Posted 2 years ago | by Ben Armstrong
The TRON Network has a new player. Overnight, the world's most popular cryptocurrency exchange, entered the TRON Super Representative (SR) rankings at the number one spot. Binance has over 12 Billion TRON (TRX) frozen and voted on its node. The second ranked TRON SR is SesameSeed with 566M votes. This means Binance has almost 60% of all TRX frozen for voting. Here is a screenshot from today's rankings from TRONSCAN:
The TRON Network is a Delegated Proof of Stake (DPOS) blockchain. This means that elections are constantly held to determine which nodes on the network will produce blocks. The TRON SR system has 27 nodes that are elected at any given time. Elected nodes earn rewards for producing blocks based upon how many they are able to produce. Nodes then share their rewards with the community members who voted for them.
There has not been a public statement from TRON or any of the other Super Representatives as of yet. But many of the SRs will probably not be happy as this has cut the amount of available rewards for the other 26 elected SRs by over 50%.
More details will be revealed about this breaking news as they are learned such as where the 12B TRX came from that Binance used to vote itself into election. One complaint that the cryptocurrency community has against central banks is that banks use people's money in order to benefit the bank. If Binance used all of the TRX held on its exchange to vote itself into election and earn rewards then it begs the question how is that different than a central bank?