TRX Burn and Rewards Confusing you? Justin Sun to the Rescue!
In a recent tweet, Justin Sun, the Founder, and CEO of TRON Foundation clarified how the TRX burn and reward mechanism would be changed with the network development.
$TRX burn and the Reward Mechanism will be changing based on #TRON network development and in sync with our community to ensure a #decentralized, #autonomous and #democratic TRON ecosystem. #TRX https://t.co/y6fkBSLilc
— Justin Sun (@justinsuntron) August 27, 2018
Ever since the TRON Mainnet was activated by the TRON Independence Group on June 25, the Genesis Representatives (GRs) have been replaced by the Super Representatives (SRs) thus announcing the beginning TRON’s decentralized autonomous democracy’s constitutional phase. However, there have been numerous discussions about the TRON Network and TRX burns within the community. In a Medium blog, the foundation clarifies the TRX burn and rewards in the network:
1. The TRON Network adopts the DPOS consensus mechanism. For the 27 SRs, one block is generated every 3 seconds, with each block awarding 32 TRX to the 27 SRs in sequence; for the 127 SR candidates (including the 27 SRs), there would be 16 additional TRX every 3 seconds to be distributed among the 127 SR candidates in proportion to the votes they have received.
When the TRON MainNet was activated on June 25 (SGT), the TRON Network conducted a coin burn of a billion TRX, which was a part of the TRX locked by the TRON Foundation. At the time of the MainNet launch, the total amount of TRX decreased from 100 billion to 99 billion.
2. The TRON Network has picked up momentum with upward readings. As the TRON Network is witnessing growing transactions, accounts, as well as an expanding DApp ecosystem, more TRX will be burned. On the other hand, as the Network evolves, adjustments to the TRX rewarding mechanism are expected to be made based on votes by the community — on August 13, the TRON Foundation published A Proposal to Increase Rewards for the TRON SR Candidates. Therefore, the total number of the TRX is not constant; instead, it is determined by the changing rewarding mechanism and coin burns.
3. The TRON Network is a decentralized democratic autonomous community, which is not controlled by the TRON Foundation or any individuals/teams. TRX burn and the rewarding mechanisms will not remain constant, but adjusting to the evolving network. It’s an indisputable principle for TRON that major issues including coin burns and the rewarding mechanism should be informed to, discussed in and confirmed by the community.
The TRON Foundation cleared up every possible doubt one could have about the current state of the network and its functioning.
The TRON Mainnet was launched on June 25, along with token migration and blockchain upgrade. The foundation announced in a Medium blog that the fourth batch the ERC20 tokens of the cryptocurrency—670,045,551.449388 TRX—had been burnt.
As far as the Mainnet is concerned, it is running smoothly with 909 nodes throughout the network with a block height of 1818185 (on August 27 16:16 SGT). The token migration is in the process but the supporters of the cryptocurrency would be kept informed about it as per the blog.
The cryptocurrency has seen a lot of adoption lately. A lot of things have collectively contributed to the increase in adoption. Recently, Justin Sun had announced a 6,666 TRX private key bounty hunt which led to an increase in the adoption of the cryptocurrency.
A few hours after the announcement regarding the private key bounty hunt, Seedit announced that more than 10 million TRX tippings had been made owing to the #OperationTronStorm wherein the community carried out a massive airdrop with its members tipping TRX to celebrities—including Snoop Dogg, Kanye West and even the Pope—and friends of theirs who weren’t really into TRON. This community-driven effort helped popularize the cryptocurrency amongst influential as well as non-influential people on Twitter.
Things are looking good for the cryptocurrency as of now according to the supporters!