Tron To Carry Out 1 billion TRX Token Burn

Updated On Jun 22, 2018 by Cameron Bishop

Justin Sun, the founder of Tron (TRX) network, has published a detailed guide of the events that are planned for the upcoming days. It can be remembered that Tron released its mainnet on May 31 and beta phase is currently going on.

Sun has also announced that Tron Foundation will burn 1 billion tokens, worth $50 million, to celebrate the token migration. Tron will launch its mainnet in four stages: Preparation, Guardian Phase, Genesis Phase, and Constitutional Phase.

Stage 0: Preparation

Four days before, the Tron community selected volunteers to serve as Tron’s Genesis Representatives (GR). The volunteers were selected from Tron’s Super Representative candidates, who have a block generation record of over 99% for more than five consecutive days.

On June 19, Tron ran a crisis management drill for mainnet crash. During this process 2/3rds of the super nodes were shut down and deliberate change in protocol version was effected. A day later, the first rehearsal of the mainnet launch was carried out. Yesterday, the GR candidates conducted the second rehearsal. Today, Tron will finalize the list of GRs who will form the Tron Independence Group anonymously. This is intended to prevent cyber-attacks and ensure a successful mainnet launch. Tomorrow, based on the rate of block generation, a GR will be selected as a Genesis Boot Node (GBN) using an algorithm.

Stage 1 : Guardian Phase

On June 24, 26 GRs if the Tron Independence Group will join hands and review the process, network parameters, version information, and authentication. Once more than 2/3rd of the GRs confirm the command from GBN, all the representatives will start the launch process in unison.

Stage 2: Genesis Phase

On June 25, GBN will begin to initialize network parameter in order to create genesis blocks. Once more than 2/3rds of the 27 GRs reach a consensus, Tron’s mainnet will officially go live, marking the beginning of the Super Representative Elections

Stage 3: Constitutional Phase

Tron’s mainnet will enter Constitutional phase after all the 27 SRs take over the governance of the Tron network. From then onwards, Tron network will be co-governed by the entire community. In this phase, Tron’s tokens will officially migrate from ERC20. With this, Tron will become an open, autonomous, self-governed, decentralized protocol, backed by a strong community.

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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