Tron’s Justin ‘SUN’ calls meme coin ‘Bitcoin on the TRON network’
Yes, Tron’s Justin Sun just named a meme coin after himself
CEO of Tron Foundation, Justin Sun announced the launch of $SUN, Tron Network’s first meme coin that will be mined to fund Sun Genesis Mining, a community-driven decentralized (DeFi) potential of TRON that runs on open-source smart contracts.
(1/5) I am glad to announce that we have decided to launch $SUN ? Genesis #Mining. ⛏️
#SUN?, manifesting total #community self-governance, is a living demonstration in the coalescence of encryption with artistic expression.https://t.co/F7HNajPfQc
— Justin Sun (@justinsuntron) August 31, 2020
The CEO said that the new venture was a “radical social experiment” that emphasized self-governance and a way for Sun to pay tribute to the spirit of decentralization as advocated by the mysterious Satoshi Nakamoto. Justin Sun penned an open letter in a blog that said:
“Designed as the quintessential Bitcoin equivalent on the TRON network, SUN features zero venture capital investments and zero private equity investments, pre-mining or reserves for the team.”
He hoped that this move would encourage the SUN community to propose, discuss, vote, and even implement “bold and revolutionary” proposals. Much of this means that $SUN could be a reward for staking crypto on the TRON blockchain. He implied in his letter that users can sell $SUN, on secondary markets or use it to vote and implement on governance decisions.
Moreover, the CEO claimed that he would also participate in Sun’s community discussions and proposals. According to the release:
The official launch of SUN Genesis mining is on September 2, 2020. The total supply of SUN will be 19,900,730, whilst the rewards for the Genesis mining will be distributed on September 16.
Like Sun Genesis Mining there have been other self-governance communities such as MakerDAO, Compound, AAVE, YFI that have emerged on smart leading contracts platform Ethereum.