• Blockchain technology and cryptocurrencies open the doors for many to gain access to alternative stores of value with low barriers to entry
• To increase the global uptake of crypto, work still has to be done to generate strong use cases, mitigate risk, and assure both the general public as well as governments
• Those in the crypto industry also need to work together to form a cohesive front that involves individual learning, and listening to the community as a whole

Despite finding its genesis over a decade ago, many still perceive crypto and blockchain technology as overly-volatile, hazardous, and untrustworthy. Indeed, even the most astute and battle-hardened crypto investor might be hard-pressed to lay a claim of absolute confidence in the industry, especially in the current bear market. Yet there remains one who holds firm to his dream for a world that thoroughly embraces cryptocurrencies and blockchain technology alike.

To find out more about his vision for the future of crypto, Coinlive spoke with Justin Sun, the founder of TRON, in an exclusive interview.

A Global Uptake of Crypto

“One of the main problems plaguing the citizens of the world right now is that a significant portion of the global population does not have access to US Dollars, or alternative stores of value besides their own domestic currency,” Justin explains. “Blockchain helps to alleviate this problem. Stablecoins, for instance, are actually one of the best stores of value.”

Indeed, while many of us may have taken currency exchange services and owning bank accounts for granted, this is simply not the reality that even more face. According to data from the World Bank, an approximate 1.7 billion adults across the world still do not have access to a bank account.

“With blockchain technology, people are free to use any blockchain open-source wallet, create their own wallet in just under 10 seconds at almost zero cost, and have the option of having it serve as an alternate store of value,”

Justin, who was appointed as the Permanent Representative and Ambassador of Grenada to the WTO at the end of last year, also spoke of advocating for the blockchain and stablecoin transactions at the 12th WTO Ministerial Meeting in June.

“[At the meeting,] I mentioned how blockchain and stablecoin transactions can enable trade, e-commerce and various other industries, because cryptocurrencies are a good way to pay – especially on a global scale.” Justin posits. “Anyone can easily generate a wallet address that accepts payments from merchants worldwide.”

Truly, a global uptake on cryptocurrencies not only opens the doors for many in terms of holding alternative stores of value at their disposal, it also allows for a more globalised economy wherein transactions could efficiently take place across borders without the concerns of currency exchanges and value manipulation.

Yet despite these benefits, many are still averse to the disruptive technology, citing instances of hacks, exploits, and crashes.

Security and Accountability

Just this May, over US$2 billion worth of UST was unstaked from the Anchor Protocol, leading to hundreds of millions of positions being quickly liquidated and leading to the collapse of Luna. In 2020 alone, hackers attacked 15 DeFi platforms for over US$120 million.

To this, Justin shares with us that while these attacks are indeed regrettable, the wheels of change and improvement are already in motion.

Coinlive’s interview with H.E Justin Sun, Founder of TRON

“The beauty of blockchain lies in its transparency and extensive database, not unlike that of the Internet,” he says firmly. “Despite repeated hacks and attacks within the industry, blockchain tracking technology can help us find the perpetrators and recover losses. Some examples include anti-money laundering measures, blockchain analysis mechanisms of centralised exchanges, and even the freezing of stablecoin addresses of malicious users.”

As Justin says, blockchain is perhaps one of the pieces of current technology best poised to counteract hackers and exploits. As one of the primary barriers impeding the more extensive uptake of crypto, it is imperative for the public to be assured of the security and reliability of crypto and blockchain technology. One way that Justin believes this can be better achieved is through learning from traditional financial institutions such as banks.

“We need to learn more from traditional finance institutions in many aspects, since they (crypto and banks) both serve similar functions, such as managing the assets of others and maintaining its liquidity levels.”

Building a Strong Use Case for Crypto

Even then however, mitigating risk and security is not the sole determinant in achieving a global uptake of crypto. Many countries are still struggling to keep up with regulating the space, much less on allowing it into their main domestic trading ecosystem. It would be nigh impossible to find a single vendor within the streets of Singapore for instance, that would be happy to accept crypto as a feasible payment method. Yet this is precisely what Justin wants to achieve in the future.

“We need to build a strong use case for crypto over the next 5, 10, years” he says. “The reason why established companies like Tesla and Amazon are able to maintain a bullish trend on their stock price, even during bear markets, is because they have a good and strong use case that has led to a high adoption rate by the global population.”

However, it’s not just those outside of the crypto industry that need this assurance. Ardent crypto fans have also been shaken in the current bear market.

Engagements with the Crypto Community

Beyond targeted attacks and hacks in the crypto space, Ethereum’s transition from a Proof-of-Work network to a Proof-of-Stake service has left many early adopters anxious about centralisation, a word anathema to many in the space.

According to a report from blockchain analytics platform Nansen, 30% of total staked Ethereum lies in the hands of 3 entities – namely Kraken, Binance, and Coinbase. This has led many to fear that beyond Vitalik’s bold proclamations of sustainability and exponentially enhanced transaction speeds, lies the concern of proliferate censorship and regulation over the world’s second-largest cryptocurrency.

“Right now, the largest concern is concentration risk,” Justin agrees. “What if they received sanctions from the government or even OFAC? The Ethereum Foundation needs to think through these problems. Here at TRON, we have 27 nodes and we can allot them an equal portion of voting power regardless of how much money they are staking. But since Ethereum is a very big network, they need to figure out a way to decouple from centralisation.”

Indeed, PoW consensus algorithms have long been seen to be a more neutral, fair, and reliable way for chains to operate upon.

Justin, who remains a firm advocate for the necessity of PoW chains like EthereumFair, suggests that a more open market is needed to provide the option for the community to choose what they want to build upon or buy.

The current bear market has also not made things easier for those in the crypto community, with DeFi projects and cryptocurrencies suffering a massive hit. To this, Justin turns his attention to both investors and developers in the industry.

“For investors, I’d say to stay calm and hold on,” he assures.

“The price of Bitcoin may plummet to as low as less than US$19,000 in the short term, but at the end of the day you are still holding one Bitcoin. That will not change. Your investment choices will be rewarded in the long run.”

Continuous learning is also important, he adds. Learning about the newest and most innovative ideas in the industry could help investors identify more valuable projects and also help to inject confidence towards the community.

“There will always be people in the industry who can push technologies forward. Learning helps you to overcome panic and stay calm.”

He then turns his attention towards developers in the industry, advising that they would also need to keep improving projects and products to enhance their value and improve user experience or expand use cases.

However, it’s not simply about project development. Especially in light of Ethereum’s merge that has very well splintered a good portion of the community, Justin suggests that developers and businesses in the industry alike need to build close ties with their community.

“By doing so, you can get feedback from the people you should be valuing the most at a faster rate,” Justin says. “The community will then be able to know you and your vision better, and support you.”

Truly, a multi-pronged approach might be what is necessary for companies and investors alike to push through the current bear market, however it cannot just stop there, as Justin says. Work still has to be done to better integrate crypto into the financial ecosystems of countries, and assuage the fears, concerns, and anxieties of the general public towards crypto.

“My goal is to turn everyone’s attention towards crypto,” Justin says as we close off the interview. “For the next ten years, our target will be to bring cryptocurrency into the mainstream. But there’s still a long road ahead of us.”

This is an Op-ed article. The opinions expressed in this article are the author’s own. Readers should take the utmost precaution before making decisions in the crypto market. Coinlive is not responsible or liable for any content, accuracy or quality within the article or for any damage or loss to be caused by and in connection to it.