Governance of Tron Ecosystem - Crypto Academy / S4W7 - Homework post for [yohan2on]

Hello prof. @yohan2on, you really did an amazing job explain the Governance of Tron Ecosystem. Thank you for explain to my understanding. Below is my submission

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

Super Representatives

Super Representatives are people who are in charge of creating blocks. Super Representatives are selected through a voting. Currently there are just 27 SR on the Tron ecosystem. Everyone who has Tron has the liberty to apply for the position of of being an SR. The voting is also done by Tron holders on the ecosystem. These 27 Super Representatives i spoke about earlier are awarded 16 TRX for each block they create after they have been selected, as well as 160 TRX votes based on the proportion of votes cast. The voting of this SRs are normally done every 6 hours. After this 6hrs elapses, a new set of SRs must be elected again.

As we can see from the screen above which was taken from https://tronscan.org/#/sr/representatives we can see clearly that the time remaining for the next selection of new SRs was 4hrs 11mins and 57secs. After this time passes then a new set of SRs will have to be selected for the next block creations.

With the above screenshots also we can see the list of SR that were elected as at the time of writing, the first was BinanceStaking and the last one was KryptoKnight.

Super Representative Partners

After the Super Representative has been selected, the remaining candidates out of the 127 list become those we call the Super Representative Partners. The difference between the SRP and SR is that the SRP donot take part in creation blocks. This usually starts from the 28 all the way to the 127 since the Sr started from 1 to 27. The Super Representative Patners are not left alone, they do also earn reward but it all depends on the weight of their votes. The Super Representative Partner also play important role in the Tron ecosystem by contributing to decision making. Below is a screenshot of the Super Representative Partners available.

Super Representative Candidates (SRC)

Before a person can be an SR he must first be a candidate. So a Super Representative Candidates (SRC) are candidates who qualify to be a Super Representative. The total number of Super Representative Candidates (SRC) are always 127 which has both the SR and the SRP amongst it. Like we started earlier the SR starts from 1 and ends at 27 who are always responsible for creating and validating blocks on the Tron ecosystem. The remaining ones who are called the Super Representative Partners who continue from 28 and end at 127, these also benefits from rewards but this solely depends on their votes. They also contribute to decision making. Below is a screenshot of

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

Proof-of-Stake (PoS)

Proof-of-Stake (PoS) is a type of consensus algorithm that uses random selection process to select nodes to be validated in a block based on a combination of factors that could be its staking age and many more. In the Proof-of-Stake (PoS) the creator of anew block us chosen from a pool of users that has staked a certain amount of crypto. In POS, the miners take a fee for every transaction. It requires very less energy. In order to take control of a Proof-of-Stake (PoS) network one must owe up to 51% of the total supply of the crypto. Cryptocurrencies that utilise the Proof-of-Stake (PoS) algorithm include, Cardano, Polkadot, Cosmos, ThorChain.

Pros

• It has a faster transaction time
• Proof-of-Stake (PoS) cryptocurrencies offer relatively low charged fees.
• It is also very energy efficient.

Cons

The only drawback of the Proof-of-Stake (PoS) network is that is its high security risk.

Delegated Proof-of-Stake (DPOS)

DPOS is a method that was developed in 2014 by an American entrepreneur Daniel Larimer. It creates a panel of limited trusted parties by combining reputation algorithms and real-time voting. Witnesses are the people that you can trust. It is considered to be more efficient than the POS. These witnesses have the authority to add blocks to the blockchain and prohibit malicious parties from doing so. People's voting strength in DPOS is defined on the number of tokens they own. This simply means that individuals with more tokens will have a greater effect on the network than those with fewer.

It's also a decentralized consensus model that has a high transaction rate and uses little energy. In the DPOS network we have a fixed amount of delates ranging from 21-101 who are voted by the stake holders of the network. In DPOS, delegates or witness who fail to produce a block lose their reputation and will be replaced immediately by another delegate. Also depending on the DPOS system, some systems do require witness to deposit certain amount of funds just to show their commitment.

Pros

• The DPOS is known to be very energy efficient
• It is faster in terms of transaction speed as compared to the POS.
• It is also highly scalable.

Cons

• Since the number of votes owned by an individual determines his influence and power, the only people who survive are the rich.
• The DPOS can easily be attacked.

1. Write a Step-by-Step tutorial showcasing how to stake/freeze TRX and vote for SRs

As already learnt from this lecture, voting can be done by any member on the Tron ecosystem provided you have any amount of TRX to stake in order to exercise your franchise. To be able to part-take in the voting process, follow these processes;

• Visit https://tronscan.org

• After a successful launch of the official site, locate and click on Connect Wallet at the top right corner on the site.

• From the drop down option whether to use Tronlink or connect through a ledger, select the Tronlink as our option and Click on connect.

• At this point we have successfully connected our wallet.

• Locate and click on Governance from the menu bar.

• Next is to click on Votes.

• Click on Voting

• Click on Obtain for us to be able to allocate some of our TRX for the voting process.

• At this point we can key in the number of TRX we want to use for the voting process and click on Stake.

• A confirmation request is then sent for us to sign in and complete the process, click on sign.

• Our token has been staked successfully.

• Here we can now exercise our voting rights by choosing the Super Representative of our choice, in my case I choose DJ Investment on the number 2 spot and I staked 5 TRX giving me 6.43% APR and click on Voting for my vote to be casted.

• Next, confirm it from TronLink by clicking on Sign.

• At this point my voting for DJ Investment has been completed.

CONCLUSION

To conclude, the existence off these Representatives on the Tron ecosystem brings about smooth governing of the blockchain by proving us with faster validation period and creation of new blocks and thereby serving us a pool of wealth generation for users.
Cc:
@yohan2on