Justin Sun Raises Tron Community Reward To $2 Billion
Justin Sun, the founder of Tron (TRX), has increased that the amount set aside for the Tron community program (Project Genesis, #TronPG) to $2 billion, instead of $1 billion announced at the time of release of testnet facility. A few days earlier, Sun had announced that Tron Foundation will conduct its first super representative election on June 26, 2018. The election will lead to the selection of 27 Super Representatives, who will represent more than one million TRON investors. The Super Representatives will also ensure the stability of the network by providing their necessary calculation and validation of the network. Additionally, the Super Representatives will play a crucial role in the future governance of Tron network.
Exodus phase will also be completed by June 26, six months ahead of schedule. It will be followed with Odyssey. Tron Foundation and the community will join together and govern the network during Odyssey phase. After the mainnet token migration is complete on June 21, 2018, TRON will lose its identity as a ERC20 token and will join the list of other mainstream blockchain networks across the globe.
The entire amount will be shared among Tron community and developers. In particular, the amount will be used for Github plan, Tron Loan (details of which are yet to be announced), Meet up, and developers conference (to be announced).
During our testnet launch, I announced that 1 Billion USD will be dedicated to the #TRON community rewards program. Now that number is 2 Billion! Welcome to Project Genesis. #TronPG $TRX #TRX pic.twitter.com/048Vu1OipT
— Justin Sun (@justinsuntron) April 14, 2018
Once the mainnet is launched, the Tron protocol will generate one block per second. Each block will award 32 TRX crypto tokens to Super Representatives. This means, a total of 1,009,152,000 TRX will be awarded annually to twenty-seven Super Representatives. Until 2021, Tron will not undergo any inflation. All blocks will be awarded prior to that date.
Sun has also guaranteed that the 34,251,888,355 TRX will remain locked and will not be a part of the voting process for the Super Representative election. Sun has expressed his willingness to participate in the election and has invited all members of the community to participate as well.
AuthorKelly Cromley
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.
