The TRON (TRX) project moves into the most challenging stage of its true launch, by announcing its Independence Day and launching the election for 26 Super Representatives. The voting mechanism is available through the TRON wallet. The ongoing elections can always replace, at least in theory, the Super Representatives. Voting is available through the new TRON wallet.
For now, it is unknown how soon the voting would be effective, since most TRX coins have been sent to exchanges for the token freeze and swap that happened finally on June 25. The vote for TRON coincides with a maintenance period on the Binance exchange, which may be holding a significant part of the TRX digital asset.
Justin Sun, the founder and CEO of TRON, turned to the community with a recent statement, hinting at repairing the business model of BitTorrent by linking it with the TRON token reward system:
“BitTorrent has failed to truly succeed YET because they have only done half of the equation, they have only punished those who exploit the network (slowing download speeds for those who don't upload)... There is no "reward", they need the second portion of the equation, and TRX can provide that... effectively!”
Just ahead of the elections, the actual usage of TRX tokens has almost frozen, with just 32 transactions in the last hour, according to tronscan.org. Super representative candidate names are already known, but there are no votes assigned to any of them. Additionally, the network is verified by centrally appointed servers right now.
On TRON Independence Day, the TRX digital asset had a shaky performance, sliding with the general trend of the crypto market. The TRX token is once again out of the top 10 of coins, down to $0.041, losing more than 9% net in the past week.
Tether (USDT) trading has increased to 34% of TRX volumes, creating a different risk profile. Still, a major spike for the TRX price is nowhere to be seen, as the asset is also linked to Bitcoin prices and slides as the BTC market prices sink lower.