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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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