Two months ago, on June 25th, TRON TRX foundation on the head with Justin Sun announced the Independence Day for TRON, followed up with a burn of one billion coins that were being kept in reserve by the foundation.
On August 27th, the foundation announced having another round of coins burnt, this time focusing on “burning” a batch of TRX ERC-20 units. The team also went forward with clarifying block rewards for Super Representatives that have taken places of previous Genesis Representatives.
This way, TRON (TRX) has marked an entrance into the constitutional phase of decentralized autonomous democracy.
TRON Foundation Went Forward with another Coin Burn
On August 27th, Tron foundation announced performing another coin burn. This time, a round of TRX ERC-20 type tokens has been burnt concluded with the mentioned date, while the foundation previously burnt one billion TRX units that were kept by TRON (TRX).
This time the team stated that 670,045,551.449388 ERC-20 TRX tokens have been burnt, that way concluding the beginning of new era of democracy for this blockchain project.
The foundation additionally stated in their official post on Medium that the network is running smoothly after the latest coin burn, with 909 different nodes across the globe, while the token migration is still in process. The team is also only several days ahead of the TVM launch, keeping the community updates on all actions and operations regarding TRON network.
TRON Clarifies Coin Burn and Block Rewards
Regarding the most recent case of burning over 670 thousand TRON ERC-20 type tokens, the foundation clarified that TRON has officially entered the next stage of its operations, that way establishing constitutional phase of decentralized autonomous democracy.
Back on June 25th, the foundation has declared the Independence Day for TRON and Tronics, while soon after replacing 27 Genesis Representatives with 27 Super Representatives out of 127 candidates for TRON SRs.
Now that all 27 SR has been chosen by fair voting on the TRON network, the foundation clarified block rewards, stating that the network adopted DPOS consensus mechanism, further stating that a block is generated at every 3 seconds for Super Representatives, rewarding the 27 SRs in sequences with 32TRX per every generated block.
Moreover, the total of 127 SR candidates which also includes the 27 chosen Super Representatives, the network will be awarding the additional amount of 16 TRX for every block generated in 3 seconds.
The additional block rewards will be distributed among the 127 Super Representatives candidates, proportionally receiving the amount of TRX in rewards in accordance with the votes the candidates have previously received during the election.
Previously during the Mainnet launch when the one billion coin burn took place, the foundation has decreased the number of total supply of tokens from 100 billion to 99 billion tokens.
Now that all the 27 SR candidates have been chosen, one of them being Justin Sun, the founder, and CEO of TRON network and TRX, the foundation can focus on building a more decentralized future within a democratized blockchain-based network.
TRON to Launch the new Tron Virtual Machine
The next he thing in the roadmap of TRON foundation is the announced launching of the new Tron Virtual Machine.
The TVM was announced back with the Independence Day on June 25th with the launching of the mainnet, and it is scheduled for release on August 30th, which is now only several days away as Tronics are counting down to the official launch.
The new TVM should resemble EOS system while being compatible with Ethereum virtual machine, made to create a more efficient and productive ecosystem for developers, which should additionally contribute to the overall value of TRON project and foundation as the team is heading towards creating a decentralized internet.
BitTorrent, one of the most famous data sharing services, previously acquired by the founder of TRON foundation, Justin Sun, should play a major role in this stage of the network development, while Sun also announced incentivizing BitTorrent users for seeding.
On August 27th, after the most recently announced coin burn, TRX is going up by over 5% against the dollar, while being traded at the price of 0.023$ per one unit. The official launching of the TVM will be held live by the foundation, while all community members following the official release will get a chance to join a new lottery draw and collect rewards in form of TRX.