Crypto Academy / S4W7 - Homework Post for [@yohan2on] by @ngoenyi

in hive-108451 •  2 months ago 

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Hello my good friends, it is good to be with you all once more in week 7 of season 4 of steemit crypto academy. I will be writing on the homework task of @yohan2on what taught us on the topic The Governance of the TRON Ecosystem.

Tron ecosystem is one of the popular blockchain ecosystem in use with unique features and abilities. What makes it unique? It is application of delegated proof of stake(DPOS) as its consensus algorithm. This consensus is an improved version of Proof of Stake(POS), in which each node can acquire as much tokens as possible and be able to stake it such that they can contribute to the running of the Tron ecosystem.

Unlike the POS, this consensus protocol(DPOS) reduces the number of nodes that are qualified to participate in maintaining the ecosystem through Block production and transaction packing. This it does by finding out the number of votes each Super Representative candidate received.

Let us now explain some of the terms to help us understand the Tron ecosystem better.

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Who are Super Representatives, SR partners and SR candidates? (The Governance of the TRON Ecosystem)

Who are Tron Super Representatives

Tron Super Representatives are those who are charged with responsibility of producing blocks and transactions packing. They work hand in hand towards the governance of the system, making proposal for any change that will be effected on the ecosystem.

All the Tron holders are eligible and can apply to become a Super Representative candidate. All TRX holders can also vote for the Super Representative(SR). For every one TRX held or staked by a hodler, it represents 1 vote. The SRs are voted for in a democratic way, and those SR candidates who receive the most votes will automatically become the Super Representative.

The number of the SRs is 27, so the first most voted 27 SR candidates, then becomes the newly elected Super Representatives.
The voting is done every 6 hours. What this means is that any newly elected Super Representative last only for 6 hours, after that time, he will need to be re-elected in order to continue being a Super Representative.

This 6 hourly change of SRs works towards ensuring that its processes and actions are decentralized, crreating a balanced opportunity for anyone to be there.

Each Super Representative is rewarded with 16TRX token for any block produced, validated and linked to the blockchain. Hence, since about 20 blocks are produced every minute, they will be earning 320TRX every minute. These rewards paid to them can be withdrawn once every 24hrs, through a sub-account where it was sent to.

The current Super Representatives shown above in the screenshots.

Who are SR Partners

The Super Representative Partners are those candidates that were not among the 27 who received highest votes to become the Super Representative. These ones start from the 28th person to the 127th person.

They also receive voting rewards just like the SRs do for each new block produced, even though they do not play any part in producing and validating the blocks. This is done based on the ratio of their voting.

They also participate in making decisions concerning the overall governance of the ecosystem since they met up with the minimum quantity of TRX required to contest as a Super Representative.

Who are the SR Candidates

The Super Representative Candidates are the total number of persons or nodes who are were eligible to be voted as a Super Representative. They are 127 in number and consist of both the SRs(27 in number) and the SR partners(from the 28th person to the 127th person). These are the ones that earns rewards for block production and validation based on the ratio of their votes.
Thus all others who are not in this Top 127 candidates, will have to wait till the next round of voting, hoping they will amass more votes to e elected as super Representative.

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What is the difference between DPOS and POS consensus mechanisms?

POS

The proof of Stake is a consensus protocol that chooses the validators of a blockchain based on the quantity the validator is holding in the associated cryptocurrency. The higher holding you have, the more the system will select the validator for block validation.
So a person can be selected to validate or mine a block based on the coins he is holding.

DPOS

This is an improved form of proof of stake, where the ecosystem votes and elects candidates that would validate the blocks. The candidates stake the minimum required coins in the pool, making them eligible to contest for the chance of being elected to be among the validators.

Difference between DPOS and POS

I will be tabulating the differences

SnDPOSPOS
1the time taken for validation processing is fastThe validation speed is slower
2The validator is elected by votes having fulfiled the criteria for being selectedA validator is selected based on the quantity of coin he is holding.
3It will not be easy to be successful in conducting a 51% attack on the blockchainit will be easy to infiltrate, since hackers can mop up funds and hold large quantity of coins to be selected as validators.
4The network is governed by all participantsgoverned specifically by the individuals randomly selected.
5It is more efficient and requires less hardware equipmentrequire more hardware equipment, making it less efficient.
6the validators or delegates can be voted out of the system if they misbehavethe block producer remains as long as they hodl a large quantity of the coin

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Write a detailed Step by Step tutorial showcasing how to stake/freeze TRX and vote for SRs

I am going to show us all a step by step detail on how to freeze and vote for the SRs of our choice.

Freezing the Tron

● The first thing to do is to Launch our Tronlink pro walllet app on my device.

● On the front page click on freeze.

● Enter the amount of Tron we want to freeze, remember, 1 tron = 1 vote. I entered 20 Trx

● Click on the freeze button

● a confirmation dialogue box comes out, click on the confirm button, if we are sure the details are correct.

● Enter your password in the password dialogue box that comes out

● You can see the confirmation that the 20TRX have been frozen.

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Voting for the SRs

To do the actual voting we need to

● At the front page 9f the Tron link pro app, click on vote

● Select the Super Representative candidate that you want to vote for (Poloniex) also take into consideration the yield.

● Then click on the vote button

● Enter the quantity of vote you want to give the SR, in this case, I am giving him 15 votes.

● click 9n the confirm button.

● A dialogue box comes out, ask for your password, Enter your password and click done.

● The voting have been done.

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These are the processes involved in freezing TRX and voting for our selected Super Representative.

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Conclusion

This a great lecture from @yohan2on. I have gotten an indepth knowledge about the governance of tron ecosystem. That the SRs are responsible for proper monitoring, block production, transaction packing and validation of all transactions with the blockchain.

They are also responsible for any proposals or change to be made on the system as well its implementation. All tron holdlers can vote in their desired SRs making every one part of the decision making. Their elected SRs stands in for them.

Any person can be eligible for the SR candidate if you meet the required minimum Trx quantity.

Thank you professor for this insightful knowledge.

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Hi @ngoenyi

Thanks for participating in the Steemit Crypto Academy
Feedback

Rating criteriaScores
Quality of presentation1.5/1.5
Originality2/2
Compliance with topic1.5/1.5
Clarity of language2/2
Quality of analysis1/2
#Club50501/1
Grand total9

Total| 9/10

This is good work. Thanks for taking the time to learn about the governance of the Tron ecosystem.

Thank you professor