TRON Will Burn 50M USD Worth of TRX to Celebrate Independence
Justin Sun is familiar with major announcements, and when it comes to his blockchain, he never has enough. A few hours ago, on the official Tron Foundation blog, Mr. Sun disclosed a series of events they were preparing to commemorate Tron’s Independence Day.
Perhaps the most important of all is that of a coin burn of 1 Billion Tronix, which would be equivalent to approximately 50 million dollars according to current figures.
Typically when a coin burn happens, the effect on the market is bullish. The decrease in available tokens increases the value of each unit in the market, and thus the currency is revalued.
According to the Tron Foundation, “This may set the record for the most amount of money destroyed in human history in celebration of a historic moment.”
Previously, Justin Sun had made other important announcements to promote his crypto after moving from ERC-20 tokens running on Ethereum’s blockchain to units within an autonomous blockchain.
Of all, the most important and famous were the famous airdrops. Events in which tokens were delivered to users without the need for them to have traded or mined them.
Another important point they mentioned was that after the burn,Tron Foundation would continue to maintain a significant number of “locked” tokens. This avoids an inflationary process for the currency and protects the value of each Tronix unit to some extent:
The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.
To ensure the transparency of the process, he explained that Tron’s mainnet launch process would consist of 4 essential phases:
Preparation: A preliminary stage that would last from June 18th to June 23rd in which the necessary arrangements for the launch would be made. Of these, one of the most significant is the election of the Tron’s Genesis Representatives who would participate in the mainnet launch.
Guardian Phase: Phase that would last a full day, scheduled for June 24th
Genesis Phase: A phase that would begin on June 25th and last as long as necessary to create the genesis block and reach an agreement to replace the 27 Genesis Representatives with Super Representatives
Constitutional Phase: In which the independent mainnet of Tron would be launched with an official migration of the ERC20 tokens.
This would be the culmination of all the work of research, development, promotion, and implementation that the team of developers and users of Tron carried out since Tron’s inception.
“TRON will officially become a free, autonomous, and self-governed decentralized protocol with robust community consensus.”
Another significant event for those in the San Francisco area will be the TRON Independence Day Party, where users and developers can meet and share their experiences and expectations.
In San Francisco this Friday around 5 PM? Join our first event, meet the team and ask your questions 🌉 https://t.co/gBGGTzRXnc