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Tron to Burn TRX Worth $50 Million to Mark ‘Independence Day’

Last Updated March 4, 2021 5:09 PM
Mark Emem
Last Updated March 4, 2021 5:09 PM

The much-hyped Tron Independence Day is less than 72 hours away. As part of the commemorative events that are set to take place, Tron Foundation has revealed that TRX tokens worth approximately US$ 50 million will be burnt. This is one billion TRX coins which according to Tron Foundation will perhaps constitute the largest amount of money ever destroyed for purposes of celebrating a monumental event.

After the burn, the number of TRX coins will consequently fall to 99 billion. Tron Foundation is currently holding 33,251,807,524 TRX and these will remain locked till January 1, 2020.

The mainnet launch of Tron is a process which has consisted of four stages. The world’s 9th largest cryptocurrency based on market capitalization at the time of writing, according to CoinMarketCap, launched its testnet late in March. The preparation phase which has been underway has mainly involved selecting Genesis Representatives from among the Super Representatives already picked.

Rehearsals Conducted to Guarantee Success

Tron’s successful mainnet launch will be dependent on 27 Genesis Representatives and rehearsals have been conducted with a view to ensuring that the launch of the mainnet takes place without hitches.

After the launch of the Tron mainnet the elections for Super Representatives will commence. The Genesis Representatives will however not be up for election as Super Representatives. Once governance of the Tron network has been taken over by the 27 Super Representatives the next stage for the mainnet will be the constitutional phase where the entire community will co-govern the system. It is at this point that the official migration of Tron from the ERC20 blockchain will occur.

With Tron listed on more than 100 exchanges across the globe, it will be up to each exchange to determine when to migrate tokens to the Tron mainnet from the ERC20 blockchain. The migration exchange rate is 1 to 1.

The Blockchain Wars

Unlike the Ethereum platform which uses the custom programming language of Solidity, the Tron mainnet is built on Java. After the launch of Tron’s testnet late in March, the founder of Tron Foundation, Justin Sun, claimed Tron was better than Ethereum listing several reasons including a higher number of transactions per second as well as fees.

While the Tron team initially had a bug bounty program offering $100,000 to identify weaknesses and flaws, the team earlier in the month raised the figure to $10 million. This was interpreted as a sign of confidence in the security of its network besides a show of the seriousness Tron Foundation ascribes to network security. At the beginning of the month, Sun said as much.