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30 March 2020

Justin Sun announces Djed, a MakerDAO lookalike built on Tron

Over the weekend, Tron founder Justin Sun announced a loan platform called Djed that is nearly identical to MakerDAO but built on Tron. Similar to its predecessor, Djed will be creating a crypto-backed stablecoin through the opening of a Collateralized Debt Position (CDP). The protocol will also focus on community governance with JED holders retaining the ability to set parameters and institute a Global Settlement in the event of an attack or system-wide failure.

Why it matters - The remarkable similarities to MakerDAO have raised questions over potential plagiarism. This is not the first time Tron has been accused of copying other projects as its client, Java-Tron, had instances of code copied verbatim from EthereumJ and its whitepaper had multiple pages directly taken from that of Filecoin and IPFS. - MakerDAO has had problems as of late which has opened up the possibility of a new decentralized crypto-collateralized stablecoin to compete with Dai. However, the more centralized architecture of Tron inherently limits its ability to compete on this front since the likelihood of competing interests influencing the limited validator set is higher than that of Ethereum.

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