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TRON (TRX) to Hold the First SR Election: Odyssey (OCN) One of the Candidates

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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$.

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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.

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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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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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