Binance Freezes 12 Bln TRX after Buying Votes on Tron to Become Number 1 Super Representative

Libra Coin News
Mon, 09/30/2019 - 09:08
Yuri Molchan
Binance becomes #1 Tron Super Representative by buying 12 bln TRX and voting for themselves; further on the 12 bln TRX get frozen
Cover image via twitter.com
Contents

On Sunday, the prominent Tron supporter and the COO of the Tron-based BeatzCoin, Misha Lederman, posted a tweet, summarizing recent Tron bull points. Among them, he mentions that Binance has become the Tron Super Representative (SR) number one by purchasing 12 bln TRX and voting for themselves under the new Tron staking rules.

Blockchain community Sesameseed.org becomes the second biggest SR and Tron-based BeatzCoin is now on the third place.

U.Today reached out to Misha Lederman for comments.

‘Binance sets a precedent for other big exchanges’

In the comment thread to his own tweet, Misha Lederman, while replying to a Tron fan, stated that Binance has frozen 12 bln TRX that it used for voting.

According to Misha, Binance has frozen 12 bln TRX, which is 1/6 of the total TRX supply in circulation.  Now that it has been locked up and taken off the market, it is good for the coin’s price.

Apart from that, Misha mentioned that the fact of Binance entering the Tron ecosystem may provide Tron with a much bigger recognition.

The freezing of 12 billion TRX by Binance to vote for themselves as top SR has both pros and cons. A positive effect is that more than 1/6 of the total circulating supply of TRON has been locked up, and essentially taken off the market. Additionally, having major players like Binance become so deeply involved within the TRON Ecosystem gives huge recognition to the TRON blockchain and legitimate projects launched on TRON, such as BeatzCoin and Sesameseed.

‘Binance disrupts the voting system on the Tron chain’

Besides, Mr. Lederman mentioned that following Binance, other big crypto exchanges may start entering the line of Tron SRs, although Binance has slightly broken the SR voting system that has existed since Tron’s launch last year.

Binance's sudden entry somewhat disrupts the SR voting system that has been in place since the beginning of the TRON SR voting process that truly began on July 25, 2018. By buying 12 billion votes, freezing them, and voting for themselves, they might be setting a precedent for other large exchanges to follow. However, bringing major players like Binance into the TRON ecosystem will likely also bring closer cooperation between working products built on TRON such as VibraVid.io and TronWallet.Me with Binance and other major exchanges likely to make similar moves like Binance just did.

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BeatzCoin goes live, letting content-makers earn crypto

Today, as per the official Twitter page, the VibraVid platform lavishly promoted by John McAfee recently and supported by Misha Lederman went live.

Now, content makers have a chance to earn crypto directly from users, unlike on centralized platforms, such as YouTube.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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