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TRON (TRX) Blockchain Election Won by its Own Founder

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Tron

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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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