The 11th placed Tron is one of the most popular cryptocurrencies on the charts, with multiple Twitter announcements on a daily basis that capture the attention of members. Today, on November 5, Justin Sun, the Chief Executive Officer [CEO] of the Tron Foundation, stated that the all-important No.27 proposal for Tron Super Representatives was officially approved. Sun’s tweet read:
“The NO. 27 Proposal of #TRON network was officially approved at 14:00, Nov 5 (SGT), 2019. The proposal modified the SR block reward to 16 #TRX & the block staking reward for the first 127 SRs and partners to 160 $TRX, ten times the prior staking rewards.”
The No.27 proposal will be part of the roster with the No.22 proposal, which was approved earlier. Both the protocols were treaded as milestones for the Tron blockchain as they will be used to implement a new incentive mechanism. The organization revealed that staking is the next big thing in the cryptocurrency world as it will make the network “even safer and more efficient.”
The official release from Tron added:
“The total amount of votes on the TRON network is now nearing 22 billion, and is expected to increase further after the proposal is adopted. Meanwhile, Tronscan.org, TronLink, Cobo Wallet are among the first to enable the staking rewards feature.”
With the approval of the latest proposal, the total amount of votes on the Tron network was approaching a massive 22 billion, and projections show an even more significant growth approaching soon.
During the month of October, Tron saw a lot of its proposals being approved with the Proposal 3 being approved by 25 of the total 27 Super Representatives. During the voting procedure, each Super Representative has the right to produce one vote. When a proposal receives 19 votes or more from the SR’s within the specified time frame, the proposal will be approved, and its network parameters will be modified in the next maintenance period.
The Super Representative Committee was created to oversee the developments on the Tron blockchain along with keeping a check on the quality of projects. The idea of SR’s was part of Tron’s efforts to follow its mission of “Democratizing and decentralizing the internet.”
Despite the technical developments, as we write this, Tron is still in the 11th position on the cryptocurrency charts, trading at $0.019. TRX held a total market cap of $1.31 billion and a 24-hour trading volume of $927.42 million.
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