Yesterday saw publication of the IG TRON Super Representative Update with a call for a community vote. In a refreshingly honest blog piece from a crypto company ( many of the top-10 cryptos rarely give any kind of update), IGG outline the struggle to stay in the Tron SR top 27.
(Tron Super representatives are effectively the bookkeepers of the Tron network responsible for the verification and packing of all transaction data broadcast on the network.)
This update provides a fascinating insight into the recent drop outside the top 27 SR’s and their subsequent return, and their deep commitment to remain as a Tron SR and the tron network as a whole. The community vote centers around the reward program offered for those who vote for IGG by freezing their TRX
IG TRON Super Representative Update
Intergalactic Gaming 9/04/2019:
Over the last week, the TRON community have witnessed drastic movements amongst the elected Super Representatives. Having briefly fallen out of the top 27, it is important to outline that our servers will stop confirming transactions for the network if we fall out again. In the unlikely event that this happens, we will stop earning TRX for producing blocks, which will consequently impact the current rewards voters receive.
In spite of this, our mission to establish a fun, inclusive, and rewarding competitive gaming ecosystem will not be hindered by our our positioning in the SR elections. Nevertheless, to reaffirm, as elected SR’s we are in a much stronger position to make a more positive impact within the IGGalaxy and TRON network at large.
Through this article, we will intend to address our TRON SR candidacy: reinforcing our intentions, and providing our insight on why we believe we may be in this position. We will be putting forth two proposals, with supporting rationale, that we will ask our community to vote on, where finally we will be calling to all Galacticans and TRONICs to support #IG4SR!
PSA: As promised, in celebration for reaching 6k followers, we have uploaded a few sneak peak videos of the IG platform in the tweets below this thread.
— Intergalactic Gaming (@IG_Galaxy) April 8, 2019
TRON Super Representative (SR) Function:
To date, there are over 164 SR candidates on the TRON network, voted on by the community through TRON’s democratic consensus mechanism. However, for a candidate to become an elected SR and a block producer, they must be ranked in the top 27.
Freezing 1 TRX = 1 TRON Power = 1 vote
To break into the top 27, an SR candidate is required to surpass the elected SR with the lowest number of votes, which currently is at least ~153 million votes. Elected SR’s are essentially guardians of the TRON blockchain, managing the productivity of the network and representing their respective communities in key decisions. They provide technical governance and maintain system performance as they produce blocks for the network, in turn receiving 32~ TRX for each block produced.
As part of the self-governing mechanism, most SR candidates put forward community plans to incentivize TRON holders to freeze their TRX and vote for them. Elected SR’s often outline their distribution plan for the TRX they earn, with the majority of TRX typically rewarded back to voters. This incentive mechanism is critical to upholding transparency and ensuring mass engagement in the staking function. With this said, rewards should not be the determining factor for selecting candidates to vote for.
Since securing our position, the value added in terms of network productivity is evidenced by the productivity rate of our SR nodes at 99%. This effectively means we rarely miss blocks and transactions are confirmed faster. The choice of hardware for the node operations (very low processing percentage) is a testament to our long term commitment to support the TRON network’s expansion and mass adoption.
Now with our Alpha phase complete, we intend to fulfill our promise to add value to the TRON network by increasing the number of users adopting the TRON protocol.
IG x TRON
The Intergalactic solution will strive for the adoption of social competitive gaming onto the TRON protocol, providing certainty to gamers and various other stakeholders. Generally, the TRON blockchain will provide the infrastructure to swiftly and transparently reward casual gamers for the value they add to the IG x TRON ecosystem. Specifically, we will see many casual gamers adopting IGG and TRX through the IG platform as they participate and interact within our social competitive gaming platform.
As the IG brand grows, and we will also continue to recruit numerous casual gamers as well as partners, endemic and non-endemic, to join the IG ecosystem in turn providing valuable exposure in TRON’s rise to mainstream recognition. With TRON focusing on the trillion dollar entertainment industry, we are perfectly positioned to ensure competitive gaming and esports remains at the forefront of the network’s innovation.
Why Have Votes Declined?
Upon reflection, we can attribute the decline of votes to the following:
- Lack of significant IGSR updates
- New SR’s joining the election, resulting in increased competition
- General market movements, resulting in people unfreezing
- Change in our rewards structure
We would like to address each point individually:
Lack of significant IGSR updates
This is for good reason — Whilst we have been laying our foundations, we have been accruing TRX in our Intergalactic Foundation wallet. This is to predominantly ensure we have sufficient resources to effectively carry out our SR plans of adding value to the whole TRON Network. We will look to release a lot more information about our proposed plans over the coming weeks as we look to shake up the TRON ecosystem!
Change in our rewards structure
The suspension of our loyalty rewards, which distributed IGG to voters proportionately to their IGG holdings in addition to SR rewards should be deemed another contributing factor. With the removal of this reward incentive, voters have received significantly less IGG than previously. Whilst this was not immediately detrimental, other contributing factors such as the lack of clarity surrounding plans for our freeze function has resulted in a loss of votes.
New SR’s = Increased Competition for Votes
New SR candidates entering the ecosystem tend to bring competition. New competition is always welcome as it leads to a much more fresh and productive network.
This increased competition has naturally resulted in an increased threshold to fall amongst the top 27 candidates.
General crypto market movement, resulting in people unfreezing
With the crypto market as volatile as it is at the moment, it is likely that this has resulted in an increase in the amount of voters unfreezing. Of course general crypto volatility is entirely out of our control, however, it is important that we identify this as a potential factor contributing to a loss of votes.
Having announced our SR candidacy on 9 November 2018, Intergalactic-Gaming were voted as elected SR’s within four hours, a testament to the support from our growing community.
That said, we have always been an SR fortunate enough to receive strong support from the community, where others have not been so fortunate. Looking back, we have always tried to utilize our platform to garner support for solid community SR’s that add great value but have been on the fringe of dropping out of the top 27. Recognising that we have lost some community votes, we now face the same threat.
Over the last few months, we have noticed numerous candidates lose their places in the top 27 despite the value they have contributed to the network’s growth. To mitigate this, we must place an emphasis on voting for community SR’s that uphold the values of their community, in addition to the value returned to the voters and TRON network as a whole. Listening to TRONICS and Galacticans alike, we have recognized a shared feeling of concern pertaining to the future plans of these non-community elected SR’s.
For this reason, we will now plan to implement initiatives that will support all the TRON Community SR’s long term candidacies, as well as the TRON ecosystem as a whole. We will be reaching out to community SR’s for a collaboration to make these initiatives much more impactful! Of course, we will have more information to relay to the community once we have contacted our fellow SR’s and formulated a plan of action.
Bringing TRON to the Mainstream through Education
As many of you know, when you first entered the space, it may have felt daunting. It really is a new world. The element of not knowing who to trust, or feeling slightly apprehensive to come forward to ask for clarification on a topic. Whatever feelings you have towards the space we all find ourselves in, many enter filled with questions and uncertainty. As we look to adopt grassroots gamers onto the blockchain, this will be the case for many. However, as elected Representatives, we owe a duty to encourage a smooth and friendly adoption of the protocol, so we can overcome all barriers associated with crypto specifically, and blockchain generally.
We will be announcing a series of competitions where we will reward TRX to members of the community that produce educational content for our new arrivals. This campaign will be used to bring the ease of transition from discovery to adoption of the TRON network by many gamers that will be filtering through our competitive gaming ecosystem.
The Second Call to Arms!
We want to mobilize all Galacticans to vote IG4SR again so we can collectively bring and shape the future of social competitive gaming on the TRON protocol together!
Community Vote — IG SR Rewards Distribution Plan
IG’s aim as an elected SR is to support the growth of TRON, particularly as we look to formally establish our competitive gaming ecosystem. Tokenising competitive gaming allows us to solidify and nurture its presence on the TRON blockchain, embracing the natural synergy between IG and TRON.
Maintaining IG’s core values of inclusivity and complete transparency, we must clearly state that IG does not retain any financial profits from our elected Super Representative status.
Present Distribution Plan
Our current SR rewards distribution plan is as follows:
- 75% TRX IG earns is distributed to voters proportionate to the percentage of their contributing votes.
- 15% TRX earned distributed to the Intergalactic Foundation Wallet
- 10% TRX used for IGG buy-back.
- IGG distributed at a 200% rate for every TRX rewarded to voters.
Check out Token Goodies to see how our reward plans compares against that of other SR candidates:
Below we have outlined two proposed plans that have been forged from community feedback, with the aim of rewarding and adding value to our voters, as well as IGG and TRX holders as a whole.
We intend to put these potential community plans to our community as a vote! We aim to get extensive feedback from our community over the next 24 hours. Following from the vote, we will look to carefully evaluate the feedback received and then implement the new distribution plan the following day.
Please take time to read the proposed plans carefully before allocating your vote. We also encourage all to provide feedback as to the below plans and their preferences.
Proposed Plan 1 — Increase TRX rewards
- 85% TRX IG earns to be distributed to voters proportionate to the percentage of their contributing votes.
- 15% TRX used for IGG buy-back* (this will be burned at the end of each month)
- IGG distributed at a 200% rate for every TRX rewarded to voters.
10,000 TRX votes will reward you with approximately 2 TRX & 4 IGG daily
15% TRX for IGG buy-back will mean IG buy back approximately 25m IGG/month which will subsequently be burned from the circulating supply.
Proposed Plan 2 — Increase IGG buy-back
- 65% TRX IG earns to be distributed to voters proportionate to the percentage of their contributing votes.
- 35% TRX used for IGG buy-back* (this will be burned at the end of each month)
- IGG distributed at a 400% rate for every TRX rewarded to voters.
10,000 TRX votes will reward you with approximately 1.5 TRX & 6 IGG daily.
35% TRX for IGG buy-back will mean IG buy back approximately 55m IGG/month which will then be burned
- Please note: IGG will be bought back from the circulating supply using exchanges at the market price.
The distribution plan for our SR candidacy may be subject to change as we are at a highly dynamic period where things are shifting very quickly. We will keep our community informed regarding any proposed changes and always seek our community’s feedback.
The Intergalactic Foundation is a not-for-profit organization that exists within the IGGalaxy.
It is funded by a combination of IG and previously the 15% of the TRX earned from SR rewards. Through blockchain and competitive gaming, the Intergalactic Foundation will foster opportunities that will begin to break socioeconomic barriers. We utilize gaming as the universal language to educate future generations and encourage the establishment of cohesively sustainable future societies.
We will release more information regarding our initial initiatives for the Intergalactic Foundation in the coming weeks.
Thank you for reading and as always, we would love to hear what YOU think!
As a father of two young kids who love gaming I hold some IGG for them to be able to utilize on the platform in the future.