Altcoin News: Binance Acquires 12 Billion Votes in TRON Network

September 30, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Binance cryptocurrency exchange has published an official announcement according to which TRX staking will be available to its customers from October 1. To participate in the program, the user must have at least 5 TRX in his account. Rewards will be paid until the 10th day of each month.

Binance has acquired 12 billion votes for its new staking platform in the TRON system in order to reach the first place in the list of super-representatives or block manufacturers, according to the data of the portal tronscan.org.

Image credit: tronscan

“Good or not, Binance just froze 12 billion trx. That’s more than 1/6 of total circulating supply of TRX,” writes Misha Lederman, head of one of the projects in the TRON ecosystem.

The assets used, apparently, belong to Binance users, who, storing them on the platform, take part in the stacking of TRON and a number of other supported cryptocurrencies based on the Proof-of-Stake mechanism.

Following Binance, block producer Sesameseed has 543 million votes, and towards the end of the list of 27 selected participants, the number of votes is reduced to 180 million. Thus, the votes currently held by Binance can, in theory, allow it to take the place of a significant part of the super- representatives and gain control over transactions being added to the network.

“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,” U.today quotes Lederman.

Binance announced the launch of a new staking platform last week. Also recently, TRON CEO Justin Sun announced the upcoming changes in the consensus of the network, designed to make the distribution of awards among block manufacturers more equitable.

Author: Marko Vidrih