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Recently, BitTorrent CEO and Founder of cryptocurrency platform TRON, Justin Sun, appeared for an interview with John Jun at the Samsung Developer Conference, just days after Samsung officially included TRON APIs into their Blockchain Keystore. The interview made some waves after Sun commented that while Ethereum is more for decentralized finance, TRON is more for decentralized applications.

According to Sun, there will be more DApps on the Samsung ecosystem within the next six months, and in the future, hundreds of millions of users will be able to take advantage of the benefits of blockchain, without even knowing about the underlying technology.

On the issue of security, Sun said that it would be best to keep a physical copy of an account’s secret phrase somewhere safe. When asked about his thoughts regarding the storage of private keys on a centralized server, Sun replied that it would be a good idea.

“If you hold hundreds of millions of dollars of assets, you may have to use cold storage and other levels of protection. If there’s only thousands of dollars, it’s definitely okay to store it on a centralized server. Security problems can be covered by insurance.”

The TRON Founder also said that 5G technology is very promising for blockchain due to the increase in communication speeds in provides. This was a sentiment shared by Ethereum’s Vitalik Buterin at the same conference.

“TRON is also collaborating with BitTorrent and we’ve developed a new decentralized storage called BTFS (BitTorrent File Storage System). For example, the files on my phone are also stored, encrypted, on other people’s phones. Even if I lose my phone, if I remember the secret phrase, I can recover all the files from other people’s phones. 5G will make it easier to get that data from other people’s phones.”

Sun added that despite the Foundation’s current focus on games, DeFi is a promising avenue for the future.

“With KNOX embedded you can actually, without the internet, transfer money from one phone to another. You can sign the transaction and send it to your friend, and it gets broadcasted when you’re connected to the internet. So you can make offline payments.”

With regard to plans for the future in terms of regulations, Sun said that the industry would probably first move to countries that are friendly to cryptocurrencies, rather than those more conservative about them. He also spoke of how the mobile ecosystem for blockchain will improve with the collaboration between Samsung and TRON.

“For the past 10 years, most of the cryptocurrency ecosystems have been build on top of desktops. Google and Apple are very conservative toward blockchain, so they block all the applications on their app stores.”

When asked to describe blockchain in one word, Sun responded with a single word,

“Trust.”



OhNoCrypto

via https://www.ohnocrypto.com

Sahana Kiran, Khareem Sudlow