Last Friday, December 7th, seven billion votes were cast in Tron’s Super Representative elections. It’s worth it to stop for a few minutes it’d take you to read this article and figure out why this is a meaningful thing.
Let’s start with the most obvious thing: these many votes mean that a lot of people have joined the Tron community and care enough about its internal organization scheme to actually take the time to cast a vote. Seven billion times.
In itself, it’s amazing because it speaks volumes about the success Tron’s had in recruiting an optimistic and caring community that is supporting the project and being bullish about the token. But there are other consequences and applications.
This huge number of votes increases the token’s price and value. Why? Because it increases scarcity. It’s on the way the voting mechanism works. To vote for a Super Representative (you can think of them as Tron’s Congress, kind of thing) you have to allow a freeze in your Tronix wallet for a given amount of time. So for every vote, there is a number of tokens that stay out of circulation for a while. That makes the Tronix token scarcer and, hence, more valuable.
#TRON has surpassed more than 7 billion votes in the SR elections on Dec 7 💥
This means that 7 billion $TRX are currently frozen, which represents more than 10% of the entire #TRX circulating supply 🙏🏽#IAmDecentralized 🖖🏽 pic.twitter.com/80RFEujti3
— Misha Lederman (@mishalederman) December 7, 2018
According to some observers and commentators, as many as 10% of all circulating tokens are frozen because of the voting process, which is a huge number.
And there’s an additional implication. The Tron community trusts and loves the project. It’s probably the most loyal (even fanatical community) in the cryptosphere. It’s very passionate, and this matters a lot because developers and users are community members and they are the people who will promote mass adoption for Tron’s blockchain and coin and also develop decentralized apps that are going to bring about even more users and community members into the Tron network.
This is having an effect on the coin’s status already and helping Tron stand strong in front of the crypto storm. As we write this, Tronix is valued at $0.013308 which is still very cheap. It’s trading in small red numbers (at the tune of 3%).
But don’t let the asset’s reduced price fool you in any way. It’s growing very quickly, however cheap it can seem. Today it’s the tenth coin by market capitalization while it was twelfth only a few days ago. This asset is growing at a time in which every other asset (with very few exceptions) are losing ground, value, and capitalization.
Let’s also not forget that Tron is now the world’s largest decentralized network because it now includes BitTorrent. The full integration of BitTorrent into Tron’s blockchain is still pending (it’s called Project Atlas) but when it’s finally completed, it will turn TRX into a useful means of exchange (and value) among the 100 million BitTorrent users currently active in the world. There’s no way to predict how that development will change Tron’s status in the crypto verse but it will be very influential for sure.
Keep an eye on Tron’s news, price and new apps. It’s very ambitious, it has a very competent leadership with already proven credentials in the tech world, and it’s bound to acquire value sooner or later.
Image courtesy of Pixabay.
Instant crypto credit lines from only 5.9% APR - unlock your crypto-weatlh tax-efficiently, without selling it. Earn up to 8%interest per year on your stablecoins, USD, EUR & GBP. $100 million custodial insurance.
Get started now..
