Some fear that the current bearish market sentiment could have adverse effects on the development of cryptocurrency-related ecosystems. This is something that could potentially cause serious harm to the creation of, for example, decentralized applications.
Justin Sun, the CEO of the decentralized internet protocol TRON, is now claiming he will ”rescue” Ethereum and EOS developers. Specifically, Sun announced that TRON will build a fund intended to mitigate the ”collapse” of Ethereum and EOS developers’ platforms.
Sun says developers will need to migrate dApps to TRON platform
Nevertheless, Sun’s offer is not entirely altruistic, as it also comes with an ultimatum. Developers will need to migrate their decentralized applications to the TRON Foundation’s own network in order to take advantage of the fund.
Sun shared this news on Twitter on December 6th, and the news was met with many strong opinions. In fact, it quickly garnered a response from EOS New York, which is reportedly the Twitter account of one of the EOS network’s block producers.
EOS New York questioned whether such a ”rescue operation” would be necessary, as EOS-related projects have already sizable financial backing.
”We think we will be just fine given the billion dollars in VC funding for #EOS and #EOSIO projects that is locked and loaded around the world at Galaxy, SVK Crypto, Tomorrow, etc. Appreciate the offer, though. Best of luck, Justin.”
Other users also questioned Sun’s intentions with the announcement. Some comments highlighted the fact that a price decrease does not equal any type of collapse in the underlying platform or technology.
The beginning of a ”dApp war”?
Moreover, some Twitter users pointed out that building applications that have real-world use is more important than the network they are built on. This was a sentiment generally echoed by other users as well, which urged for unity in the industry.
Nonetheless, one commenter responded to Sun’s announcement by noting it ”looks like after the #hashwar we now have a #dapp war,” referring to Sun’s request that dApps should migrate to TRON’s platform.
All of this comes after a turbulent few weeks for the cryptocurrency markets. Ethereum has lost around 60% of its value in the past month, and EOS has lost around 69%. The reasoning behind Sun’s tweet seems to be that such price decreases could adversely affect development of Ethereum and EOS-related projects.
It remains to be seen how this story continues to unfold. However, it is worth highlighting that price decreases do not change any of the underlying technology.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.