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TRON (TRX) Blockchain Election Won by its Own Founder

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Tron
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After a recent launch of its MainNet, and token migration to their native blockchain, TRON (TRX) has held a super representatives election. However, the twist came when its own founder became one of the 27 super representatives, which he achieved in less than a day.

Justin Sun wins TRON’s SR election

TRON is a known smart contract platform with a goal to enhance the user experience, and eventually dominate the entertainment industry. Its TRX tokens have only recently migrated off of Ethereum’s network to its own, native blockchain.

After this, the next big step for TRON was to hold its super representatives’ election. However, things took an amusing, and unexpected turn when TRON’s own founder, Justin Sun, managed to become one of the 27 representatives in less than a day.

Sun announced his campaign to run for the position of a super representative the same way he always announces things – via Twitter. The announcement came on July 18. However, the thing that nobody saw coming is Sun’s amazing success after less than 24 hours.

He eventually garnered more than 120 million votes by TRX coin holders, and immediately got elected. For those who do not know, the representatives that get 100 million votes of support are automatically fitting the election criteria, which is what Sun achieved within hours of the start of his campaign.

Sun wants no special treatment

The super representative of TRON is actually a name for its block producers, who will act as a key node within TRON’s protocol. Basically, this means that the super representatives will be able to validate transactions, compete for block rewards, and even create new blocks on the network.

While addressing the campaign, Sun claimed that the decision to run for a position of a super representative is his own. He ensured the coin holders that this move has nothing to do with the TRON Foundation. However, he did not mention how much of TRX coins is he himself holding.

Naturally, a lot of conflict-of-interest speculations began to arise, which Sun decided to address immediately as well. He stated that he would undergo the exact same process as the rest of the candidates and that the won’t use his position to make it easy on himself. That way, he confirmed that TRON’s decentralization still stands and that all of the power behind decision making is in the hands of token holders.

So far, TRON has only 11 super representatives elected, which is less than half of the total number, which is 27. Of the 11 elected super representatives, Sun’s campaign was the fastest one, since it took less than 24 hours. However, unlike others, Sun did not have his manifesto published. The manifesto is expected to provide a candidate’s information, as well as the specifications of the server that will be running the node.

Will TRON network lose democracy?

While Sun has, obviously, received a lot of support for his decision to run for the position, there were also many who were not that supportive about it. Some users commented that the new development might carry a risk of having the network’s democracy compromised.

This is the first big development for Sun after he acquired BitTorrent, a few weeks ago. According to BitTorrent’s website, its main client µTorrent serves over 100 million active users. Additionally, it runs nearly 40% of the internet traffic on the global level every single day.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of nodigio via Flickr

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How Can Foreigners Get Loans in Singapore

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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

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