The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Justin Sun Wins 120 Million Votes, Elected Tron (TRX) ‘Super Representative’ Block Producer

by Daily Hodl Staff
July 20, 2018
in Altcoins

Tron CEO Justin Sun has just been elected one of the 27 block producers on the Tron network nearly 24 hours after announcing his candidacy. According to Tronscan, Sun’s decision to run as a block producer in a democratic election that allows the Tron community to designate the 27 block producers for the Tron network was met with fanfare. He dominated with 120 million votes by token holders, easily blasting past the 100 million votes required to clinch the election.

The move follows the Tron mainnet launch, establishing the 11th largest cryptocurrency as an independent new blockchain that is now no longer part of the Ethereum network. There are currently only 11 Tron super representatives that have elected so far.

Despite his popularity, the Tron community on Reddit expressed concerned now that CEO Justin Sun has the power to validate transactions, compete for block rewards and create new blocks on the network since becoming a key node for the Tron protocol.

kribnutz: This is not going to play out well in the short term.

Short term – People who are on the outside and maybe rethinking that TRX is not really a scam, will see this as a self enrichment scheme for Justin. After all, those block rewards go to him and him alone. You think he doesn’t have 100 million TRX for himself to pretty much buy an SR spot? Admittedly all speculation but it doesn’t look good.

Now, as someone else suggested, if he were to release some sort of coin burn with all the rewards he gets, I can see him getting voted in every single time, even without his own votes. And he is uniquely positioned to make guarantees just like that.

Time will tell which way this will go. For now, I am cautiously optimistic.

Graylien_Alien: I hope he gives dank rewards but I mainly hope he sets an example of how to manage the network well

teslaspyderx: What is the point for him to be an SR? It doesn’t make sense to me.

DmG90_: Justin founded Tron and his Team made it all possible, why shouldn’t they help to run the network?

kvenick: Create democracy. People love it. Huge media presence and influence. People love you. Run for head office. Everyone follows. Easy win. Now in control of said democracy. Seem strange? No? I give up.

Graylien_Alien: He wouldn’t be the only SR though there’s a bunch of them at a time. He’d be part of the democracy but not in control of it.

[the_ad id="42537"] [the_ad id="42536"]

Prior to his big win, Sun issued a statement about his candidacy.

“I hope that my candidacy will make all the TRX holders, supporters and believers see the significance embedded in voting. I hope it will enable all of us to contribute to the establishment of a truly democratic, decentralized TRON community. Voting allows us to carry on and promote ‘the popular sovereignty and the natural rights’ of the token. Running for SR is a completely personal action on behalf of myself, which means the 33.2 billion TRX locked by TRON foundation will not be participating in the election.”

Moving forward, from a big acquisition to a small step toward everyday use, Tron recently purchased BitTorrent while TRX was just used in Spain to purchase a cup of coffee.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,701.35
$23,701.35
2.15%
Ethereum
$1,630.31
$1,630.31
2.44%
Cardano
$0.389758
$0.389758
1.1%
XRP
$0.41241
$0.41241
0.25%
Dogecoin
$0.088635
$0.088635
0.06%

Spotlight

  • Low Cap Ethereum-Based Altcoin Goes on 170% Run Following Release of New Roadmap
    January 23, 2023
  • Largest Crypto Wallets To Support Major Shiba Inu (SHIB) Upgrade As Dogecoin Rival Holds 70% Gains Year-to-Date
    January 26, 2023
  • Crypto Strategist Predicts Rallies for Polygon and Avalanche, Says Ethereum Setting Up To Outperform Bitcoin
    January 29, 2023
  • Ethereum-Based Gaming Altcoin Suddenly Erupts Ahead of $60,000,000 Token Unlock
    January 24, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl