Following their independence from Ethereum, Tron will burn 1 billion coins to celebrate this great moment, That is Over $50 Million worth Of Coins. Basically, coins with large circulating supply tend to have a gradual increase in price.
This has influenced the number of such coins held by investors. The Tron foundation decision to burn the coin was influenced by the need to increase and motivate investors to hold them.
Tron has become a free and decentralized currency.
“To commemorate this exciting moment, TRON Foundation will conduct a burn of 1,000,000,000 TRX all at once, which is worth 50 million USD according to today’s market price.This may set the record for the most amount of money destroyed in human history in celebration of a historic moment,” according to the announcement By Justin.
Tron community has laid down procedures to ensure transparency and integrity for the Tron protocol. The mainnet launch process which Tron community seeks to undertake will go through four phases which are: The Preparation phase, “The Guardian Phase, The Genesis Phase, and The Constitutional Phase.”
The preparation stage includes the Mainnet crisis drill which was made on 19th June. The first rehearsal for Mainnet launch has been said to be part of the preparation process.
On the Guardian phase, the processing and verification version information, network parameters, and authentication will be reviewed by the Tron independence group. Tron community seeks to use this opportunity to drive the company to the highest.
Currently, Tron has a circulating supply of 65 billion at a price of $0.043. The announcement also says that “TRON will officially become a free, autonomous, and self-governed decentralized protocol with robust community consensus.”
The Genesis phase has been said to take place on 25th June. The GBN has been said to initialize network parameter. The Network parameter will, therefore, aid in the creation of the Genesis block.
With the last phase, the entire community will co-govern the system. According to information, the SRs will overseer the mainnet and also support the subsequent SR elections.
The SR election will be conducted every six hours. Due to their new status, cryptocurrency exchanges will now make the transfer of Tron coins through the new blockchain. “TRON will officially become a free, autonomous, and self-governed decentralized protocol with robust community consensus,” the announcement reads.
It is expected that the new development will drive Tron to the top. Hade platform, a newly introduced cryptocurrency also burnt a part of its coins in circulation.