TRON Will Burn $50 Million USD on June 25 to Celebrate Its Independence Day
The TRON Foundation has announced a party in San Francisco on June 25 to celebrate “TRON Independence Day.” And, as part of that celebration, TRON will burn 1 billion TRX tokens, worth about $50 million USD at today’s market price.
“This may set the record for the most amount of money destroyed in human history in celebration of a historic moment,” explained the TRON Foundation in a blog post.
“The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.”
TRON is preparing to launch its mainnet. As part of the mainnet launch, TRON is swapping its tokens at a 1:1 ratio. TRX tokens will transform from ERC20 tokens into TRX tokens on the Tron mainnet. The token migration will take place on June 24. 30 cryptocurrency exchanges have also announced plans to support the migration.
The mainnet launch process will take place in four stages, including Preparation, Guardian Phase, Genesis Phase, and Constitutional Phase.
Stage 0: Preparation
On June 18, the TRON community selected volunteers from Super Representative candidates to serve as Tron’s Genesis Representatives (GR) to participate in the mainnet launch. Super Representative candidates who have a block generation rate of over 99% for more than five consecutive days will be selected as GRs. Candidates with “the most outstanding technical skill” will become GRs during the mainnet launch rehearsal, according to the TRON Foundation’s latest blog post. The 27 selected GRs, at this point, will form a “TRON Independence Group” to ensure a successful mainnet launch.
The preparation phase includes several different rehearsals. The blog post announcing the Independence Day outlined the rehearsals and processes in detail.
Stage 1: Guardian Phase
During the Guardian Phase, the 26 Genesis Representatives of the TRON Independence Group will review the process, then wait for the BOOT command to be activated. Two thirds of the GRs are required to confirm the BOOT command. At this point, the representatives will start the mainnet launch process together.
Stage 2: Genesis Phase
On June 25, TRON will begin creating genesis blocks after making sure the nodes are secure. TRON Independence Day will officially occur when more than two thirds of the 27 GRs reach a consensus, at which point the mainnet will officially launch.
Once this process is complete, the GR has completed its mission and will be relieved from its position.
Stage 3: Constitutional Phase
At this point, the 27 Super Representatives (SRs) will begin governing the TRON network and the TRON mainnet will enter the Constitutional Phase. The SRs will co-govern the network with the TRON community.
At this point, TRON will migrate from an ERC20 token into “one of the most globally competitive and well-governed major public blockchains,” according to the blog post. From this point forward, TRON will become “a free, autonomous, and self-governed decentralized protocol with robust community consensus.” At least, that’s the goal.
At some point during the Tron Independence Day party, the Tron Foundation is expected to burn 1 billion TRX tokens, or about $50 million of value.
Ultimately, the Tron Independence Day is just days away. Stay tuned for the beginning of the mainnet launch process on June 24, followed by the actual mainnet launch – and TRON Independence Day – on June 25.
You can join in the discussion on Reddit and Twitter:
‘June 25th, TRON Independence Day – To commemorate this exciting moment, TRON Foundation will conduct a burn of 1,000,000,000 TRX all at once, which is worth 50 million USD according to today’s market price' from Tronix
Independence Day Facts: 1) 6/25: 1B #TRX($50M) coin burn 2) #TRON Independence Group helps launch Mainnet with 4 phases—Preparation(Done), Guardian, Genesis, and Constitutional(after SRs replace GRs. Officially online). See link: https://t.co/1rd0MKuqEn pic.twitter.com/jNKxrd7ABx
— Justin Sun (@justinsuntron) June 21, 2018
Letter to the community: #TRON Independence Day. Celebrate on June 25th as we become a free, autonomous, and self-governed decentralized internet. Join us in celebrating with a 🔥🔥1 billion #TRX coin burn! @Tronfoundation https://t.co/NZrpDq6V9V pic.twitter.com/NFmIjRAF6u
— Justin Sun (@justinsuntron) June 21, 2018