Tron (TRX) completes of 1-billion-coin burn, shares updates of token migration
Tron (TRX) token migration successfully came to an end. And, to celebrate the independence of the blockchain they decided to burn 1 billion coins.
Justin Sun, the founder of the blockchain just confirmed by publishing a Weibo and stating that coin burn is over. According to the post on Medium, Tron MainNet blockchain browser currently shows that the distribution of TRX is 99,000,000,000, which means that the total number of TRX has decreased by 1 billion, worth of $50 million.
No matter how vague it sounds, the process often increases the value of the cryptocurrencies. It works something like this – when the coins will be burnt from the total supply, the number of coins will decrease but the demand will be the same. So, the decrease in supply and increase in demand will prompt the price to rise. It also encourages the investors to hodl the coins. Also, helps in preparing the coin for better technology. Foundation on their Medium page mentioned, “The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.”
Token Migration Updates
Tron announced that the ERC20 tokens of TRX will be valid until all ERC20 tokens are converted to Tron’s MainNet tokens. The holders can convert it at any exchange that’s supporting TRX migration. One needs to, however, know the specific conversion time. For that, one can refer to the announcement made by the individual exchange. Reportedly, Binance.com and Gate.io will support the token swap until all ERC20 tokens are converted to Tron’s MainNet tokens.
Meanwhile, the Super Representative Election has already begun. 27 representatives out of the one million proponents will be elected. These elected Super Representatives will later play a major role in the governance structure of the firm. In fact, they will act as the guardian of the Tron network and actively participate in validation of the network and calculation.
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