The Tron Foundation has been dissolved due to a new job for Justin Sun, founder of the blockchain firm. The company plans on rebranding and returning under a different name in the near future.
The “what is tron coin” is a cryptocurrency that was created by the Tron Foundation. The foundation will be dissolving, and Justin Sun has been appointed to become the chief representative for Grenada.
The Tron Foundation, which is responsible for the TRON (TRX) cryptocurrency, stated today that it would dissolve next summer, putting the blockchain’s ecosystem entirely in the hands of its users.
Open Letter from @justinsuntron about #TRON’s decentralization and Justin’s nomination as Ambassador.
Justin Sun has accepted the position of Ambassador, Permanent Representative of Grenada to the @wto https://t.co/UbBMgrRkMh The #TRON Foundation has decided to dissolve itself on July 25, 2021.
December 17, 2021 — TRON Foundation (@Tronfoundation)
Simultaneously, Tron creator Justin Sun announced that he is stepping down as CEO of the company and would join the Grenada government as its ambassador to the World Trade Organization (WTO).
“As Grenada and [intergovernmental organization] CARICOM are among the most impacted by a Covid-led tourist sector closure, Sun’s skills in the blockchain business will likely breath some much-needed new air into the regional economy,” the Tron Foundation stated in a press statement.
“A New Decentralization Era”
“The TRON blockchain protocol is now effectively decentralized” and “sufficiently self-sustaining as a decentralized autonomous organization,” Sun said in an open letter to the community (DAO).
“There’s nothing better for the greater good of society than having the creator of a flourishing community relinquish all authority over users, assets, and data,” Sun continued.
As a result, the Tron Foundation’s three founding nodes—”justinsuntron,” “BitTorrent,” and “Torrent”—have dropped off the list of blockchain’s “super representatives” (basically key players in the Tron governance system), leaving the network in the hands of 27 super representatives hosted entirely by the community.
Sun said his new job as Grenada’s ambassador to the World Trade Organization in Geneva would enable him to “advocate for the interests of poor nations” and “support the growth of the blockchain sector and digital economy.”
“It’s time for the blockchain industry and international sovereign governments to work together more closely,” he said. “I think the World Trade Organization’s acknowledgement of the benefits of blockchain technology is critical for our sector.”
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