Monday, March 30, 2020

Tron’s decentralization under question after Binance secures 59% votes to become Super Representative

The Takeaway:

Binance secured 59% of total votes to become the Super Representative of the Tron network. By freezing 12 billion TRX the exchange controls over 18% of the total TRX supply of 66 billion. Many from the crypto community are claiming that Binance securing 59% of total votes is a huge blow to decentralization on the Tron network.

ADVERTISEMENTKillerlaunch domains

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. 

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?

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

Leave A Reply

Please enter your comment!
Please enter your name here