Justin Sun just named a meme coin after himself – SUN – to fund Sun Genesis Mining
Justin Sun, the founder of Tron, just named a meme coin after himself. This new cryptocurrency is called SUN – the first meme of the Sun Network that will be mined to fund Sun Genesis Mining, a community-driven decentralized potential of TRON that runs on open-source smart contracts.
(2/5) $SUN ? features:
0⃣venture capital investments
0⃣ private equity investments
?no pre-mining or reserves for the team
?️wholly operated by the community through its open-source smart contracts. pic.twitter.com/CczbhbO92K— Justin Sun (@justinsuntron) August 31, 2020
Tron’s Justin Sun just named a meme coin after himself – SUN
According to Justin Sun, the new venture was a radical social experiment that emphasized self-governance and a way for Sun to pay tribute to the spirit of decentralization, as advocated by the mysterious Satoshi Nakamoto.
Justin Sun penned an open letter in a blog that said:
“Designed as the quintessential Bitcoin equivalent on the TRON network, SUN features zero venture capital investments and zero private equity investments, pre-mining or reserves for the team.”
He hoped that this move would encourage the SUN community to propose, discuss, vote, and even implement the bold and revolutionary proposals. Much of this means that the SUN could be a reward for placing cryptocurrencies on the Tron Blockchain. He implied in his letter that users could sell SUN on the secondary market or use it to vote and make governance decisions.
Moreover, the CEO that he would also participate in Sun’s community discussions and proposals.
According to the release:
“The official launch of SUN Genesis mining is on September 2, 2020. The total supply of SUN will be 19,900,730, while the rewards for the Genesis mining will be distributed on September 16.”
Like Sun Genesis Mining, there are other self-governing communities like MakerDAO, Compound, AAVE, YFI that have appeared on the leading Ethereum smart contract platform.
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