While candid, raw, and bombastic when it comes to his public persona, Sun’s questionable publicity stunts could be a vital part of his strategy to spotlight Tron and capitalize on crypto’s momentum.
Bombastic approach can support Tron’s success
It’s hard to take Tron’s Justin Sun seriously. His endless shilling on Twitter and the use of celebrities like Lindsey Lohan certainly don’t help him cultivate an image of blockchain savvy.
But despite his controversial approach, something interesting is brewing beneath the surface. Even with its limited technological capabilities compared to Ethereum’s Vitalik Buterin and Polkadot’s Gavin Wood, Sun has managed to position itself as one of the most successful individuals in the field.
With his brash style of sucking all the oxygen out of the room with his comments or ideas, regardless of good or bad, Justin Sun has positioned himself as a mighty successful cryptopreneur. While he is still disapproved by many in the community for his hollow attempts to stay in the spotlight, there is no doubt that some of his business acquisitions and partnerships have been blows of genius.
Is the sun a more powerful business force than previously thought?
Yes, it may sound questionable to talk about taking Justin Sun more seriously, but in reality, a closer look at his business dealings teaches us a completely different story. Beginning with its $ 120 million acquisition of Bittorrent in 2018, Sun has been on the receiving end of a wave of negative publicity.
As one of the earliest decentralized protocols to arrive long before cryptocurrency, BitTorrent’s global status was still a feather in the cap, given its brand awareness and seamless connection within the crypto ecosystem. Ultimately, Sun went on to list Bittorrent Token (BTT) on Tron’s blockchain. It turned out to be a smart move. BTT has since risen to the 31st most valuable coin by capitalization, with a fully diluted market cap now exceeding $ 7 billion.
In addition to this acquisition, Sun’s status as a co-owner of exchange Poloniex, despite his initial refusals, is a testament to his ambitions. While it may not be consistent with its public statements about “decentralization of the web,” given that Poloniex is a centralized exchange, it follows other similar movements to centralize more services under its umbrella.
Tron’s takeover of Steemit was even more controversial after it was posited that Sun was conspiring with major exchanges to remove node validators on the dPOS blockchain and replace it with its own. This move has effectively centralized a blockchain-based decentralized social media platform. Despite the uproar and the number of users who have left the platform, STEEM tokens have nearly quintupled since its acquisition in February 2020.
The latest announcement of integration with DAO Maker reflects another serious step to expand the Tron ecosystem of blockchain-based services. The recently unveiled strategic partnership ensures that DAO Maker brings all of its cross-chain incubation, fundraising and growth-focused services to Tron. Bringing on board a retail-focused investment initiative, Sun shows that he plans to make Tron a hyper-competitive chain against Ethereum and Polkadot, despite his more limited technological acumen.
Sun The Businessman and centralization architect
Most of these moves directly run counter to the decentralization activities on the web, as evidenced by the testimonials of current and former employees, which underscore some of Sun’s nefarious attempts to block competition. Still, despite the spot, Sun still rides high. He may not be blockchain’s best advocate, but Justin Sun has no doubt identified it as an opportunity to make money and as such is using it as part of his unbridled ambition to rise through the ranks of cryptos.
So guess what – Justin Sun, a crypto peddler or business savant? Let us know in the comments below.
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