Justin Sun Announces Tron Rewards and TRX Burn Mechanism Changes
Justin Sun Gives Update on Tron Reward Mechanism and TRX Burn
On a recent tweet, Justin Sun, the founder of the Tron Foundation, announced that the reward mechanisms of the Tron Network would be changing to get more in sync with the community and to ensure that it is decentralized, democratic and autonomous.
$TRX burn and the Reward Mechanism will be changing based on #TRON network development and in sync with our community to ensure a #decentralized, #autonomous and #democratic TRON ecosystem. #TRX https://t.co/y6fkBSLilc
— Justin Sun (@justinsuntron) August 27, 2018
According to the post made by the Tron Foundation, since the Tron Foundation has activated the main net of the network on June 25, the 27 Genesis Representatives were replaced by the following 27 Super Representatives and the network entered its “Constitutional phase” effectively and officially. Because of this, heated discussions about how the system works have already started.
After the election of the 27 Super Representatives, the community has been speaking a lot about how the TRX token burns happen. Therefore, the organization thought it was proper to provide a clarification for the users.
As the main net launched, the total of TRX tokens has decreased from 100 billion to 99 billion tokens and more token burns will happen to keep the prices of TRX high. As the whole ecosystem grows more, more tokens will be burned.
Community Will Have The Power To Change Rules
The Tron Foundation is always concerned to keep the Tron environment fair and democratic, so it has affirmed that adjustments to how the burns work will be made over time following the votes of the community.
On August 13, the community published a proposal to increase block rewards for SR candidates of the Tron network. This way, the returns are not constant but determined by the changing reward mechanisms and the coin burns.
The idea to let the community decide instead of keeping the burns and rewards constant happens because they need to adjust to the demands of the investors of the network. The community is to always have the final word on how the network should do things.
Because of this, all of the users of the Tron Network have to participate in the votes and elections of the company to be sure that they have a voice in saying how the future of the community will be created.
About The Tron Network
The Tron network is a decentralized network created by the Tron Foundation and Justin Sun. Its main focus is on creating a decentralized and democratic blockchain P2P network that will let its users decide the future.