Governance of Tron Ecosystem - Crypto Academy / S4W7 - Homework post for [yohan2on]
Hello everyone, I am glad to be a part of this great lecture delivered by Prof @yohan2on. I must say that his lecture has really given me more insight into the Tron Ecosystem.
Source
Question 1
Super Representatives, SR partners and SR candidates? (The Governance of the TRON Ecosystem)
The Tron network was created and designed such that everyone earns some good rewards for their engagement in the platform. These engagement by users could be users lending their assets, staking their assets, and freezing their assets and voting for the governance of the Tron Ecosystem. But who exactly forms the governance of the Tron network?
The Tron network is subscribed to the Delegated Proof of Stake (DPoS) consensus algorithm which is considered as the Democratic version of the Proof of Stake (PoS) algorithm because every stake holder in the network have the right to vote for their delegates or their witnesses. These delegates or witnesses now form the governance of the network.
But in the Tron Ecosystem, these delegates are known as Super Representatives, Super Representatives Partners and Super Representatives Candidates and they are a total of 127 in number who are voted by the token holders in the Tron network.
Super Representatives
The Super Representatives are the first 27 persons out of the 127 persons voted by Tron network users or token holders within the last 6 hours. These 27 persons that made it to the top are charged with the responsibility of creating blocks and recording transactions in the Tron network.
The Super Representatives produce new blocks after every 3 seconds each new block produced awards the Super Representatives with 32 TRX. So in a year, the network awards the SRs with nothing less than 336,384,000 TRX. This reward is to encourage and motivate the SRs to continue being active in dedicating their time towards keeping the network secured.
Please note that the SR vote is updated every 6 hours
Super Representatives Partners
These are the persons amongst the 127 individuals who couldn't make it to the top 27. They are ranked amongst the number 28 to 127 individuals of the governance body. Since they are still part of the governance, they also have some share in the voting reward distributed once every 6 hours. The Super Representatives Partners earns 16 TRX for each block generated. In every 6 hours, they earn 115,200 TRX. So in a duration of 12 months, Super Representatives Partners earn 168,192,000 TRX even when they do not participate in blocks creation and bookkeeping of the Tron network.
Please note that the SR partners vote is also updated every 6 hours.
Super Representatives Candidates
Super Representatives Candidates are simply the individuals who applied for the position of the Tron governance but couldn't make it to the top 127 elected SRs.
Question 2
Difference Between DPOS and POS Consensus Mechanisms
Proof of Stake
Proof of stake is the consensus mechanism which was created to cushion the avalanche of energy consumed by the Proof of Work algorithm which the Bitcoin network uses for block generation.
In the Proof of Stake consensus, users stake some good quantity of crypto they hold and this staking inturn aids the validation of transaction. The amount of rewards shared amongst the crypto holders for staking their crypto is determined by the quantity of crypto each holder staked.
Delegated Proof of Stake
This consensus mechanism was birthed in 2014 by American software developer, Daniel Larimer who was a co-founder of the Steemit blockchain, founder of EOS network and founder of BitShares network.
Delegated Proof of Stake is simply an evolution of Proof of Stake where users of a particular network vote for which delegates or witnesses should validate the blocks of that network.
Difference between Proof of Stake and Delegated Proof of Stake
| Proof of Stake | Delegated Proof of Stake |
|---|---|
| Token holders contribute to block generation by staking their crypto | Token holders use their crypto which is their voting rights to vote the delegate they want. |
| Users only stake their tokens but they do not actually know which node or individual is responsible for block generation. | Users have the right to vote out a delegate, because of that, the delegates are always at their best behavior. |
| Token holders cannot easily detect malice from the end of the block producer. | It is possible for voters to spot malice from the end of the block producer and as such, can vote them out. |
| Blocks generation is fast | Block generation is much faster than PoS |
Question 3
Step by Step tutorial Showcasing How to Stake/Freeze TRX and Vote for SRs
For this task, I will be using my Tron Link wallet.
On the home page of my wallet, I clicked on Freeze
Then i inputted the amount of TRX I want to freeze which is 60 TRX and then hit the Freeze button. Please note that I already have frozen 200 TRX before now.
Next I confirmed the transaction and authorized it my providing my password.
Here my 60 TRX has been frozen in addition to the already frozen 200 TRX, making my Tron Power 260 TRX and it has turned to my voting right.
How to Vote
Below are the procedures on how to vote for SRs in the Tron network.
Back to the home page, I clicked on Vote.
Then I chosed JD Investment as my preferred SR.
Then I clicked on Vote
On the next interface, I input the amount of voting power I wish to use and vote which is 100 and then clicked on Confirm
Then I supplied my password.
And here my vote has been casted
Conclusion
The Tron Ecosystem has really employed the Delegated Proof of Stake algorithm in its simplest and best module such that users can easily stake or freeze their holdings which in turn becomes their Tron Power or Voting Rights, and then vote for their preferred SR without any custodian, and at the same time have a share in the reward of the Super Representatives they voted.
This is one of the best evolution in the crypto space and it is indeed a great one to be embraced.
Thank you Prof @yohan2on for this concise lectures. You did a yeoman's job.
