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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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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