In case you missed it, read our SR statement below to learn our rationale behind adjusting SR distribution reward plan:
IG TRON SR Update: Community Vote Incoming!
Over the last week, the TRON community have witnessed drastic movements amongst the elected Super Representatives…
Having briefly fallen out of the top 27 elected Super Representatives earlier this week, we decided to re-adjust our SR community reward plan with the objective of returning value to our voters and supporters. Over the past months, there has been a decline in the number of community SR’s providing technical governance for the network as new, and private, candidates enter the elections; this is what we as a community must combat against. As TRONICs, it is our duty to ensure that the TRON protocol is kept rooted to the community by looking to the long term benefits as opposed to the short term rewards. Our contribution to this has been to actively find out what our community wants.
On Tuesday, we set a 24-hour poll to ascertain what our community would want from our reward structure by proposing two distinct plans.
Previous Reward Plan:
Prior to the community vote and the change to our rewards plan, our previous community plan entailed:
- 75% TRX earned from producing blocks for the network is distributed to voters, proportionate to the percentage of their contributing votes.
- 15% TRX earned will continue to be 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.
Since the implementation of this rewards plan, it is important to note that we have bought back approximately 15,000,000 IGG (~$3000) from the market, which will be burned this month!
Comparing the Proposals
Prior to outlining the rationale behind the change in our community rewards plan, it is important to note that we removed the allocation of 15% TRX earned to the Intergalactic Foundation in the two proposals we put forward to the community. The reason for this is that we have accrued sufficient TRX in the Foundation’s wallet to carry out the initiatives we have planned to add value to the TRON network. Furthermore, with our position in the SR elections, we felt it was necessary to remove this element to the plan and utilise the TRX to add more direct value to our supporters and IGG holders.
Moreover, in comparison to our previous community rewards plan, Proposal 1 saw a 10% increase in the TRX to be rewarded to voters and a 5% increased allocation to the IGG buyback. The Proposal 2, on the other hand, saw a 10% decrease in the TRX distributed to voters and a 25% increase in the TRX allocated to the buy back. To make up for the reduced TRX distributed to voters in Proposal 2, we stated that we would distribute IGG at a 400% rate.
Rationale for New Plan
As per the community’s vote, there was a clear preference to have an increased IGG buy-back from the circulating supply with a subsequent burn to support the IGG token economy. In theory, this initiative creates more buying pressure for the IGG token, whilst simultaneously reducing the supply over time. This in turn increases the value of each IGG token held by, and distributed to Galacticans.
That being said, we also duly noted the feedback from those that voted for the first Proposal. Some members of the community rightly contented that Proposal 2 may be attractive to those that were holders of IGG, but less so for those that were not holders. To mitigate this, we have therefore decided to slightly modify Proposal 2 by increasing the IGG rewards voters would then receive to 600%!
Using our SR presence, we hope to ensure newcomers are supported in their adoption of blockchain technology. Furthermore, we have started to internally plan ways in which we can work alongside our fellow community SR’s and their respective communities to encourage an innovative, rich and community driven network, which we look forward to revealing at a later date.
We have included a link for the wallet address that the TRX will be allocated to buy IGG from the market supply so the community can see how much IGG is burnt on a monthly basis.
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