Jun 26, 2018 05:36 UTC
Jun 26, 2018 at 05:36 UTC
Tron’s Blockchain Complete
The $3 Billion decentralized internet project, Tron, has gone live but, it’s yet to complete its “independence” from the Ethereum Blockchain. 25th June 2018 was to be celebrated as the Independence Day for Tron from Ethereum as well as the official launch of its mainnet, but it was only able to launch its mainnet.
During a live stream, Justin Sun, founder of Tron, said that they are still in the middle of migrating the remaining TRX tokens of its users from Ethereum to the mainnet. As per a previous report, when Tron began the token swap during the last week, at that time it was indicated that by the time the “Independence Day” would come the swap would have been completed. This would enable the token-holders to use their tokens on Tuesday, to vote for the twenty-seven block validators. Also called “Super Representatives,” blocks are produced with these validators, a component of the DPoS (delegated proof-of-stake system) of the project. But now it has been suggested by Justin Sun that the initial timeline that they had envisaged is not realistic anymore.
He was quoted as saying that “We expect to finish all the exchange token swap and the migration in the next couple of days.” He further added that they have “already served” one-third of the exchanges which have been supporting the swap and when they would have completed the remaining exchanges, it would enable the users to use the exchanges to withdraw their tokens.
But, Justin sounded upbeat and said that Tron would proceed ahead with the scheduled super representative election, which could extend for a few days.
During the live stream, he was quoted as saying that “Probably this election period will go five days or something because lots of the [token holders] need time to get their mainnet tokens.” Every TRX token makes up for one vote, and in order to be elected, every super representative should be able to get more than 100 million votes. This means that some of the users might have to wait to get their chance to vote, but as per the representatives of the project, token holders will be able to observe and accomplish the election process including voting, through the Tron Scan feature.
As confirmed by Sun during the live stream, Tron has managed to produce more than 400 nodes and 10,000 transaction blocks on the network. The completion of the elections will mark the beginning of governance of the community over the Blockchain and would be “the ultimate phase of an independent Tron.”