The Tron mainnet token swap went ahead as planned on 25 June with the token migrating from Ethereum. Fifty-four exchanges and wallets supported the 1:1 swap. The token is down 2.7% at $0.041, making it one of the largest fallers among the top 30 coins on coinmarketcap.
To celebrate Tron’s so-called Independence Day, one billion of the total supply of 100 billion was burned. Of the remaining supply 33,251,807,524 is held by the Tron Foundation and is locked until January 1 2020 next year. Some token holders hoped that the price would bump higher on the burn but that hasn’t happened.
Now token holders are waiting for the election for the Super Representatives (SRs) who will govern the blockchain to begin, which is today (26 June 2018) at UTC+8.
Token holders can still swap their ERC20 TRX tokens for TRX if they have their tokens on the Binance exchange, the only one that will continue to swap them after the 26th.
TRX holders will be voting for 27 SRs in total and a list of candidates can be found at the Tron Foundation Medium site. In order to vote, TRX tokens must be moved to the TRX wallet.
There were doubts as recently as 22 June regarding the mainnet launch after Digital Asset Research said it had found instances of plagiarism in the codebase of Tron, with chunks of code apparently lifted from Ethereum, raising the prospect of unanticipated behaviour and bugs. Justin Sun put up a bounty of $100,000 for bug hunters.
Voting made easy
To vote TRX holders will have to freeze the tokens they are allocating to the voting process in a delegated proof-of-stake system not dissimilar to EOS’s. Voting tokens are locked up for up to three days and there is no fee incurred in the voting process.
After the election is completed the network becomes fully governable by the community in the so-called Constitutional Phase.
Tron is a decentralised application platform that, like EOS and a number of other projects, claims it can deliver the scalability currently lacking on Ethereum.
The latest blockchain network describes itself as follows:
“The Tron Protocol, one of the largest blockchain based operating systems in the world, offers scalable, high-availability and high-throughput support that underlies all the decentralized applications in the TRON ecosystem.”
It is the 11th largest coin by market cap, weighing in at $2.7 billion, just pipped to the top 10 by stablecoin Tether which issued 250 million more USDT on Monday.
Founder Justin Sun tweeted yesterday to mark the launch:
— Justin Sun (@justinsuntron) June 25, 2018