Governance of Tron Ecosystem - Crypto Academy / S4W7 - Homework post for (yohan2on)

in SteemitCryptoAcademy3 years ago (edited)

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The Tron governance mechanism is implemented on the advanced Distributed Proof of Stake Consenesus algorithm. This algorithm is composed of Super Representatives, Super Representative Partners and Super representative Partners. This post will take an in-depth review of each stake holder and the important role they play in the smooth running of the Tron Eco-System. Lets begin.
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Question 1

Who are Super Representatives, SR partners and SR candidates? (The Governance of the TRON Ecosystem)

Tron Super Representatives

Tron Super Representatives play a very important role in the governance of the system. They are responsible for making proposals that will affect the development and functioning of the ecosystem. They take care of fundamental activities on the tron blockchain which includes, but is not limited to producing blocks and record keeping. In return, Super Representatives are rewarded with some tron for the block generation and some other important functions.


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Top 5 Super Representatives from Tronscan

The Super Representatives are democratically elected through votes cast by tron token holders. There are a total of 27 Super representatives who are selected because they earned the highest number of votes cast by the token holders. In order to ensure a competitive atmosphere and decentralization, new Super Representatives are voted for every 6 hours. So each round of 6 hours sees a new set of Super representatives chosen to produce blocks, validate transactions and perform other important governance functions.

Anyone that stakes some TRX tokens is qualified to participate in the voting of the Super Representatives every 6 hours. Tron Power is required to cast votes by the token holders. The ratio of Tron Power to TRX coins is 1:1. This simply means that for each 1 TRX staked, the account is eligible to make 1 vote. After each voting round, the 27 Super Representatives starts producing blocks and validating transactions. For each block produced and added to the chain, the Super Representative earns 32 TRX. Those that do not have enough votes to be included in the 27 Super Representatives are shifted to the next category in the governance structure. They are called Super Representative Partners. Let us learn about them.
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Super Representatives Partners

The next category in the governance structure are the Super Representative Partners. These are accounts that received the next highest set of votes after the top 27 spots occupied by the Super representatives. They are numbered from 28th to 127th in order of the number of votes received. The SR partners do not produce blocks, neither are they responsible for validating transactions. They however receive some rewards from blocks that are created. The rewards they receive is relative to the number of votes obtained during each voting round. The SR partners participate in the governance of the ecosystem through making proposals which when adopted and implemented, affects the overall functioning of the platform

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Super Representatives (SR) Candidates

The Super Representatives and the Super Representative Partners are 127 in total. As a collective group they are charged with the governance of the Tron platform. There are accounts that did not make it to the top 127 after the voting ended. These are referred to as Super Representative candidates. Since each voting round takes 6 hours, the candidates would wait and hope to be voted in the next voting round. They would hope to make it to the top 127. Being outside this top group, they are not rewarded at all for any blocks they produce.

Each account that Staked some TRX tokens is qualified to apply as a node in the next election. The election which happens in rounds of 6 hours determines by number of votes, the accounts that will be selected as Super Representatives (top 27 most voted) or Super Representative Partners (top 28th to 127th most voted).

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Question 2

What’s the difference between DPOS and POS consensus mechanisms?

POS Algorithm

The Proof of Stake (POS) algorithm is a type of consensus where individuals or nodes are selected to create blocks and valid blockchain transactions based on the amount of token staked. The staked tokens would be seen as a collateral which would be the basis for putting them in that important position. POS is a significant upgrade to the Proof of Work (POW) algorithm which is inherently slow with a high energy consumption rate.

DPOS Algorithm

The Delegated Proof of Stake algorithm is a further upgrade of POS. It provides a democratic selection struction for the validators chosen. DPOS is a hybrid voting and reputation system where each elected node makes a significant contribution to the overall decision-making. No single individuals in DPOS can hold the most power or influence decision-making since the delegates are elected in a democratic system to choose the validator of transactions on the blockchain. The Table below brings the difference beween POS and DPOS into sharp focus.

Proof Of StakeDelegated Proof of Stake
1. Speed: Validation of transactions is inherently slower1. Speed: Here validation is much faster
2. Choosing validators: Here validators are randomly selected based on the amount of coins staked rather than on reputation built2. DPOS combines a democratic system with staking of coins to ensure that delegates are choosen in a fair manner and not wholly based on the amount of stake
3. Rigid Governance Structure: Making any changes on the platform would require a hardfork since rules are built into the blockchain core3. Flexible Governance Structure: Elected delegates manage the blockchain. If foul behaviour or some incompetence is noticed, they will simply be voted out in the next round.
4. Authenticity of validated blocks: Its easier for a group to manipulate blockchain since they are selected based on stake and not reputation4. DPOS reflects true democracy. If a delegate becomes corrupt, they are simply voted out in the next round. DPOS is not so easy to manipulate

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Question 3

The first stage of this demonstration will illustrate how to freeze or stake some TRX tokens for voting. I will use my mobile device to do the screenshots. The wallet I use is TronLink Pro. So here having launched the app, these are the steps.


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Step 1: Click the Freeze/Unfreeze button on the Tronlink Pro homepage
Step 2: Enter the amount of TRX to Freeze. in this case i choose 12.
Step 3 Click the Freeze button



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Step 4 Click the Freeze now button
Step 5 Enter your password in this box
Step 6 Click Done to confirm the transaction



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Step 7 Back on the Home page, click Vote
Step 8 On the New Page, click Vote SRs
Step 9 Then I have selected CryptoChain, the SR with the highest yield returns



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Step 10 The next window shows a summary of the transaction. I just need to click vote.
Step 11 I need to put the voting amount in this box. I have choosen to vote with 8.
Step 12 I then click Confirm to confirm the transaction.



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Step 13 Enter your password in this box
Step 14 Click Done to Confirm the transaction.
Step 15 As you can see from this arrow, I have successfully voted for SR CryptoChain.

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Conclusion

As you can see, the Delegated Proof of Stake Algorithm is the best for the Tron governance ecosystem. It makes for faster validation of transactions, brings greater security as well as enhances a more decentraliized and democratic system of selecting validators.

The important function of Super Representatives and their partners in the Tron ecosystem cannot be overemphasized. As we continue to vote for them using staked TRX tokens, we demonstrate confidence in their ability to make decisions that are in the best interest of all users of the Tron blockchain.

@yohan2on. This is my homework entry

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Hello @focusnow,
Thank you for participating in the 7th Week Crypto Course in its 4th season and for your efforts to complete the suggested tasks, you deserve a Total|6.5/10 rating, according to the following scale:

CriteriaRating
Originality1/2
Compliance with topic1.5/1.5
Consistency of method1.5/2
Quality of analysis1/2
#Club50500/1
Clarity of structure & language1.5/1.5

My review :
Work with acceptable content. It was possible to go deeper into the ideas provided. Here are some notes that I bring to you.

  • A good explanation of the first term in the first question is not followed by a deep analysis on the following two terms.

  • The difference between the two mechanisms could be further explained by providing an illustration.

  • As for the last question, you have succeeded in explaining and following the stages of freezing and voting for SR.

Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01

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