Governance on the Tron Blockchain

Hello, Steemians. I am very happy to be writing my first post in this community. I sincerely thank the admin of the community for giving users the opportunity to write about the Tron blockchain, other cryptocurrencies, and blockchains generally. I am glad that I will be writing about the Tron blockchain.

Tron is one of the cryptocurrencies I was exposed to when I was still a very novice in the crypto space some years ago, as a Medical Laboratory Technician, anytime I am free at work, I will spare some time to read different articles on cryptocurrencies but prioritizing Tron above others because it was the first cryptocurrency I used when I joined the space.

Tron blockchain was established in 2014 as a decentralized digital sharing platform built on the blockchain with smart contracts functionality. The Tron project was developed by the Tron Foundation, an organization that is based in Singapore. In 2017, Justin Sun who is the CEO between that time till a time in 2021 when he stepped down from the role to take a political position in Grenada as an ambassador to WTO (World Trade Organization).

The Tron blockchain has its native cryptocurrency to be TRX which is a utility TRC-20 token on the Tron network used for participating in the governance of the Tron blockchain. Tron blockchain uses the Delegated Proof of Stake (DPoS) consensus mechanism that has the merit of less energy consumption, this is an advantage over Bitcoin which uses the Proof of Work consensus mechanism. The Tron blockchain smart contracts functionality allow users to share the digital file in a peer to peer way without involving intermediaries.

TRX was an ERC-20 token at the beginning of its creation because it was built on the Ethereum blockchain before it was moved to its blockchain, an initial coin offering was organized that made the project about $70 million and that fully makes it a TRC-20 token after development. As I am writing this post, the price of Tron is $0.05853 the market capitalization is $5,954,022,276.38 and it is ranked at number 24 in the crypto space.

Tron uses the Delegated Proof of Stake (DPoS) consensus mechanism where a set of people are selected for the role of governing the network by generating new blocks on the Tron blockchain and securing the network. These people can be called validators that are selected based on the amount of TRX they have staked on the Tron blockchain and technically, they are called super representatives.

Super representative candidates is a long list of 127 users on the Tron blockchain, these candidates are elected into the 127th positions and are closer to be suitable for the role of generating new blocks on the Tron network. The election for the 127th position takes place every 6 hours for these people to enter the rank.

Super representatives are the first 27th representatives in the list of 127 candidates on the Tron network. The role of these 27 representatives is to generate new blocks in the network and they are selected in random to generate new blocks, and they are responsible for securing the Tron network. These representatives earn TRX rewards for the role of generating new blocks and securing the network.

Super representative partners are the users between 28 to 127 and these ones can be elected into the 27th ranking to become a super representative when elections take place every 6 hours.

Super representative candidates earns 115,200 TRX every 6 hours that elections take place and it is shared between the 127 candidates depending on the number of votes that each candidate get in the recent election, annually, the candidates earn 168,192,000 TRX. The 27 Super representatives earn 32 TRX for each block they have generated in 3 seconds of Tron network block building time, annually, the representatives earn 336,384,000 TRX.

Tron blockchain allows every user on the network to participate in the governance of the network. So I will be talking about how a normal tron holder is eligible to vote for any super representatives on the network and also earn TRX rewards. To participate as a voter in the election, a user needs Tron power which gives the influence to vote for a representative, 1 frozen or staked TRX equals 1 TP (Tron power), that is 1TRX equals 1TP but has to be frozen/staked TRX.

I will have to gain influence, Tron power before I can vote for a representative so I will stake some of my TRX to acquire TP. I will be using the Tronlink wallet which is a Tron-based wallet to freeze or stake TRX and vote for a representative and how I do it will be shown through some images.

All TRX holders on the Tron blockchain can participate in the governance of the network, the TRX just have to be frozen or staked to gain influence in the form of Tron power (TP) on the network and someone can use it to vote on any representative and earn some TRX rewards. I appreciate this community for allowing us to write about Tron here.