Binance removes over 13 billion TRON (TRX)
Binance removes over 13 billion TRON (TRX)
Altcoin

Binance removes over 13 billion TRON (TRX)

By Alfredo de Candia - 6 May 2020

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The more observant will have noticed a change in the ranking of the Super Representative (SR) of the TRON blockchain, where since October 1st, 2019 Binance dominated the ranking, whereas now it has slipped to position 15. 

On October 1st, 2019 Binance had locked 12 billion TRX to become the first SR of TRON’s blockchain, a position that has allowed them to receive rewards for this position of about 18% of the total TRX supply.

Now, in a few hours, over 13 billion Tron (TRX) have been locked and removed and Binance has dropped to the middle of the ranking.

Considering that SRs were created to have a form of decentralization, with anyone that can become SR with enough votes, it is also true though that a lot of exchanges use this system to have advantages for their company, as well as to offer a staking reward for those who deposit funds in their exchanges.

Many people don’t like this system because they use funds from users rather than from exchanges, although it’s also true that users benefit from it with minimal effort.

Binance had recently suffered a DDoS attack that knocked out the servers, but no funds were lost.

As far as TRON is concerned, there is no lack of criticism regarding this project as it seems hardly decentralized; in any case, the numbers are in its favour, for example, the increase of Tether on this blockchain, indicating its growing use.

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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