Steemit Crypto Academy Season 4 Week 7 - The Governance of the TRON Ecosystem by professor @yohan2on
Who are Super Representatives, SR partners, and SR candidates? (The Governance of the TRON Ecosystem)
A very core important keynote that the blockchain ecosystem has been known for is transparency it has been a backbone that made millions of users across the globe confine in blockchain ecosystems since everything is done and recorded on block ledger giving users confidence about all transactions procedures conducted on any blockchain which are visible/available to the public to anonymous see what is currently been run on each block.
In the Tron ecosystem/community, users here confine their trust in some selected users known as super presentative ( SRs ) these representatives are elected/selected by different users through a voting system, the SRs oversee block transactions, keep records of conducted transactions, and oversee users transactions are processed within a given block time-space, also these SRs need to meet some certain criteria/requirement before they can be eligible to apply or become a super representative in the Tron community.
Who are Super Representatives
A Super Representative ( SR ) in the Tron community are a group of selected individuals who are voted anonymously using the tron blockchain voting system, interested users can vote for their choice SR using Tron Power ( TP ) through staking/freezing of tron token.
In other, for users to be eligible to vote for new SR they would at least have a minimum amount of Tron ( TRX ) tokens which can be frozen/staked in their wallets or tron account each TRX frozen is equivalent to a Tron Power ( TP ), the system makes the new update of selected SRs every 6 hours among 127 SRs, only 27 will be making it to the top to oversee block transactions and govern the tron community system in terms of block validation on other important roles of a validator.
The SR's who are 27 in number when selected will play a key role in the tron blockchain by ensuring a proper governance system is run on the blockchain they perform the special task of overseeing/ensuring basic functions such as block generation, bookkeeping, protecting the block against malicious attack and also ensure corresponding earning on the blockchain are run and operated properly.
Reward and calculation
Super representative rewards are distributed based on blocks generated on the tron blockchain protocol one block is generated every three seconds with 32 TRX rewarded to super representative on every block generated.
This shows in every 60 seconds 20 blocks are generated.
60/3 = 20 blocks
And in every 1 hour which is equivalent to 3600 seconds, 1200 blocks are generated.
3600/3 = 1200 blocks
This will give a total of 1200 blocks × 32 TRX = 38400 TRX in every one hour will be rewarded to a super representative every one hour.
For 24hrs we will have 1200 blocks × 24hr × 32 TRX = 921600 TRX.
Annually a total of 336,384,000 TRX will be distributed to 27 super representatives.
Who are Super Representatives partners
The super representative partners are on the listed range from 28 to 127 unlike the super representatives they are not eligible to oversee transactions been completed and can't generate a new transaction block but they also play an important role of making sure certain parameters are put in the order they can make a proposal which can be used to improve the tron ecosystem, SR partners enjoy special benefits of getting a reward base on blocks produced.
The super representative partners fall on the list of top SRs who fails to make the top 27 list of SRs.
Who are Super Representatives candidates
Super representative candidates are the total number of SRs who are voted by eligible tron users they represent the 127 representatives selected to make transactions proceeding and special modifications on the tron blockchain.
What’s the difference between DPOS and POS consensus mechanisms?
Proof of Stake (PoS)
The concept of PoS was initiated to eliminate the excessive use of energy consumption in decentralized proof of work ( PoW ) where miners compete to solve complex computational puzzles using sophisticated ASIC mining devices, with PoS blockchain algorithm more efficient means of completing users transactions requiring less energy is incentivized to complete users transactions also security in PoS blockchain is secured through collateral staking.
The PoS algorithm is a way of processing/verifying blocks more effectively than employing the PoW algorithm it eliminates the need for thousands of computers to be competing and expending more energy use in other to confirm network data such as processing network transaction time, in PoS data verification is assigned to node validators who have locked up or stake their token as collateral those with high amount of staking in PoS will be considered as node validators who will be in charge of verifying block transactions on the network.
For a user to be an eligible validator on Pos certain criteria must be met.
Stake size; the more tokens a user stakes on the network the more chance such users becoming a validator.
Duration of staking; the longer period a user stakes his token the more chances they have to be chosen as validators as well.
Validators in PoS are node validators that are assigned to verify user's transactions and also generate new blocks on the PoS blockchain examples of the network that uses PoS algorithm consensus are Cardano, Cosmos, Algorand, and EOS blockchain.
Delegated Proof of Stake ( DPoS )
With limitations in PoS consensus where validators with higher staking get a chance of being chosen by the network to verify block transactions, DPoS aims to eliminate such problems by introducing a more advanced method of choosing network validators through a voting system.
In DPoS users vote on who will be the next delegator through a voting system depending on a blockchain where a specific number of delegators/witnesses will be randomly selected through a decentralized voting system ( pooling system ) these delegates work to verify the network block transaction and oversee important modifications that need to be addressed on the blockchain.
|Validators with higher staking are chosen by the network to complete block transactions||witnesses or delegates are chosen through a voting system to complete block transactions.|
|The criteria for becoming a validator in PoS requires holding/staking a high amount of token||One can become a delegator/witness by applying through an application process.|
|PoS does not apply a pooling system to transparently choose validators||pooling systems are initiated to transparently vote for new delegates.|
|There is no limit to the number of validators on the PoS system||a limited number of delegates are allowed to participate in DPoS blockchain these allow the network, to reach consensus more quickly.|
Write a Step by Step tutorial showcasing how to stake/freeze TRX and vote for SRs
In other to successfully stake/freeze TRX, certain requirements need to be met which includes installing an active wallet ( TronLink wallet ) and also having some amount of TRX token which will be locked up or staked in the wallet.
- On successfully meeting up with the above-mentioned requirements from my TronLink wallet application I will click on the Freeze icon
- On clicking on the freeze icon I will be redirected to the below page where I can stake my TRX token, from the screenshot below it can be seen I have a balance of #173 TRX which can be staked.
- Next I will fill out the blank page by putting up the number of TRX I will be staking/freezing.
I will be freezing 100trx, by filling out the blank page.
- I will click on confirm to complete my transaction.
- On completing the transaction my voting rights and energy increase as shown below.
Note I previously have 20 voting rights, therefore by staking an additional 100 trx my voting rights increased to 120
Voting for super representative
My staking will increase my chance of voting for a super representative this shows the higher the number of TRX staked the higher the voting rights I will be having to vote for a super representative, above I'm having a total of 120 voting rights this will be used to vote for a super representative.
- By clicking on the vote icon I will be redirected to a page where I can be able to vote for the super representative of choice.
- Below are a list of the super representative I will be choosing #4 poloniex as my choice super representative.
- Am have a total of 120 voting rights by clicking on the vote icon from the poloniex page I will fill out the number of votes I will like to stake below I put in 120 votes and click on confirm to compete for the transaction.
- On successful voting for poloniex below shows the reflected number of voting rights which I have voted for poloniex which is 120 votes.
Tron community presents millions of users with multiple means of earnings through staking and voting by transparently choosing who will be represented as a super representative in the blockchain protocol community these super representatives function to ensure users/block transactions are generated and proceeded without delay.
The super representative voting system is delegated proof of stake consensus mechanism that presents a democratic system of choosing validators, in the proof of stake system a validator is determined by the number of tokens held by a stakeholder.