Steemit Crypto Academy | S4Week7 - The Governance of the TRON Ecosystem
Hello steem community and welcome to week 7 of the cryptoacademy tasks
Homework task
1 * Who are Super Representatives, SR partners and SR candidates? (The Governance of the TRON Ecosystem)
2 * What’s the difference between DPOS and POS consensus mechanisms?
3 * Write a Step by Step tutorial showcasing how to stake/freeze TRX and vote for SRs
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1 Who are Super Representatives, SR partners and SR candidates? (The Governance of the TRON Ecosystem)
Who are super representatives
Super representatives on the TRON blockchain are composed of the top 27 witnesses. These are selected nodes validated to provide new blocks on the blockchain and validate transactions.
Super Representatives are liable to change every six hours as the voting/election process is computed and counted every six hours and the first 27 candidates with the highest number of votes will be elected as super representatives. The six-hour voting/re-election period is a security measure implemented to ensure that no representative gains undue control over the network. It's interesting to note that the first super representative election on the TRON blockchain was held On June 26, 2018 UTC+8, and the first 27 super representatives were chosen and ever since then the election process has continued at every six (6) hours interval.
The voting is done by Tronix holders in the community. To be eligible to participate in the voting process, individual token holders will have to freeze some of their tokens. By doing this they receive Tron power which can be used to vote for super representatives on the blockchain.
This procedure enables the TRON community to exercise their democratic power in the form of being allowed to vote for 27 representatives for the governance of the blockchain. This also shows that anybody can be a super representative on the TRON blockchain provided that they satisfy the requirement, after spending an application fee of 9,999 TRX any candidate is qualified to receive votes.
The last election process was conducted roughly 45 minutes ago and the elected super representatives are given below
The next voting exercise will be done in the next 5 hours, 15 minutes, 40 seconds as displayed below
Aside from the creation of block and validation of transactions on the Tron blockchain, the super representatives also have the power to propose a reformation in the dynamic network parameters of the Tron blockchain. This is possible because Tron is a decentralized protocol.
Sr partners are super representative candidates that failed to reach the top 27 spot after the voting process. The
SR Partners are candidates ranking from number 28-127 in the voting process. There is no separate voting required for the sr partners as they are automatically chosen when the super representative voting ends.
Here are the current SR partners at the time of writing this post.
We observe that the first partner is numbered from 28 and this list goes all the way to 127.
Of all the 147 candidates eligible for super representative, the top 27 fill the spot of super representative while candidates numbering 28-127 are regarded as SR partners as explained above. The remaining 20 candidates numbering 128-147 are regarded as SR candidates.
115,200 TRX in rewards accrue to SR candidates and this is shared amount the candidates the proportion of votes each candidate obtained in the voting process.
2 What’s the difference between DPOS and POS consensus mechanisms?
image source
Proof of stake algorithm is a class of mechanism for blockchains that function by selecting validators based on the proportion of amount holdings in a cryptocurrency. The PoS mechanism was designed to address the energy-intensive mining process of the subsequent mechanism (Proof of work). It accomplishes this by incentivizing users across its network to confirm internally generated data and ensure security through collateralized asset staking.
Validators are chosen for the proof of stake consensus based on their staked holdings in the network to validate blocks of ready-to-process transactions. Upon validation, they are rewarded in the form of transaction fees if the transactions in the block are accurate; however, if the transactions in the block are validated with inaccurate information, validators face a penalty of losing some of their stakings.
This consensus is adopted in cryptocurrencies such as ADA(Cardano), DOT(Polkadot) e.t.c
image source
The delegated proof of stake is a consensus algorithm that was developed in the year 2014 by Dan Larimer a former EOS Chief Technology Officer. This consensus algorithm is regarded as an evolution of the traditional proof of stake (PoS) consensus algorithm. It is characterized by the internal election of delegates or validators who will be responsible for the validation of new blocks. These delegates can also be called witnesses and are usually between 21 and 101 for each new block. Every few seconds, they take turns producing a block, and each delegate is assigned a specific time second. Delegates who misbehave or fail to perform as expected will lose reputation points and may eventually be voted out.
A good example of a blockchain that adopts the Delegated Proof of Stake consensus protocol is TRON (as explained subsequently). Due to the periodic election process, it's probable that the previous set of validators of one block may not be the same set of validators for the next block.
difference between DPOS and POS consensus mechanisms?
In the proof of scale protocol validators are chosen based on the number of tokens staked in the network whereas in the delegated proof of stake model validators are chosen by a democratic process where token holders vote their representatives.
In the Dpos model, anyone can become a validator irrespective of their account size but in the Proof of Stake consensus, the representative selection is restricted to those with the largest number of stakings in the system.
The DPos system protects the network from and keeps in check the excesses of validators, this is because validators on this model can be voted out anytime and with their reputation and income at stake, they would make sure to perform their duties effectively while in the POS system, a selective centralization may occur where a validator node who possesses a large amount of the tokens in the network may act at will.
The Delegated proof of stake consensus is more energy-efficient than the traditional proof of stake model as it uses far fewer hardware resources.
3 Write a Step by Step tutorial showcasing how to stake/freeze TRX and vote for SRs
To participate in the super representative voting process, users will have to obtain TRON POWER. Tron power is gotten by staking TRX
I will now proceed to give a detailed step-by-step process of how to obtain TRON POWER.
In the TRON blockchain, transactions consume both power and bandwidth therefore in order for users to have enough available resources they are required to lock some TRX within an account.
Next, Click on Stake in the interface, your browser should be redirected to the TRONSCAN official site immediately with your tronlink wallet automatically linked.
In the TRONSCAN interface, Click on OBTAIN as highlighted below to begin the staking process
Once the intended stake amount has been input, ensure your tronlink address shows up in the recipient address tab. Next, mark the checkbox below (I confirm to stake XX TRX at least 72 hours) and click STAKE once the above-mentioned conditions have been satisfied.
Once this contract has been triggered, a tronlink pop-up will show up urging you to confirm the initiated transaction. Click on sign and the TRX tokens will be staked successfully.
Now that assets have been staked we have obtained some bandwidth (255 bandwidth) therefore we can process with the voting process.
Voting process
To begin the voting, hover around the governance tab on the TRONSCAN interface and select VOTES to get directed to the voting page.
Click on VOTING and select a delegate of your choice. I choose to vote for Binance staking which is the top voted representative at the moment. NEXT, I input the number of votes I intend to cast ( Note - One TRX equals one vote) and then click on the voting tab again to confirm the votes.
A tronlink pop-up will appear with details pertaining to the action you intend to perform. Click SIGN to confirm the vote and the vote will be successfully submitted.
Upon successful submission of vote, a message acknowledging your vote will be displayed and once votes have been cast, they would take effect at the start of the next voting cycle.
Conclusion
The topic for this week widened my scope and understanding of the TRON blockchain. Every question asked required participants in the lecture to perform actions relating to understanding more about the TRON blockchain and the delegated proof of stake protocol it revolves around. I always viewed such processes as voting, witnesses e.t.c with complexity and difficulty but this lecture has completely eradicated that mindset.
Much thanks to crypto professor @yohan2on and the steemit team for this amazing lecture.
Hello @doppley,
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:
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
Ok
How is imposing participation in club 5050 not a centralized move btw?
I don't understand what you mean, please explain more.
If you do not want the chance to receive any 'centralized' votes then why do you participate in the Crypto Academy ?
thanks for this simple information sir, I just found out about centralized voice can be obtained through participation in SteemitCryptoAcademy. In the future I will participate in SteemitCryptoAcademy and reach the target of 1000 SP at the beginning of the new year 2022 with 100% power up.
#club100 😃❤️