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Volume Network : Realising a truly decentralised platform as TRON CTO joins in

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Ursula K. Le Guin used the character Istravan to say one sentence that I always remember in the rest of my life, “There is only one god given talent of me. That is, to know when to move that great wheel of destiny, and to achieve the unity of unity and action.” From the book of The Left Hand of Darkness.

Choosing to establish TRON jointly with Justin Sun as a CTO a year and a half ago, I firmly believed these words. Today I choose to leave, hoping to rebuild a new TRON, and I still believe that. The reason why I named the project as Volume Network is also solute this quote in the book of The Left Hand of Darkness.

Working in TRON for two years, I felt the wheel of fate spinning at full speed and speed up our development. At the beginning, Justin was in America when ICOs were banned as the unauthorized illegal financing activity on September 4th, 2017. With my efforts, the formation of the domestic team and the coding all started from scratch, and the currency began to soar from ICO. Until now, looking back these years, it seems like a dream. There are hundreds of employees in Tron Foundation have gone through the stages of open source, testnet launching, mainnet launching, the acquisition of BTT, ecological expansion of TRON DAPP. We have also witnessed a brand-new project which market capitalization has surged into the Top 10 in just a few months. Thank Justin for providing me with this platform to grow up with TRON. Because of the irreconcilable contradiction between us, TRON is not as good as it was. I chose to leave for being myself truly and rebuilding my new TRON.

Why am I leaving TRON?

The reason for leaving is pretty simple. As a techy, I am so sorry that the TRON has departed from the faith of “creating decentralized Internet”

1. TRON is no longer decentralized

In the DPOS and Super Representative node, there is a problem of centralized voting that some nodes and voters hold more than 90% of the votes. Therefore, the vote of general investors has completely no opportunity to win. The total number of TRX in TRON is 100 billion, while the total number of votes for the super representatives is just less than 8 billion.

2. TRON is not decentralizing the Internet.

Building a technology platform of TRON, I certainly know that the real Internet applications cannot function in TRON network in the circumstance. Currently, TRON ecosystem is way off their target concerning their users use and commercial adoption. Thus, DAPP in TRON is basically about the gambling and funding project.

3. TRON has deviated from the spirit and original intention of the blockchain

The spirit of the blockchain is decentralized, while TRON project is centralized including token distribution, Super Representatives, code development. There is no diverse feature in TRON ecosystem. The whole project has totally developed without the spirit of “decentralized internet” spirit.

The project I developed to become worse I feel deeply sorry to see what I don’t expect to happen. The dreams and visions that Justin told me have been ruined. I have reflected on several months, I decided to establish the Volume Network(VOL) Project

Why should I do the VOL project?

What is the VOL project?Volume Network is a truly decentralized blockchain project? This is the project I dreamed to do when I first joined TRON.

I. Realize the true decentralization based on mining

In fact, the DPOS mechanism of TRON is pseudo-decentralized. The top 27 SR nodes (block nodes) have more than 170 million TRX votes, and most of them are controlled by TRON. It’s hard for other newcomers to become the block nodes, so they cannot participate in the process of block generations.

I always believe that mining blockchain project is the real spirit of the blockchain and everyone can participate in. Contribution to the project should be determined based on proof of workload rather than the size of the holding position. The data also illustrate this viewpoint. By the end of the Q1 of 2019, mining-based digital money accounted for more than 70% of the total cryptocurrency market.

My thought is to introduce more people into the digital world through mining model with lowest entry barriers to achieve truly decentralization. Volume Network create a mine model through a hard disk. At current market situation, the high threshold of ASIC and the high price of GPU make many people without courage to mine. This phenomenon eliminated new players to enter the market, is unsustainable. We intend to design a new generation of hard disk mining model for miners and newcomers, that can store ‘useful’ files for getting a safe and reliable cryptocurrency. This is a meaningful project of energy conservation and environmental protection, meanwhile significantly reducing the participation barriers, the majority individuals can all participate in the blockchain project with computer hard disk.

II. Innovative Proof-of-Space-Time (PoST) Consensus Mechanism

At present, the mainstream of cryptocurrency based on POW consensus mechanism in the blockchain, which is facing many difficulties because of its high energy consumption, centralized computing and expansion problems. In addition, many crypto currencies based on GPU and FPGA mining such as ETH and GRIN, are difficult to become the majority choice due to the high cost of GPU.

With the experience in TRON, I think that the PoST based on hard disk capacity is more suitable for the consensus algorithm, which is the Proof-of-Space-Time (PoST) algorithm of Volume Network.

Based on the original Proof of Space Time consensus algorithm, PoST introduces the time parameter. Miners must do computation with Verifiable Delay Functions(VDF). And combine the verified calculation result and alternative blocks these two factors to choose the final block producer. As a result, a blockchain network is an environment friendly and low barrier for users, as well as preventing attacks. I believe that will be incentive the great progress of blockchain consensus mechanism.

III. Pure community driven project with non-private placement and little pre-money valuation

Volume Network is a pure community driven project without any receiving private investors’ and organization’s investment. Only 3% of tokens will be issued for initial exchange offering on BISS.com, and the remaining 97% will be generated by mining. Volume Network is valued at $1 million for the first round and only $30,000 for initial circulation. The reason is to create a pure community project, e.g.Satoshi Nakamoto released Bitcoin.

The awakening my beginning mind run a blockchain project that my decision left TRON and rebuild a new TRON. Volume Network is a purely decentralized community, which community can be the owner of the project. Volume Network determine to refuse all investment institutions and adopt such a low pre-money valuation. Our mission is to build a real community project. We take a total value of $1 million and a circulation market value of $30,000 to initiate the community, to return users, so that more users and developers can join the project with high consensus.

This is also my big vision to rebuild a new TRON with blockchain spirituality. The new TRON, Volume Network aims to be a truly decentralized, community-based, innovative consensus mechanism, storing useful files, and ultra-low threshold blockchain project that everyone can participate in. I believe that this is the project that truly conforms to the spirit of the blockchain. This is the significance of our adherence in blockchain up to now.

Former CTO, Co-founder of TRON
Founder, CEO of Volume Network
Lucien Chen

Volume Network

Former core team of TRON.network and Chinese IPFS project-Lambda core team built Volume Network together. Volume Network is a hard disk-based currency exploring the evolutionary monetary path. With the Proof of Space and Time(PoST)consensus mechanism, Volume Network is cryptocurrency using hard disk for mining.
Official website: https://volumenetwork.io

This is a paid-for submitted press release. EWN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. EWN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

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Ethereum News

NY Judge Grants Motion To Modify Preliminary Injunction Against Bitfinex

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May 17, 2019 6:01 PM

Bitfinex is calling it a victory, but the exchange is still barred from using Tether as a line of credit.

Read the full article here.

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Ethereum News

Gab’s New Strategy: Fork Open-Source Software And Add Bitcoin

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May 16, 2019 4:34 PM

After Keybase announced integration of Stellar on its platform, Gab has threatened to fork the open-source chat software and swap its XLM wallet for a Bitcoin Lightning Wallet. The famously anti-censorship social network previously forked the Brave browser. It’s all part of Gab’s evolution into what CEO Andrew Torba calls a “free speech software company.”

Read the full article here.

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Ethereum News

Binance Halting Trades, Deposits and Withdrawals in System Upgrade

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Leading cryptocurrency exchange Binance will be undergoing a system upgrade starting at 11PM EST.

According to the post published on the official exchange website, Binance will be suspending trades, deposits and withdrawals during the planned maintenance, which will take approximately 6-8 hours. In the update Binance states that deposits not finished by the start of the update will be forced to wait until the process is over,

Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.

Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.

We apologize for any inconvenience caused, and thank you for your patience.

Changpeng Zhao, the affable and popular CEO for the cryptocurrency exchange also took to Twitter to announce the update. In addition to providing the start time, he also claimed that the company would continue with its regular process of updating users every 2 hours on the progress of the upgrade,

Final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! 🙏🙏🙏

During trading halt, we will update no less than every 2 hours, as per usual.

Binance has been at the center of both trader and investor concern following a hack that stole over 7,000 BTC from the exchange’s hot wallet, worth $54 million following the most recent price rally. While Binance reports that their SAFU Fund will cover the expenses lost, investors were wary of the high-profile nature of the hack. After months of outpacing the market, the price of Binance Coin fell sharply before recouping losses over the weekend’s bullish run.

The upgrades comes on the heels of a cooling in the general crypto markets, with the price of BTC slipping to $7800 after scorching to new levels over the weekend. The entire market capitalization of cryptocurrency gained $20 billion in 24 hours, with analysts adjusting their price outlook for BTC in a substantial turnaround for the market.

However, Binance is still recovering from the wake of the hack, with tonight’s upgrade likely in response. Changpeng Zhao and his team have been careful to update traders without compromising any unnecessary information, which the CEO claimed the hackers could use to further evade the exchange’s security.

Some community members are skeptical of the update, and fear it may be related to further losses or breaches in security other than what Binance has publicly released. While the exchange has been fairly transparent in their handling of the theft, initial reports were startling in the extent of user data that was potentially uncovered during the security breach. However, others have voiced their approval of CZ and his team, claiming that the open communication with traders has been a welcome change compared to how other exchange’s have operated in the wake of a hack.

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Bitcoin News

Bitwise Bitcoin (BTC) ETF Verdict Delayed By The SEC… Again

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Bitcoin ETF Verdict Delayed Again


According to a breaking report from CoinDesk, the verdict on the Bitcoin (BTC) exchange-traded fund (ETF) application from California-based crypto upstart Bitwise Asset Management has been delayed once again. In a document published Tuesday morning, the U.S. Securities and Exchange Commission (SEC), who presides over such products, revealed that it won’t be issuing a final verdict (approve or deny) just yet.

It appears that the SEC will need to issue its next comment on this crypto-backed investment vehicle in another 45 days or so.

This latest news was somewhat expected, as in March, a delay to May occurred. As reported by Ethereum World News, the SEC used its right to give itself another 45 days to discuss the proposals.

Interestingly, the regulatory entity has yet to comment on the proposal from VanEck and SolidX, which many investors believe has a higher chance of succeeding.

Bitwise Hopeful

While this occurred, Bitwise still believes its proposal should be approved. In a comment made to CNBC earlier this year, Hunter Horsley remarked that cryptocurrencies as an asset class are in their “most viable” state ever. That led Horsley to his next point, as he remarked that considering the market conditions, a crypto-linked ETF could be the logical next step.
When questioned by the CNBC anchor regarding the SEC’s apparent fears of market manipulation, a byproduct of nascent, overseas-based markets, and custody, Horsley responded with confidence.

Interestingly, the SEC’s Hester Pierce is also bullish on a Bitcoin-backed ETF. According to Decrypt Media, the commissioner explained that “the time [for an ETF] was right a year ago”, adding that she is dismayed that regulators are hampering the adoption of this newfangled technology.

Some have been a bit skeptical of an ETF, however. Per previous reports from this outlet, Sam Ahn of Hana Trading released a six-page, nine-point tear down of Bitcoin and the proposed ETF product, which would open the floodgates to BTC. While Ahn’s points were drawn-out, a clear theme of anti-mining, Satoshi Nakamoto cynicism, and “BTC doesn’t have intrinsic value” was apparent. The investor remarked that not only is Satoshi’s magnum opus hard for him to process, but that the cryptocurrency isn’t like gold as in “a string of 64-digits, with about 17 leading zeroes” (hash) cannot be likened to a physical item used in electronics, jewelry, and as a value store.

Title Image Courtesy of Andre Francois Mckenzie Via Unsplash 

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Ethereum News

Coinbase Rolls Out Its USDC Stablecoin to 80+ Countries, Showing Aggressive Global Expansion

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The Coinbase platform has voiced a rollout of its stablecoin to a pack of new countries to let traders around the world use it to their benefit

On May 14, the San-Francisco-based Coinbase exchange has written in its blog that from now on their stablecoin dubbed USD Coin (USDC) will be added for support in 80+ countries globally.

Previously, USDC could be traded only in the US, including New York. The stablecoin can be traded both on Coinbase.com and Coinbase Pro.

Aggressive global rollout of Coinbase

Top centralized digital exchanges in the current market are fighting for every customer, offering new products and expanding in every possible manner. Coinbase is eager to expand and the new 85 countries where USDC can now be traded is a confirmation of that.

Leaving the stablecoin aside, Coinbase can be now accessed by traders in slightly over 100 countries.

Just last month, Coinbase added 11 new countries to the list of its clients. Those include India, where the local central bank, RBI, initiated a crypto ban last year, prohibiting banks to work with crypto startups and exchanges. Apart from India, Coinbase is now accessible in New Zealand, South Korea, Mexico and others.

Recently, Ethereum World News also reported that Coinbase now offers its customers to take advantage of using a crypto Coinbase card, based on collaboration with such a conventional giant of the financial services business as Visa. The card can be used via a special Coinbase app.

Peers are getting ahead

Another crypto exchange, a peer of Coinbase, that has also been expanding quite aggressively is Binance, the Malta-based platform. Binance is considered to have the largest actual trading volumes in the world. Recently, it has launched a decentralized exchange (DEX) on a specially created ledger Binance Chain and is currently moving its native BNB tokens from Ethereum to Binance Chain.

Besides, Binance is famous for its Blockchain Charity Foundation (BCF) and Binance LaunchPad. The latter has been a platform for Initial Exchange Offerings (IEO) for such projects as BitTorrent, and several others, which have conducted their token sales successfully on it.

About USD Coin

USDC was launched by Coinbase and the Circle startup. It is pegged to the USD rate and is backed by actual US dollars stored in the accounts of the partner banks.

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