CEO and founder of Tron, Justin Sun announced that Binance has rocketed to the top of Tron Super Representative by securing more than 12 billion votes. Super Representatives play a key role in governing the TRON community by ensuring essential functions, like, block generation and bookkeeping. Binance froze more than 12 billion TRX and voted itself to become the highest-ranked SR on Tron Network.
Binance controls 18% of the entire TRX’s supply of 66.8 billion. The Chinese based crypto exchange secured 59% of the total votes cast to select the 127 Super Representatives to govern Tron Network. This margin of votes has raised many eyebrows in the crypto community. Many are criticizing Binance for this centralized behavior.
A big congratulations to our newest SR @binance. 👏👏👏
Binance rocketed to the top of the #TRONSR today with more than 12,000,000,000 votes!
Check out https://t.co/VxhQhE7giQ for all the details! #TRON #TRX $TRX pic.twitter.com/bVCSlXCGzE
— Justin Sun (@justinsuntron) October 1, 2019
Alon with becoming the top-ranked super representative, Binance will also start supporting Tron staking. Binace customers who own TRX will now have the chance to earn a share of block rewards. Many from the crypto community believe that the exchange securing 59% of all votes is a massive blow to the decentralization on the Tron network.
Binance is no new to controversies earlier DigiByte founder Jared Tate claimed that the exchange demanded $300,000 and 3% of coins as fees to list the coin on the exchange. Recently top crypto companies came together to form a Crypto Rating Council in which Binance was not included.
Let us know in comments what do you think about Binance becoming the Super Representative with such a massive vote margin?