Hello all. Today I will be talking about the tron governance and how user can participate in the blockchain.
The Tron blockchain which was originally found in Singapore in 2017 but later launched in June 2018 by its founder and CEO Justin Sun has so far been one of the most promising low-transaction-fee and smart contract compatible blockchain with a promising scalability of over 2,000 Transaction per Second.
The Founder created the blockchain after observing the shortcoming of its pioneer i.e Bitcoin's Proof of Work consensus mechanism which was not eco-friendly and very energy consuming and instead chose to adopt an alternative consensus mechanism which wont put much weight as the POW consensus mechanism does.
The Tron Blockchain uses a delegated Proof of Stake mechanism which was created in 2014 by Daniel Larimer, The DPoS is maintained through an election process in the blockchain by Tron holders, Tron holders in the blockchain elect block validators, the Tron to vote ratio is capped at a ratio of 1:1, 1000 Tron is equivalent to 1000vote power but only those with there Tron staked or frozen in the blockchain can vote for delegators
In the Tron blockchain 21 Delegator also known as Super Representatives are selected through voting done by token holders in the blockchain, the Validators are responsible for validating blocks and approving transactions who are in turn rewarded by the blockchain for adding new blocks, Every Super representative is required to have a minimum amount of Trx staked in the blockchain If a validator is found to be Bias or fraudulent he will be punished by getting some part of staked asset frozen permanently by the blockchain.
The witnesses, in this case, are overseen by a group of secluded individuals called Delegates, the delegates are in charge of overseeing the Trx maintenance and can also make proposals for necessary changes, these delegates do not in any way interfere with the transactions happening in the blockchain, they simply focus on the governance and well being of the blockchain.
ADVANTAGES OF DPoS
- Eco-Friendly
The DPos was created as an alternative to the Energy consuming Proof of Stake consensus algorithm, the DpoS does not require high GPU or miners the system only requires validators to approve blocks.
- SCALABILITY
As an upgrade to the PoW the new consensus algorithm does not requires validators to figure out complicated cryptographic hash hence making it easier to validate a block and the easier it is the faster it is expected to be we know the DPoS has been seen to be over 200X faster than PoW
In conclusion, anyone with the minimum required amount of Trx staked in the blockchain can be among the selected 21 super representatives if the individual gets the appropriate votes, the governance of the blockchain and creation of block is overseen by both the Super Representatives(witnesses) and Delegates
I think the delegation system implemented by the Tron Blockchain is very suitable for it compared to having to use PoW which consumes a lot of resources.
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Yes it does
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Please don't mention moderators in your post. it's all kind of spamming. Each and every posts in this community are being checked by any of the moderators.
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Noted!
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Twitter post
https://twitter.com/jamez_mccoy/status/1513769198702452738?t=m1SN4QVv1JacweIY0Z26PQ&s=19
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You have discussed many important issues. Many of us know about this and many do not know but we should all know.
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