Web 3.0 is one of the latest buzzwords in the tech world. It is an umbrella term representing the different ideas and developments that will see the internet users gain some power from big players that have largely monopolized the internet. The term also represents the scale-up from Web 1.0 and Web 2.0, where the internet gradually grew from its humble beginning in the 1990s to the current form of internet that we enjoy today. Web 1.0 represents the blossoming of the internet to a platform that democratizes information access, while Web 2.0 sees the inception of platforms of Meta, Google, Amazon. These companies have brought order and enabled a simpler exchange of information on the internet. However, such companies have gradually amassed so much power and control over our lives that we now see a move towards decentralization and away from Big Tech.
Web 3.0 is set to give users more control over their data. It will be built on the third generation of internet technologies focused on blockchain. The decentralized architecture of Web 3.0 will change how we deal with trust, privacy, and transparency, and it opens new ways to collaborate. Blockchain technologies such as TRON ensure decentralized collaboration, facilitating a digital economy.
The need for a digital economy and the use of blockchain technologies has also been stressed by the World Trade Organisation (WTO). The WTO has said before that blockchain could be pivotal for global trade and ensure a more efficient and effective global supply chain. WTO’s position on blockchain will now get an additional push with TRON’s Founder, H.E. Justin Sun, being appointed by Grenada as WTO Ambassador to power local economic growth with digital technologies, including blockchain technology.
It is great to see that the WTO will now have significant blockchain expertise at its highest level. H,E, Justin Sun has years of expertise in the digital world, founding the TRON, one of the world’s top public blockchains.
TRON network is a decentralized internet ecosystem that provides cost-effective, scalable, and efficient infrastructure. It was founded in 2018 by H.E. Justin Sun to provide innovative solutions to the scalability and adoption challenges facing Bitcoin and Ethereum. The decentralized platform has since evolved to become one of the most active blockchains and smart contract platforms globally, boasting over 67 million accounts. Through the TRON ecosystem, a blockchain-based operating system, the platform has offered high availability, high scalability, and high throughput for Decentralized Applications (DApps) within its ecosystem.
The TRON ecosystem, a non-profit entity based in Singapore, was founded and is headed by H.E. Justin Sun. Sun is a Chinese-American tech entrepreneur. He attended Peking University, one of the most prestigious universities in China, where he graduated in 2011 with a Bachelor of Art in History. He thereafter attended the University of Pennsylvania in the United States, where he graduated in 2013 with a Masters of Arts in Political Economy. After graduation, Sun served as the Chief Representative and Advisor for Ripple Labs between December 2013 and January 2016.
H.E. Justin Sun was part of the inaugural class at Hupan University, a business school established to teach and mentor entrepreneurs. The university was launched by a group of academics and entrepreneurs led by Jack Ma, the co-founder and former CEO of the Alibaba Group. Sun was the youngest of his group and credited his time at the university to shape his entire business career. He graduated in 2018, having submitted a thesis titled “The Birth of a Decentralized Internet.” His vast foray of experience in technological areas helped him become a leading figure in the crypto and blockchain sphere. He is best known as the Founder of TRON. TRON acquired BitTorrent, a peer-to-peer (P2P) file-sharing company, in 2020 for $140 million, thus cementing TRON’s leadership pursuit of a decentralized ecosystem.
The TRON ecosystem works on the principle that data on the platform is free and decentralized, meaning no central authority can control it. The network supports smart contracts, which has proved vital in enabling stable operations of the TRON ecosystem and helps create true decentralized applications. DApps are essential for local economic growth, independent from Big Tech and existing intermediaries. As such, the TRON ecosystem can play an important role in his work as WTO Ambassador to push decentralized technologies to empower citizens.
As a decentralized network, TRON is feeless, meaning users do not have to pay for any transactions. Transactions within the platform are also very fast, with the network being able to support up to 2000 transactions per second. Such a capacity makes the platform easily scalable as the platform seeks out to revolutionize online media in the near future. The platform also allows creating DApps for use on the network ecosystem. Users get compensated for their efforts in creating DApps and content within the apps in TRX, thereby further empowering those who want to take their lives into their own hands.
At the same time as Sun’s appointment as WTO Ambassador for Grenada, he also quit his role at TRON, now truly decentralizing the TRON as he stated: 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. If we can achieve something great, then we should never exploit it for the benefit of one person or group at the expense of excluding the rest of humanity.
In the coming years, blockchain will become more important for society. It is a fundamental technology that can reshape how we organize society. Applying the technology correctly can empower citizens and consumers to have complete control over their own data, identity, content, and lives. With the WTO now having an Ambassador that lives and breathes this technology, it will positively impact how the World Trade Organization looks at and supports blockchain technology.