Tron has a $2 billion cryptocurrency network and this week, the network beg its election in the hopes of establishing its official blockchain protocol.
Interestingly enough, there Tron’s elections are refreshing in the sense that they are free from the traditional markets that may make the process more challenging, such as voting lines and an oversight committee. Further, Tron has a feature that may make it stand out from other platforms, and it’s the deleted protocol proof-of-stake (DPoS), which manages how individuals running the software can alter the rules.
The voting protocol is interesting as well. The voting system offers instructive lessons for crypto innovators based on the election style blockchain governance. Although this type of voting system has yet to be tested, it may be easier and better to implement.
Tron also aims to keep its funds out of the voting process. To do so, the platform will store funds across 100 different addresses, so as to minimize risk.
The process is also one that Tron pledges to keep transparent. To promote transparency, the platform is working on communicating with the public and to distribute power fairly. According to the Tron Foundation,
“In their system, miners, founders and developer teams hold much of the power . . . Token holders do not have any governance rights. This is an oligarchic system controlled by a select few, where there is no legitimacy in the true sense of the world.”
It is also important to recognize that there may be gaps in information. The Tron blockchain has 27 anonymous, temporary delegates dubbed “genesis representatives” who are currently responsible for operating the blockchain until other representatives come into power by way of voting with their tokens.