Tron Foundation to Disband as Justin Sun Takes Office of Grenada Government

The Tron Foundation, the organization behind the cryptocurrency TRON (TRX), today announced that it will be disbanding next summer, leaving the blockchain ecosystem entirely in the hands of its community. .

Simultaneously, Tron founder Justin Sun revealed that he is stepping down as CEO and will take up a post in the government of Grenada as an ambassador to the World Trade Organization (WTO). .

“Sun’s expertise in the blockchain industry will likely bring some fresh air to the regional economy as Grenada and [intergovernmental organization] CARICOM is among the hardest hit by the Covid-induced shutdown of the tourism industry,” the Tron Foundation said in a shared press release.

“New era of decentralization”

In his open letter to the community, Sun noted that “the TRON blockchain protocol is now essentially decentralized” and “sufficiently autonomous as a Decentralized Autonomous Organization” (DAO).

“For the greater benefit of society, there is nothing better than having a founder of a thriving community abdicate all power over users, assets and data,” Sun added.

For this reason, the three original nodes of the Tron Foundation – “justinsuntron”, “BitTorrent” and “µTorrent” – have withdrawn from the list of “super representatives” of the blockchain (essentially key players in the governance system of Tron ), leaving the network in the hands of 27 Super Reps hosted entirely by the community.

As for his new appointment as Grenada’s ambassador to the WTO in Geneva, Sun said it would allow him to “fight for the interests of developing countries” as well as “promote the development of blockchain industry and the digital economy”.

“It is time to forge closer collaboration between the blockchain industry and international sovereign states,” he said. “I believe that the recognition by the World Trade Organization of the value of blockchain technology is of vital importance to our industry.”

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