Steemit Crypto Academy | S4Week7 - The Governance of the TRON Ecosystem
The TRON ecosystem employs a DPOS consensus algorithm which entails a set role of a Super representative Candidate. DPOS is a further upgrade of Proof of Stake (POS) which entails the distribution of tokens (Stakes) in the Blockchain system where every node accumulates as many tokens as possible to participate in the running of the ecosystem.
The unique aspect about the DPOS is that it scales down the number of those eligible to participate in the running of the Ecosystem for example in regards to Blocks production and Transactions packing by considering the total number of votes received by particular Super representative candidates.
Whoever holds/stakes a certain minimum amount of TRX tokens is eligible to apply for the Super representative role. The votes each candidate receives are always re-counted after every round. A total of 27 top Super representatives are selected based on the total votes received every round.
Therefore, the Top SRs are the finally selected super representative candidates that secure higher rankings after the counting of the total votes that each of them has received and these are limited to 27. Their purpose is to produce new blocks and pack transactions in the TRON ecosystem. They are rewarded with tokens for their work based on the set reward mechanism of the TRON ecosystem. Their rewards are sent to a sub-account and can be withdrawn once every 24hours.
According to the TRON core developers article, Each round takes 6 hours and each slot takes 3 seconds which makes a total of 7200slots contained in every round. The last 2 slots are reserved for system maintenance, with no blocks produced. They are rather used in deciding on who the new SRs selection for the running of the ecosystem. Since the SRs selection happens per 6 hours, the Super representatives can therefore change after every round.
Super Representative Candidates that fail to make it in the top 27 automatically become Super representative partners and these are ranked from the 28 – 127 position. The common benefit they partake with the top SRs is that they also receive voting rewards for every new block produced though they do not participate in the production of new blocks and the packing of transactions. The SRs, SR partners and the candidates have the right to raise proposals in regards to the modification of any parameters in the TRON network since all these possess the minimum required stake of TRX tokens.
The requirement for voting Super Representatives
To participate in the Voting of the SRs, you need TRON power which is acquired through staking/freezing the TRX in your account. For 1 TRON power, you need to stake 1TRX. Note that every TRON account is eligible to participate in the voting of SRs, provided it has staked TRX. When a user unstakes the TRX, the vote previously cast on the Super representative is also invalidated.
Benefits for voting Super representatives?
The voters enjoy an 8%+ APY from the Super representatives they have voted on which is one of the great ways to earn some passive income from the TRON ecosystem.
Voting Super Representatives acts as a motivating factor for the SRs to develop more great applications for the TRON ecosystem in a bid to win more votes favour from the TRON community which acts as a win-win scenario both for the SRs and the TRON token holders.
It indirectly adds value to the TRON ecosystem, in the way that it makes the SRs work so hard in adding remarkable value to the TRON ecosystem purposely to maintain their positions and also keep winning more votes from the TRON token holders. Generally, the SRs do a remarkable job in block generation and bookkeeping which maintains a smooth efficient operation of the Ecosystem, therefore voting for them implies adding value to the TRON ecosystem.
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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- This homework task runs till 24th/10/2021, Time: 11:59 pm UTC