TRON Independence Day is June 25th and is considered by many to be the biggest blockchain event of the year. Already a great day for all TRON HODLers, Justin Sun has also announced yet another event that is scheduled for the “post-Independence Day” era.
Apparently, with June 26th, only a day after officially entering the new phase with TRX, TRON will be organizing the election for Super Representatives where the total of 27 representatives will be chosen for these positions.
As presented by Justin Sun and team TRX, one of the candidates that will participate in the SR Election is Odyssey (OCN).
Independence Coin Burn to Introduce the Start of the Super Representative Election
Prior to the scheduled SR Election that should take place for the first time on June 26th, team TRX on the head with Justin Sun has announced that they will be having a massive burn of TRX units, while Justin Sun added that the initial coin burn will be the “greatest amount of money in the human history ever to be burned to celebrate a historical moment (Independence Day for TRON)”.
With this announcement, there will be 1 billion TRX burnt within this event, which is equal to 50 million USD.
The coin burn will consequently increase the value of the remaining coins, as after each coin burn, the market capitalization that was previously marked, sticks with the remaining circulating coins for a while.
However, to get back to the point of the story, only one day after the official proclamation of the Independence Day for TRON, the TRX community will be choosing the total of 27 Super Representatives with the first day of election starting on the mentioned date.
The group of the 27 SR will be representing all TRX users, holders and investors and users, while these members will play a crucial role in the further development of TRON network and main net.
As it has been previously stated in the official release from team TRON, anyone can apply to become a super representative and participate the election, while Justin Sun called out to all TRX holders to apply and vote for their favorite super representative that way assuring their Super Representatives taking their spot among the 27 of total SRs that are to be chosen for this role.
Justin Sun added that he will also be participating in the voting process starting from June 26th, stating that the stage Exodus will be ending with the SR election, while Odyssey is to follow up shortly after the 27 SR has been elected by the TRX holders and investors.
TRON and the Role of Super Representatives
The team representatives have stated that over 65 billion TRX will be joining the election of the super representatives for TRX network, while Justin Sun added that these SRs will play an integral part in the further life of the TRON network alongside with the further development of the upcoming stage Odyssey.
With his announcement, Sun also added that the 27 Representatives will be awarded the exact amount of 1,009,152,000 TRX being awarded to the Super Representatives.
The awarded TRX units will be distributed by TRON protocol that is set to award 32 TRX per every generated block, while there will be one block generated per single second.
As far as the role of the Super Representatives concerned, the TRX SRs will be working on providing the needed validation as well as the calculation for the network, while representing the community of millions of TRX users from across 100 different countries around the world.
The governance of the network will also belong to the 27 elected SRs, that way placing TRX currency as a highlight of the development of the network, alongside with presenting the will of the community members, that way making sure that crucial operations in the team TRX are transparent and in accordance with the need of TRON holders.
In general, 27 Super Representatives are to become the official guardians of the network, while working on bookkeeping, generating blocks, and other crucial operations that have the goal of creating a self-governing community while entering the next stage of development for TRON.
Odyssey (OCN) Appears as a Candidate for TRON SR Election
Odyssey has gone forward with announcing their candidacy for TRX SR election already back in April, with an official announcement being released on Medium on April 17th.
On this occasion, OCN team has stated that OCN is aiming at joining TRX by becoming an SR in order to create a “truly decentralized internet”.
Odyssey (OCN) already makes a strategic partner for TRON, so Justin Sun also introduced Odyssey as one of the SR election candidates.
Given the fact that OCN and TRX already share the same goals regarding the blockchain development, this blockchain project seems to have solid chances of taking one of the 27 spots that are reserved for TRX Super Representatives.
However, the votes of the TRX community will show whether OCN will be joining the SR team at end of the election, as “every TRX counts”.
TRON (TRX) Performance
TRX seems to have pushed IOTA down to the spot number 10, while now taking the spot of the 9th best coin in accordance with the global coin ranking list while having 2.8 billion dollars in its market cap.
However, although TRX is seen going up against ETH and BTC on June 23rd, only several days prior to Independence Day for TRON and the announced SR election, TRX is still going down against the dollar with the latest market trend, although the marked drop for today’s date seems to be lower in oppose to its crypto peers.
By dropping by -1.54% against the dollar, TRX can now be traded at the price of 0.043$.
For the latest cryptocurrency news, join our Telegram!
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 Pexels
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…