicted that the bitcoin (BTC) price will not increase significantly in the next 3 to 5 years.
According to Sun, bitcoin’s price will remain in the $3,000 to $5,000 range throughout this year. However, the former Ripple employee believes developments related to cryptocurrencies and blockchain technology will continue as expected. Sun’s comments regarding the crypto market came during his recent interview with the “Voice Your Love” charity event, a fundraiser organized by Binance’s Blockchain Charity Foundation (BCF), the ALS Association, and Tron.
Sun, who’s also the CEO of BitTorrent, a company that develops peer-to-peer (P2P) file sharing software, believes that the Lightning Network (LN) protocol and its various implementations will be increasingly adopted and its underlying technology will also improve – due to the large number of developers working to improve the second-layer payment solution.
Crypto Is Here To Stay
Changpeng Zhao (“CZ”), the CEO of Binance, the world’s largest crypto exchange, predicted during the same charity event that cryptocurrencies were here to stay and that blockchain technology would help improve most traditional business processes in the coming years.
Zhao explained that distributed ledger technology (DLT)-based systems can provide improved security and they can also be used for accurately tracking donations to charity.
CZ added that blockchain-based payments allow for greater transparency while Sun noted that the distributed ledger could be used to benefit society by streamlining many traditional processes such as supply chain management.
Donating $250,000 To ALS Foundation
On February 11th, 2019, the Tron Foundation announced that it would be joining the ALS Association “for #VoiceYourLove” – which is “an awareness campaign to find treatments and a cure for people afflicted with amyotrophic lateral sclerosis (ALS)” (Lou Gehrig’s disease).
Commenting on the Tron Foundation’s decision to participate in the VoiceYourLove program, Sun had said (earlier this month) that he would be donating $250,000 to the charity and he also “urged others in the blockchain industry to voice their love by donating to help find a cure.”
Tron Hard Fork Update Scheduled For February 28th
On February 28th, the Tron blockchain network is scheduled for a hard fork upgrade. As explained by Sun, the backwards incompatible update will involve:
#TRON launching [version] 3.5 hard fork upgrade on 2/28. New Features:1. Multi-sign[ature crypto wallets] and [account management tools], institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better virtual machines (VM) safety, events server for dApps.
On February 13th, Sun had said during an interview with TheStreet that he does not think it’s a “bad thing” that cryptocurrency prices have dropped considerably from their record-level highs (set in late 2017 and early 2018).
He also mentioned that “most [legitimate blockchain] companies are focused on creating a viable use case and educating the marketplace about that plan.”