TRON Project Genesis and Mainnet Launch Announcement / Binance Burn Successfully Completed: 2,220,314 BNB Burned

TRON will finally grow up in June and the mainnet will be launched. All ERC-20 tokens become invalid and the migration to TRX-Coin is implemented. In addition, TRON has launched a reward program to help the community raise $ 2 billion.

The launch of the TRON testnet was characterized by a huge hype, in which the course of TRON briefly recorded a significant increase. Just as spectacular and driven by hype runs the announcement of the mainnet. On the official page tron.network is an important note to find, which explains when the mainnet should be launched.

This announcement states that the deadline for the launch of public blockchain has been fixed. This should be the 21st of June 2018. From then on all ERC-20 tokens will be migrated to the TRX-Coin. From then TRON has its own blockchain. Therefore, it is also recommended that no transactions be carried out between 22.06 and 24.06.2018.

All TRX token owners ideally need to do nothing but wait and see. Since the announcement was released recently, there are still no comments from major exchanges on whether to support the upgrade. However, it is very likely that all major crypto exchanges will support the migration of the TRON coin.

Justin Sun, CEO of TRON, announced during the launch of the testnet that there will be financial support or rewards for all supporters of the TRON community. It should include all members, developers and TRX followers. The amount has been raised from $ 1 billion to $ 2 billion.

To whom and in what amount the reward is to be paid out, there are so far still no more precise information.

Another important announcement is the "Super Representative Elections", which will be held on 26.06.2018. 27 people are selected to represent the complete TRON community. The main task of the representatives should be the calculation and validation of the network.

According to this official blog post, they should play an important role in the future governance structure of the TRON project. Justin Sun has not yet given any details on how to make the election and what goals the chosen people will follow in detail.

Every TRX owner can vote and stand for election. Justin Sun will put himself up for election. In addition, other candidates have already been mentioned on Twitter. These include GIFTO, NODE CAPITAL and ODYSSEY. Unfortunately also missing to further information on how the election should take place.

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Binance conducts a Coin Burn once a quarter during which a certain percentage of the circulating Binance Coins are burned. Binance officially announced yesterday that Coin Burn took place yesterday.

As already mentioned, Binance carries out a so-called Coin Burn every quarter. The last Coin Burn took place on January 15, 2018 at which a total of 1.8 million BNB were taken out of circulation. In the first one, 986,000 BNB were burned on October 10, 2017.

Binance's whitepaper states that Binance is committed to co-burning 4 times a year, using 20% of the company's profits to repurchase Binance coins and destroy them.

This preliminary is carried out until only 50% of the initial Binance Coins are in circulation. Yesterday, Binance announced that the third Coinburn was successfully completed. A total of 2,220,314 BNB were burned, which corresponds to a value of about 30 million dollars.

Txid of the Coin Burn is this:
https://etherscan.io/tx/0x15132c07b4fdee0d4c77c2993588270914c1451953f5fa9ee20aa5450f399031

For Binance Coin owners, this Coin Burn has not really been worth it, as BNB's price dropped just under 7.72 percent to $ 12.44 over the last 24 hours.

Market capitalization is $ 1.4 billion. This places the Binance Coin in 18th place of the largest cryptocurrencies.

Nevertheless, the BNB could have important functions in the future. Binance plans to launch a decentralized exchange in a timely manner, on which the Binance Coin should play a central role. How this looks in detail, however, is still open at the present time.

Furthermore, fees can be saved with the BNB when trading on the Binance platform. In the first year this is still 50%, with advancing age this discount decreases.

The next Coin Burn will probably take place in mid-July. Binance does not announce the exact date beforehand, so the exact time will continue to be speculation.

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Image Sources:

• Article headers created by myself
• https://twitter.com/justinsuntron
• https://twitter.com/binance

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