Tron $TRX Beyond the Hype (Governance, Election, FUD) vs ETH

Hello Cryptogang welcome to another LamboLife
video Tron is likely the fastest growing Dapp platform. After only 6 months of launching on Mainnet
it grew to more than a hundred Dapps and according to some sources, surpassed Ethereum in Dapp
usage. But there’s also a lot FUD. They say Tron cannot technically work. That is to say it is not feasible. Is there any truth to this? Well there is. And there isn’t. You’ll find out soon. I also want to talk a little bit about the
governance of Tron and its leaders, the 27 representatives. Tron’s goal is to create a decentralized
internet as well as its infrastructure. They use a governance mechanism called DPoS,
which is a hybrid of Ethereum’s Proof of Stake. How does it work? Every tron holder in the community has the
ability to vote on its governance, everyone can elect their favourite leader similar to
how democratic elections work. The winners of the elections are called Super
Representatives, who represent their whole network and their voters in deciding their
governance and proposals for the Tron ecosystem.

According to Justin, this solves the governance
problem at the same time ensures decentralization because the Super Representatives are from
different places all over the world. Fair enough. So I went over to Tronscan to verify this. There were 158 representatives running for
the position. By analysing the data of the top 27 candidates
AKA the super representatives, I was able get a big picture of their governance system. The date for this recording is February 3
so it may not be exactly the same by the time I upload. It turns out that their geographic distribution
is not very spread out. Most SR’s are concentrated in US and China,
as you can see. In order to mitigate this, Tron needs to do
more marketing in Europe and Africa, try to build more communities there and engage them.

This should also serve as a challenge to the
existing Tron society in these silos to step up their game in order to avoid having US
and China dominating governance. Afterall, this is a global decentralized platform. But to put things in perspective, they only
went live 6 months ago so it might be understandable that not everything is in place yet. They could certainly do better though. And I think they will at some point. Justin knows how to get to places. There’s also a little bit of diversity in
the industries the SR’s are involved in. A lot are from gaming and tron enthusiast
communities, while others are into Dapp. Utorrent and bittorrent are also regulars. By the way I made an awesome video about Bittorrent. You should definitely check it out. Links in description. The SR’s main purpose is to validate the
Tron blockchain. While Bitcoin has miners, Tron has Super Representatives. But they also have a second function, which
is political.

They govern the whole network; they discuss
proposals, they vote on which proposals get passed, they can also deny proposals and so
on and so forth. The same way a democratic congress discusses
bills, vote on them, and make them law. And I know some of you might be thinking,
the SR’s are holding too much power. Just hold that thought, we’ll get to that
in a moment. There’s also a third function of SR’s,
which is to build or fund projects that benefit the ecosystem as a whole. The projects they are working on are diversified. Some of them create games, some of them create
Dapps, some create exchanges, others devolve around Tipping bots. This is something that all SR’s should be
doing since they get a lot of rewards from the votes they receive. Anyone can be a candidate for SR as long as
they have the funds and a good enough computer. When applying, 9999 TRX tokens will be burned
from each applicant’s account for the purpose of preventing malicious attacks on the network.

To vote for a candidate, you need to freeze
your TRX tokens and convert them into Tron Power, denoted as TP. Votes are counted every 6 hours and the SRs
will change accordingly. So let’s go back to our thoughts earlier
about them holding too much power. The SR’s are similar to rulers of a democratic
state, but not quite, since politicians from traditional governments hold office for 3
to 6 years. So from 6 years they reduced it to 6 hours. This might incentivize the SR’s to be on
their best behaviour or else the voters stop supporting them. Tron incentivises its users to keep the network
secure through rewards. There’s two types: Vote Reward and Block
Reward. The vote reward is also known as the candidate
reward, as it is given to the top 127 candidates of each election.

Every 6 hours, the candidates will receive
a total of 115,200 TRX split according to vote weight of each candidate. The block reward is also known as the Super
Representative Reward as it is awarded to, yes you guessed it, Super Representatives. These top 27 candidates will evenly split
230,400 TRX. Tron was essentially an entertainment platform. Today it has evolved to be more like a blockchain
to run Dapps. They have over a hundred of them; a monumental
achievement for such a short time. But, like any cryptocurrency, there’s bound
to be FUD, and Tron has more than good share of them. Let’s see if we can clear them out. The two most influential FUDsters of Tron
are Jed McCaleb and of course, Vitalik Buterin. I don’t take Vitalik’s argument as earnestly
as Jed’s because obviously he has conflict of interest. Vitalik’s Ethereum is a direct competitor
of Tron so you’d expect him and Justin to throw punches at each other regularly. But Jed’s Stellar is a different category.

It’s for payments not dapps. Jed is also known by his peers as more of
a genius. He built the peer to peer system eDonkey,
the Ripple Protocol, Mt. Gox, before he finally settled down with Stellar. Now this is what he said about Tron : “Just
garbage” and “doesn’t technically work”. Just garbage doesn’t really mean anything
so let’s see if Tron really doesn’t technically work
So I did some digging and found this on their github
A developer named Bill Petridis made a comment about them having code issue.

What did you do? Ran the current develop branch through Sonarqube
scanner to evaluate the 101, code quality What did you expect? No Blocker, Major or Critical issues
What did you see instead? Lots of Blocker, Major and Critical issues. As you can see he made a screenshot of his
test and there are lots of red here. But, one of the contributors was quick to
reply saying we are continuous improving the quality of code. So there are some code issues. But that does not mean it doesn’t technically
work, afterall multiple Dapps have been running on Tron. I had to do more digging
This is where I fell down the rabbit hole. And I warn you dear viewer, you don’t need
to continue watching this video if you don’t want to, coz this might get ugly. Nah just kidding, it’ll be alright. You shouldn’t be surprised by anything is
this space. So I made a post on Tron’s subreddit to
raise the concern to the community. More importantly, I asked them about the Dapps
in the platform, if they are running smoothly or not
One of them told me about Tronbet, one of the Dapps, having some UI and blockchain issues.

He directed me to Tronbet’s telegram. So I went. The community there was mostly annoyed at
that time because indeed Tronbet was having some issues. The website crashed a lot and unfortunately,
you lose your bets when that happens. Fortunately, it turned out that they were
merely having issues with their ISP. And the community told me that Tronbet has
been running smoothly before this happened a few days ago.

They did share that some Tron Dapps are not
as smooth-sailing as this one. Right now, I’m in the process of speaking
to different Dapp creators, expect more videos about Tron coming up. So if that is something you’re interested
subscribe to this channel, and you’ll finally be happy. Also, a lot of topics I wanted to discuss
more about but only touch on briefly in this video. I’m talking about governance. This is a very important topic and it pains
me to say most people don’t talk much about it. The right governance mechanism will make or
break a blockchain. Tron’s dPoS is something I am very interested
in learning more about. It’s quite hard to tell which model is superior
dPoS or Ethereum’s Proof of Stake. Ethereum team moves slow but more carefully
while Tron moves fast but also taking a lot more risks.

When I say Ethereum moves slow I don’t mean
they are slacking off I mean their system is very sophisticated, way more than Tron’s
and it’s debatable if they can truly achieve their goals due to the level of complexity
they’re dealing with. Tron on the other hand relies heavily on Justin. It seems that Justin Sun is Tron. I do hope that changes when Tron gets big
enough. There should be no central figure in a decentralized
platform. Same goes for Ethereum. But Justin Sun is a blessing because he is
a great hypeman.

He knows how to get things moving and everybody
interested. I don’t know which one is gonna win. Both are doing their own thing and doing them
well. Who knows, both of them might burn to the
ground? I suggest you be open to that idea if you’re
in this space anything can happen. We’re still early folks. Be ready for anything. Nah but seriously, invest only what you can
afford to lose. Not financial advise. Damn it feels good to be in crypto! So guys what are you waiting for? hit that subscribe button. I’ll see you on the flipside.

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