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Justin Sun Responds To TRX Coin Burn Criticism, Tron Super Reps Voted To Increase Cap

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Justin Sun Responds To TRX Coin Burn Criticism, Tron Super Reps Voted To Increase Cap
By Lujan Odera- February 7, 2020
Justin Sun Responds To TRX Coin Burn Criticism, Tron Super Reps Voted To Increase Cap
TRON foundation passed its 27th proposal altering the method by which voting and block rewards are issued
TRON’s stakeholders (Super Reps and partners) have been the key decision-makers of the networks' decisions
When TRON Foundation was founded in 2017 they initially started with the ERC-20 token which restricted their hard cap to only 100 billion TRX. However, in June 2018 when they had just announced their mainnet, TRON’s executives took the DPoS (Delegated Proof of Stake) approach. On which they introduced block and voting rewards for TRON’s Super Reps and those that held TRX stake. This resulted in the lifting of their hard cap.

Founder Justin Sun responded to TRX holders that went to social media to call out Tron for not running a coin burn since Justin promised to not let the supply cross 100 billion.


 
With an estimated reward of close to 500 million TRX annually, the blocks rewards are more often than not reserved for the super reps while the voting rewards are subject to division by the total votes.

REWARDS PER YEAR = (SR REWARDS PER BLOCK + VOTING REWARDS PER BLOCK) * (SECONDS OF ONE YEAR/SECONDS OF BLOCK TIME)

Therefore;

REWARDS PER YEAR = (32 + 16) * 365 * 24 * 3600 / 3 = 504,576,000

The 27th proposal.
TRON’s 27th proposal sailed through on the 2nd Nov 2019, whose main objective was to change the Super Reps block rewards to around 16 TRX while altering voting rewards awarded to the 127 partners (27 Super Reps and following 100 partners) to around 160 TRX.

This brought about a substantial increase in TRON’s reward program encouraging more people to pick up Super Reps and partners and be active participants in voting and staking of TRON mainnet. Now all the functions are decentralized with close to 90% of rewards being pocketed by those who have a stake in TRON. This would mean that TRON’s hard cap would be subject to decision by block and voting rewards. Their rewards have since skyrocketed to 1.85 billion TRX annually.

REWARDS PER YEAR = (SR REWARDS PER BLOCK + VOTING REWARDS PER BLOCK) * (SECONDS OF ONE YEAR/SECONDS OF BLOCK TIME)

REWARDS PER YEAR = (16 + 160) * 365 * 24 * 3600 / 3 = 1,850,112,000

Notably, TRON foundation doesn’t govern the TRON mainnet. It is mainly controlled by those who hold TRX and the community around TRX. The last decision TRON foundation made in regards to the Network was the original issuing of one hundred billion TRX, while all other key decisions were completely made by the super Reps and partners.

TRON (TRX) Live Price
1 TRX/USD =$0.022 change ~ -4.60%
Coin Market Cap

$1.45 Billion
24 Hour Volume

$280.59 Million
24 Hour VWAP

$0
24 Hour Change

$ -0.0010
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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

 
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