Justin Sun has announced that TRON will destroy one billion coins (“Coin Burn”) to celebrate its independence from Ethereum. In addition, TRON has released a 4-phase plan for the Mainnet Start.
The Tron Foundation yesterday released new details about their Mainnet launch and a letter to the TRON community on the occasion of “TRON Independence Day”.
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The amount of TRX coins at the start of the Mainnet start is reduced to 99,000,000,000 TRX. The amount of tokens to be destroyed comes from the TRON Foundation, which will still own 33,251,807,524 TRX after the Coin Burn, and they will remain suspended until January 1, 2020.
TRON’s Mainnet launch will go through four major phases: Preparation, Guardian Phase, Genesis Phase, and Constitutional Phase. Currently, we are in Phase 0 (Preparation), which plans to elect the Genesis Representatives (GR) to confirm the Genesis Boot Node (GBN) tomorrow, June 23.
In Phase 1, which begins on June 24, the GRs will review the process, version information, network parameters, and authentication. After the verification is complete, the 26 GRs initiate the protocol and start the Guardian phase. If more than two-thirds of the GRs confirm the BOOT command of the Genesis Boot Node, then all agents will initiate the startup procedure together.
In Phase 2, which starts on June 25, the Genesis block will be created. The Genesis Boot Node passes the launch command to the entire network of 26 GRs, which join the Genesis network as soon as more than two-thirds reach consensus. This marks the “TRON Independence Day” and the beginning of the election of super-representatives.
In the constitutional third phase, the elected Super Representatives (SRs) will take over the leadership of the TRON network. A more detailed description can be found here.
TRON Coin Burn
Platforms burn tokens to reduce the number of coins in circulation. Often, Coin Burns are also used to encourage owners to hold their coins for the long term, as a smaller amount in circulation may add value or increase prices due to the lower supply. Whether this will happen in the case of TRON remains to be seen.
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