The Coronavirus crisis has transformed the world forever. Generating one of the greatest humanitarian and economic catastrophes of the last century. Something that has strongly impacted the crypto world, changing the dynamics that the market has been following until now. Thus, cryptocurrency magnate and founder of the Tron Foundation, Justin Sun, commented during Binance’s third anniversary event that COVID-19 has brought more decentralization to the world.
COVID-19 in the crypto world
For more than a hundred years, humanity has not faced a pandemic of the magnitude of the Coronavirus. And it is that, in just seven months, the virus born in the city of Wuhan, has infected millions of people around the planet. Leaving an unfortunate balance of thousands of deaths worldwide. This figure threatens to increase in the face of what appears to be a second wave of the virus in the western world.
A crisis that has also had repercussions in the economic field. Well, since there is no vaccine for COVID-19, the only defense against the virus is social distancing. Reason why most countries in the world have established strong quarantines within their territories, in an attempt to avoid the acceleration in the number of infections.
This, of course, has altered economic dynamics throughout the world. Well, if for some workers, quarantine has meant the inability to get to their jobs. For others, COVID-19 brought with it a reorganization in the way they work. Taking, as Justin Sun commented during a panel at the event “Off The Charts”, to a higher level of decentralization.
Something that has impacted even cryptocurrencies, according to Justin Sun: “The greatest impact of COVID-19 on our business has been that everyone has had to decentralize. Administration, our style of work, even I have had to decentralize“
Tron targets the financial world
On the other hand, when asked about the strategy that the Tron Foundation would follow in the post-COVID-19 world. Justin Sun explained that his organization’s gaze is on the financial world. And more specifically, in achieving the decentralization of finance worldwide.
“Tron’s focus for this year is to decentralize finance, we have been doing important work to decentralize finance since last year” Thus, products such as USDT, the stablecoin based on the Tron Blockchain, would be part of this effort to enter the DeFi sector.
Finally, when asked about what, in his opinion, is the product of his organization with a brighter future. Justin Sun declared that the same would be BitTorrent, an application that has long had a presence on the Internet. But that, with its acquisition by Sun, it will begin to integrate more and more with Blockchain technology, being a pivot in the decentralization process promoted by Tron.