THE GOVERNANCE OF TRON ECOSYSTEM/ CRYPTOACADEMY S4W7/ HOME-WORK POST FOR @YOHAN2ON
Introduction
Blockchain technology have really shaped the way we execute transactions previously in the 1990's when technology was in the dark world, this is a modern world and we are adjusting to the reality of life, as we know blockchain is system which keeps records of transaction's made which are associated in peers.
Blockchain is simply a systematic way of keeping information safe in such a way that it can't be compromised by a third party, transactions on blockchain's are basically distributed across the network of computers, so many cryptocurrencies are built on blockchain and the enermous characteristics blockchain poses can't be overemphasized that brings us to one cryptocurrency built on blockchain called Tron TRX.
Before we proceed knowing who a super Representatives are it will be nice we have a clear understanding on what Tron entails.
What is Tron
Tron is a cryptocurrency built on blockchain ecosystem, Tron is practically designated by blockchain and it follows suite with the physcology of a decentralized web. In Tron ecosystem there are Various products that consolidate they are public chain, DApps which is decentralized applications, wallet-clients, etc.
Tron public chain
Tron public-chain is practically a decentralized blockchain it came to fruition courtesy Tron protocol, there are some decentralized DApps at which Tron operates in one of then is the Just-swap platform, Tron public chain came to lime-light on July 25 2018.
On Tron public chain you have the mandate to issue token assets, you can also transfer your assets, stake in the end get massive rewards, you can also vote, there are so many things that goes on in Tron public chain.
Carry out transactions on Tron public chain is very secured and reliable, the network itself isn't controlled by anyone (decentralized), and it's backed up by cryptography, to view the white papper
click here
Who are Super Representatives, SR partners and SR candidates? (The Governance of the TRON Ecosystem)
Tron as a public chain uses Dpos, which means delighted proof of stake, as a consensus mechanism, we know bitcoin uses the PoS proof of stake, and other crucial cryptocurrencies using various other consensus allogrithm's, but in the case of TRX, using the DpoS, it paves way for 200Tps.
There are splendid on-chain governance allogrithm, that contributes to the vital implementation of DpoS mechanism I will be exploring then check downward to read more.
Super representatives(Sr), and super Representatives partners (SrP)
The both has mandate that they fulfil, one of it is that they can initiate various voting requests for proposals after the voting system have come to climax from the SRs, then the votes will officially be counted, reason for counting is to know and verify if proposals has taken place.
Proposal's can be said to been shifting of blockchain parameters thereby opening new features, we know that nodes runs on a blockchain now new proposals are officially added you will find out that proposal allogrithm will make nodes adjust courtesy multiple restart
whenever blockchain is updating, thereby improving the efficacy and efficiency of consensus mechanism officially been provided, giving clearer example to this is more like adding 90%, of oil on-top 10%, of old oil in the generator.
you will find out that the new oil will dominate the old oil and Make the generator system work well, if the 10% old oil makes the generator smoke previously with the addition of 90% oil trust me the generator will correct this is a topical example of new proposal to blockchain parameters.
On-chain governance and incentive allogrithm
Tron public-chain haven talked more on that you will agree with me that it produces specifically two types of roles which are the super Representatives (Sr) and the super Representatives partnership (Spr). one crutial responsibility they have is taking part in on-chain governance.
Sr/Spr has the capability to galvanize voting Courtesy a specific proposal, while other can introduce their proposal as a result of voting recently initiated this means that no one controll's the blockchain because no one has power over other it's just that as an Sr or Spr your opinion on voting are usually welcomed.
Tron public-chain been totally decentralized has a moderlity which is incentive allogrithm that can elivate the blockchain and it's prosperity, SRs has the total submission power of accumulating transactions and by so doing producing blocks that will run on the blockchain.
SRs and Sr partnership are elonquative simply because their consolidation, accumulates awards courtesy votes, thereby staking rewards can be achieved those Who votes (voters) can also gain rewards for voting. The amount of voters incentives are very much open and the process is extremely decentralized.
What’s the difference between DPOS and POS consensus mechanisms
DpoS means delegated proof of stake, it can be defined as a consensus allogrithm specially designated to favour highly scalable blockchains, this mechanism was officially invented by Daniel larimer in the year 2014, when it was officially implemented in 2014 it offered (BFT).
DpoS is saddled with the responsibility of providing a higher level of protections to public blockchain blockchain's Byzantine fault tolerance, another aspect to know is that it's models are very scalable.
DpoS is known for Decentralized output in tense of strength, it eliminates censorship whenever transactions are been added into a block of a block-chain.
Operation's on DpoS and how it works
Vote issuance; this is seen as an inception of DpoS voting protocol, whenever real voting process officially kick-start's the actual voting system comes to usage, the voting systems is very much structured as it associate's with the process of reputation allogrithm.
Creation of Blocks; in this phase various delegators have the strength to galvanize and create out new blocks that will be inserted into the blockchain technology, at some point each of the so many delegates has the ability to generate blocks that will be validated into the blockchain.
Proof of stake (PoS) consensus mechanism
Proof of stake consensus mechanism was officially introduced in 2011, it can be defined as a consensus protocol that relies on nodes in order to verify transactions, instead of hashi data's to validate transactions on the blockchain.
Staking is very much possible in proof of stake that can be possible through the accessment of monitory collateral that nodes running on the blockchain has committed to the network.
Staking is very much allowed in a network you can also throw in your token to a pool called the liquidity pool, by so doing you earn massively, in PoS they have various models at which they select nodes that will validate transactions.
the higher your token staked gives you a grand opportunity to be selected for block validation.
The prolonged nature of unspent token, the greather your chance of been selected to validate transactions.
Note imidiatly your stake is used to verify transactions on a block, it will automatically reset its age to 0.
Eradication of centralization, the PoS validation process favours those in possession of large token's, the process is more like a merry go round.
At this point I will highlight the key diffeeence between DpoS and PoS mechanism
| DpoS mechanism | PoS mechanism |
|---|---|
| in DpoS Rights are given to network operators to delegate courtesy the production of new blocks at that process of delegating they can fix witnesses too. | in PoS mechanism those with higher token have an edge over other courtesy transactions validation, it's more like the higher your token the higher your validation incentive. |
| User's have a pick as a result of which delegate to execute validation process through a voting mechanism, the amount of tokens accumulated in the voters wallet plays a very important role at this stage. | in PoS mechanism user's don't select which validates transactions instead there is random selection to prevent centralization process. |
Write a Step by Step tutorial showcasing how to stake/freeze TRX and vote for SRs
Staking happens in almost every Exchange and decentralized applications Dapps, when you stake you gain APY.
In the voting section to execute that gesture you need to vote for Sr or an SRs courtesy this question been asked I will show step by step means to stake and freeze TRX keep reading and enjoy the process as it kick-start's.
Step1
Fiest go to landing hom-page of your Tron-link pro App, and click on freeze/unfreeze.
When you are done with that another phase will pop-up, Note you can decide to unfreeze your TRX.
Step2
At this page I clicked on 2, that's the amount of TRX I'm willing to freeze, from the screenshot's uploaded I have 16 TRX currently available in my wallet.
Before you proceed to freezing your token bandwidth will be consumed, from the image 3 bandwidth are consumed to yield 2 votes.
I screwed downwards and I clicked on the freeze botton and another phase showed up.
Step3
At this phase the resources type is bandwidth, and the number of token I want to freeze is 2.
Before you perform any transaction in an exchange of DEX, DApps, there must be service charge, in this one the service charge is 244 bandwidth.
Step4
- I'm at the final stage of freezing 2 TRX, but before executing that I have to include my password, which I did, then I clicked on done.
This phase I'm about executing is all about voting, and you have to vote for SR let's proceed to see how this works.
Step5
- Firstly at this landing home-page of Tron-link pro mobile App, click on Vote and another phase will show up.
Step6
- Here I'm voting for RS, just as I earlier said, another phase down below I selected crypto-chain it has a high estemated yield, I selected it. and I clicked on confirm, to proceed to the next phase.
Step7
At this phase if you are having a double though and you don't want to continue you actually cancel your vote.
If you cancel your vote, then your TRX will be unfreeze. In here I didn't cancel my instead I proceeded.
Step8
- In this phase I selected 2, as my voting figure and I clicked on confirm, with my estimated yield been 6.8%.
Step9
- At I imputed my password and the bandwidth consumption here stands at 264, I screwed down and clicked on done.
Step10
- This is the final stage, in here I voted Rs, and my balance is 14 TRX, and I voted 2 TRX. Selecting crypto-chain and my percentage vote is 1.61%.
Conclusion
From my home-work task I explained the concept of TRON where I said it's a cryptocurrency built on blockchain ecosystem, with the upti-most physcology of a decentralized web, Tron as a Decentralized cryptocurrency is used in various decentralized Applications DApps for swapping and staking also a topical example is the Just-swap platform.
Tron is a public chain that makes use of DpoS, as a consensus allogrithm, just as bitcoin uses PoS, proof of stake, you will agree with me that we have various on-chain governance here I will go with Sr, and Spr, they both play different roles Sr/Spr has the capability to initiate vote Courtesy a specific proposal, while other can introduce their proposal as a result of voting that is initiated by this no one has an upper edge in the blockchain.
- I also highlighted steps to follow to freeze and vote SRs, I used my Tron-link pro mobile Application, thank you very much professor @yohan2on for this amazing lecture trust me I really learnt alot. Wish to keep doing your homework task.