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

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

July 20, 2018

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.

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.

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 losses 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.