Why did Justin Sun winning the Tron (TRX) Super Representative vote caused doubt?: [Essay Example], 528 words GradesFixer

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Why did Justin Sun winning the Tron (TRX) Super Representative vote caused doubt?

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After the recent support on the Ledger wallet, Tron (TRX) is expected to see a number of new investors, long term investors, added to the ever growing Tron Community. With the addition of TRX to a hardware wallet, will see the HODLers get a chance to safely store their tokens in a Ledger wallet. Will this have an impact in the token’s price? In the short term, the price is likely to remain unaffected from the support, with the market currently at low support levels. However, in the long term, TRX holders may see the fruits of holding on to the tokens with adoption set to increase over the long term.

This however has not been the only positive news this week for Tronics fans. In Tron’s Super Representative Elections, one familiar face to the fans is set to hold a node after winning the vote in less than 24 hours, Justin Sun, the CEO of Tron Foundation. He doubles up as the founder of Tron and heads management of the blockchain. This represented pure humility on his part (or a positive public relations stunt to some) but the message of support was clear by his fans.

Tron (TRX) Super representative election is a competition to vote for a “super representative” –a node on the software elected by token holders to validate transactions, create blocks in the network and compete for its reward. According to the rules set, for a super representative to be voted in to run a node they need to amass a total of 100 million votes each that costs 1 TRX token.

Mr. Sun relished in his win giving assurance to his supporters of the importance of this vote to Tron’s future and the “establishment of a truly democratic, decentralized Tron community”. The latter statement wnet well with most of the voters but some critics were keen to notice the impending conflict of interest as the CEO of Tron Foundation that holds over 54 billion TRX tokens.


– Mr. Justin Sun, CEO of Tron Foundation

The Tron’s rollercoaster ride so far in the last few months has seen its media attention, community and price perform rather well as compared to the market in general that has been on a bearish run since February. Tron hopes to be part of the upcoming coin listing on Coinbase as a short term bullish run is expected in the fourth quarter.

TRX is currently trading at $0.035049 USD, representing a 7.55% decline in price in the last 24 hours. The market is slightly bearish but the news of Justin taking part in a vote may well have played into the sharp drop in price. The token is ranked 11th on the largest market capitalization ranking with a market cap of $2,304,372,691 USD worth of TRX.

Tron (TRX) Super Representative Election has so far seen a total of 11 nodes voted in with most taking far longer periods than Mr. Sun. The doubt will surely continue but it surely will have no long term effect in the future with more nodes voted in.

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GradesFixer. (2019). Why did Justin Sun winning the Tron (TRX) Super Representative vote caused doubt? Retrived from https://gradesfixer.com/free-essay-examples/why-did-justin-sun-winning-the-tron-trx-super-representative-vote-caused-doubt/
GradesFixer. "Why did Justin Sun winning the Tron (TRX) Super Representative vote caused doubt?" GradesFixer, 10 Apr. 2019, https://gradesfixer.com/free-essay-examples/why-did-justin-sun-winning-the-tron-trx-super-representative-vote-caused-doubt/
GradesFixer, 2019. Why did Justin Sun winning the Tron (TRX) Super Representative vote caused doubt? [online] Available at: <https://gradesfixer.com/free-essay-examples/why-did-justin-sun-winning-the-tron-trx-super-representative-vote-caused-doubt/> [Accessed 16 July 2020].
GradesFixer. Why did Justin Sun winning the Tron (TRX) Super Representative vote caused doubt? [Internet]. GradesFixer; 2019 [cited 2019 April 10]. Available from: https://gradesfixer.com/free-essay-examples/why-did-justin-sun-winning-the-tron-trx-super-representative-vote-caused-doubt/
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