Tron Claims Its Blockchain Is Live, But Its Token Migration Isn't Over | Tech News
Tron, the $3 billion decentralized internet project, may have gone live today, but its full “independence” from the ethereum blockchain isn’t yet complete.
Although Monday was intended to serve as an “Independence Day” celebration marking both the official launch of its mainnet and the completion of its departure from its former host, ethereum, the project has only achieved the former.
More precisely, founder Justin Sun said during a live stream that Tron is still in the process of migrating the last of its users’ TRX tokens from ethereum to its mainnet.
As previously reported by CoinDesk, Tron started its token swap last week, indicating at the time that the swap would be complete by “Independence Day” in order for token-holders to be able to use their TRX to vote for 27 block validators on Tuesday.
Dubbed “super representatives,” these validators compete to produce blocks as part of the project’s delegated proof-of-stake system (DPoS). However, Sun has now suggested that the initial timeline is no longer realistic.
“We expect to finish all the exchange token swap and the migration in the next couple of days,” Sun said.
He added that Tron has “already served” one-third of the exchanges supporting the swap, and that upon the completion of the remaining two-thirds, users will be able to withdraw their tokens from the exchanges.
Nonetheless, Sun said Tron intends to proceed with its super representative election tomorrow, though he suggested that it could extend for several days.
“Probably this election period will go five days or something, because lots of the [token holders] need time to get their mainnet tokens,” he said during the livestream. Each super representative must garner 100 million votes or more to be elected, and each TRX token constitutes one vote.
While Sun’s statement suggests that some users will have to wait to vote, project representatives said during its livestream that token holders can complete and observe the voting and election processes via its Tron Scan feature.
The portal – which tracks information about blocks, transactions, nodes and other components of the blockchain – reveals that Tron has produced more than 10,000 transaction blocks on its network thus far and boasts almost 400 nodes. This information was also confirmed by Sun at the conclusion of the livestream.
According to Tron, the conclusion of the election will mark the start of community governance over the blockchain, which it calls “the ultimate phase of an independent Tron.”
Snail climbing coins image via Shutterstock