Steemit Crypto Academy | S4Week7 - The Governance of the TRON Ecosystem
Hello Everyone,
im glad to be part of this lecture, it has been educative which I have learned a lot from. Hope I am able to answer the questions as I am required to.
let's get started...
Question 1
Who are Super Representatives (SR)
The Super Representatives on the Tron Blockchain are nodes that are selected and voted from the super representative candidates. On *TRX Network, all *TRX holders can apply for a super representative candidate who is likely to become a super representative or a superpartner. And also any holder can vote for SR candidates, where the first top 27 highest votes received will be a super representative while from the 28th to 127th highest voters will become superpartners. Super representatives are responsible for producing blocks and validation of transactions. The super representatives have the power to make suggestions to modify the TRON Network for good.
The super representatives voting is cast every 6 hours. After 6 hours, the highest votes from 1 - 27 are selected for super representatives. This implies that, to maintain your spot you have to maintain higher votes for every 6 hours otherwise you may lose your role for the next round.
To vote you need to earn each vote in the TRON Network which is referred to as your TRON Power. This voting power is obtained by staking our TRX. The amount of TRON Power depends on the number of frozen TRX. Every 1 frozen TRX is equal to 1 TRON Power. When a user decides to unfreeze their TRX after making a couple of votes, they lose their TRON Power accordingly, and also all votes become invalid for the ongoing votes. Every TRX Holder is eligible to vote during the voting process if only they stake their TRX for TRON Power.
A Super representative is rewarded with 32 TRX for every block of transaction they validate. The TRON Blockchain generates a block every 3 seconds which means annually a total of 336,384,000 TRX will be shared among the 27 super representatives.
Functions Of Super Representatives
They generate blocks on the Network
Packing and recording of transactions
Proposing Ideas for modification of the blockchain
Super Representative Partners
As said earlier the super representative partners are candidates that get the highest votes from 28th - 127th position. They are candidates who couldn't make it to the top 27 candidates to receive the highest votes. This set of candidates can not validate block transactions but they receive rewards for every produced block in the TRON Network.
They can also observe and participate in the voting activities in the TRON Blockchain. They also have the power to make suggestions or proposals to modify the blockchain but only in line with the super representatives.
The super representative partners are also selected through voting. Voting is done by TRX Holders who freezes their assets to obtain TRON Power. Every staked asset is able to make a vote during the voting process.
Functions Of Super Representative Partners
Propose ideas in the blockchain governance
Modification of the Tron Network Ecosystem
Super Representative Candidates
Super Representative Candidates are the 127 individuals who participate in governing the TRON Blockchain. They comprise the 27 Super Representatives and 100 more Super Representatives Partners summing up to 127 candidates. They are voted by the entire TRON Blockchain Token Holders.
Both super representative and super representative partners have their role to play and at the same have some similarities. They all play their role in managing the TRON Blockchain Network
Question 2
Proof-Of-Stake
Proof Of Stake is a consensus Mechanism where miners or representatives stake their tokens to have some influence within the network. The proof of stake uses the concept that states that a person can mine or validate block transactions in accordance with how many tokens they hold. This indicates that the more coins being held by a miner have the more mining power.
The proof of stake consensus mechanism is a group of block validators who organizes transactions and create new blocks on the network in a way that there will be an agreement between nodes on the network.
Proof of stake consensus protocol was made as an alternating algorithm that seeks to address the high cost in operations and high energy consumption surrounding the proof of work(PoW) protocol. Validation of blocks in proof of stake is randomly selected
Pros
- Fast and cheap transaction process
- No special equipment is needed
- Energy Efficient
Cons
- Large holdings of validators have had more influence
- Some tokens must be staked for some minimum amount of time
Delegated Proof-Of-Stake
Delegated proof of stake is an advanced or enhanced form of PoS. The difference here is that the nodes do not have the power to create blocks but can only vote representatives by delegating their rights. It is a unique method of securing a crypto network. It is created to fix both Proof-Of-Stake and Proof-Of-Work systems. It achieves consensus in decentralized systems to cancel out the negative effects of centralized systems.
In a delegated proof of stake, to vote one must stake their asset to gain voting power to be able to vote for a witness. The chosen witnesses have the responsibility to validate newly created blocks to earn transaction rewards. The transaction rewards are shared among the voters according to the amount of token they staked.
Pros
- Faster transactions than PoW and PoS
- No specialized hardware or equipment is needed
- Consumes less energy than the PoW
Cons
- Due to fewer nodes on the network, it is vulnerable to attack
- Vote strength is determined by the number of tokens, hence the more tokens the more influence on the network
Dpos creates more blocks faster due to the few nodes involved while it is impossible to create blocks at the same time.
Dpos is not vulnerable to attack while PoS is vulnerable to attack.
In Dpos Validators are chosen based on the voting of the participants in the network while in PoS validators are chosen based on their staked tokens.
Both Pos and Dpos have securities issues but in their own different contexts.
Dpos cant be used in decentralized chains while PoS can be used.
Question 3
Super Representatives Voting
Everyone on the TRON Blockchain is eligible to vote to require that TRX is staked to obtain voting power. 1 staked TRX is equivalent to Tron Power. Let's get to a step-by-step tutorial on how to freeze and vote for SRs.
The first step is to visit the official website of Tronscan to login and click on Connect wallet
Next We choose the wallet option to which i selected TronLink Wallet and click on Connect
Our TronLink wallet has been linked. Now we want to earn Tron Power to vote, we will freeze some of TRX for at least 72 hours. let's get the steps below;
At the menu bar, we click on governance and then select on vote
On the voting page we click on Voting then Click on Obtain
We enter the amount of TRX to be staked and tick on the box to confirm 12 TRX for at least 72 hours. Now we click *Stake. I used all my remaining *12 TRX for this illustration.
We will need to sign the transaction using our TronLink Extension. So we Click on Sign
We have staked our 12 TRX and now we can proceed to vote for our choice of SRs.
We navigate to the voting page and choose our preferred candidate and enter the amount of Tron Power to vote.
I chose BinanceStaking as my preferred candidate to stake 14 TRX. Before this illustration, I had already staked and had enough Tron power. Now I have 266 available after staking. To vote I click on Voting
I will be asked to sign the transaction then i click on Sign from the popup
I have successfully voted BinanceStaking candidate for 14 TRX
The Tron Network makes good use of the Delegated Proof of Stake Mechanism for the governance or management of its ecosystem. Holders of TRX have the ability to stake their tokens to vote for their preferred candidates.
The super representatives voting is cast every 6 hours. After 6 hours, the highest votes from 1 - 27 are selected for super representatives. This implies that, to maintain your spot you have to maintain higher votes for every 6 hours otherwise you may lose your role for the next round.
Before this lecture, I had little knowledge about this topic. After going through the lecture, my knowledge has been widening and I now understand it more.
Hi @mcsamm
Thanks for participating in the Steemit Crypto Academy
Feedback
Total| 7/10
This is good work. Thanks for taking the time to learn about the governance of the Tron ecosystem.
Thanks for the remarks.