Friday, February 3, 2023

Justin Sun Announces Tron Migration, Confusion Reigns

Justin Sun Announces Tron Migration, Confusion Reigns

The forthcoming Tron migration from an ERC20 token riding on Ethereum’s back to a cryptocurrency on its own blockchain is causing confusion among TRX holders, many of whom remain unclear of what they need to do. And Justin Sun’s instructions only complicate matters.

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Migration Is Hard When You Don’t Know Where to Go

On June 21st, the Tron token will cease to be an ERC20 token. The Tron Foundation will launch their own public blockchain main net. Recommending a freeze of transactions on the 22nd and 23rd, from June 24th TRX transactions will only be supported on the TRX public blockchain.

Many users hold their TRX tokens on the MyEtherWallet platform directly, others through a hardware wallet. Those people will need to move their tokens to an exchange before June 21st or risk holding tokens that can no longer be used. This important detail is not obvious from the April 15th Medium post announcing the Tron migration. With the MyEtherWallet DNS server hijacking, there is an added complication, with MEW users anxiously awaiting a safe time to access their wallets.

Compounding the issue is that there is no indication of which exchanges will support or be ready to implement the shift. While there remains plenty of time to take action, Tron holders are left with confusing messages about what to do. The reigning confusion is demonstrated here:

And here:

And here:

And here:

The best advice seems to be to move TRX tokens to the largest exchange possible and hope for the best.

We Had Joy, We Had Fun, But We Don’t Understand Justin Sun

Tron was a marketing campaign before it was a project with any substance. Its partnership announcements tend to be met with extreme skepticism. With a ten-million strong Peiwo user base, the token quickly made headlines and threw Sun into the spotlight. The nauseatingly egocentric founder clearly reveled in it, and has demonstrated a penchant for elegant headshots and a craving for a movie star image. His English-speaking token owners might prefer he lent similar weight to hiring English-speaking writers to communicate important messages such as this.

Tron has also developed a reputation for issuing communications that, shall we say, “might come from a different source”. According to a number of crypto watchers, the English-language version of the Tron whitepaper resorted to blatant plagiarism. There are allegedly vast sections copied from IPFS and Filecoin documentation. Litecoin’s Charlie Lee has openly accused the Tron Foundation of plagiarism. Others have noted the original (Chinese) version includes BitSwap equations, indicating the controversy has roots in plagiarism, rather than founder Justin Sun’s explanation:

Vitalik Buterin’s tweet rebuking Sun’s boasting of Tron’s superior technology to ethereum was pure gold:

Language Is One Barrier, Lack of Common Courtesy the Other

With an important step for Tron holders to take before June 21st, Justin Sun’s apparent refusal to hire translators and English-language writers either reflects an indifference to the concerns of the community that supports him or his time being taken up interviewing personal stylists and image consultants.

Here at Bitsonline, we care about our readers and would like to repeat what we outlined above: if you have Tron on a wallet, you need to send your tokens to the most reputable and reliable exchange you can before June 21st. However, MyEtherWallet users need to be aware of the current DNS hijacking of MEW and wait until the dust settles on that problem before you move anything.

Please feel free to ask for further clarification in the comments section below. You may also feel free to vent!

Images via Daniel Rosengren at Wikimedia

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