IG TRON Super Representative Update
With the first phase of our development plan complete, we will now look to strengthen our SR presence within the TRON ecosystem. Today, we will provide greater insight to our SR intentions, as well as an update in relation to our SR community distribution plan.
As an elected SR, we feel we are in a position of responsibility; we have been chosen by the community to ensure a productive network whilst also supporting the adoption of the TRON blockchain.
Our update will reflect the following; our appreciation for the loyal voters that continue to support us, and our believe in the Intergalactic vision.
TRON Super Representative Function:
To date, there are over 188 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 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 ~110 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. Elected SR’s provide technical governance and maintain system performance, as well as producing blocks, in turn receiving 32~ TRX for each block produced.
Having announced our candidacy on 9 November 2018, Intergalactic-Gaming were voted in as elected SR’s within four hours, a testament to the support from our growing community, which has remained present to date.
Since securing our position, the value added in terms of network productivity is evidenced by the productivity rate of our SR nodes at 99.42%. This effectively means we rarely miss blocks and transactions are confirmed quicker.
Now with our Alpha phase complete, we intend to fulfil our promise to add value to the TRON network by increasing the number of users adopting the TRON protocol.
Enter: Competitive Gaming x TRON
With over a billion gamers worldwide, 380 million of which are esports enthusiasts, the future of gaming looks bright. The Intergalactic solution aims to make competitive gaming more accessible and inclusive for all. Participating in the IGGalaxy rewards gamers for the time they invest in doing what they love, and subsequent value they add to IG x TRON ecosystem. In addition, our multi-faceted solution will reduce uncertainty within the esports industry, resulting in a greater number of casual gamers making the transition to the competitive scene.
Furthermore, we have been consistently active in our approach to recruit organisations, both endemic and non-endemic, to our IGGalaxy. Through these partnerships, we have secured promising relationships that will no doubt take all our respective organisations to the next level, together. One of our most exciting acquisitions is professional footballer, Yannick Bolasie. Soon, we will see him establish his team and token on the IG platform and TRON blockchain. This is the first of many more to come!
As stakeholders interact with the IG ecosystem, we will begin to see a greater adoption of esports onto the TRON blockchain. Of course, a greater adoption will prove beneficial to the mainstream adoption of the TRON entertainment ecosystem, especially when influential individuals who have a passion for gaming join the movement!
COMMUNITY SUPPORT 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 position as Super Representatives. We currently generate approx. 45,000–50,000 TRX daily for producing blocks (~32 TRX per block).
Present Distribution Plan
As per the ‘TRON SR Candidacy’ chapter of our LitePaper, we are presently at Phase 2 of our SR community plan. This includes:
- 85% TRX earned distributed to voters, proportionate to the percentage of their contributing votes.
- 15% TRX earned distributed to the Intergalactic Foundation Wallet.
- IGG distributed at a 150% rate for every TRX rewarded to the voter.
- IG Loyalty Rewards were suspended on 14/01/2019 to be replaced by the IG Freeze Function.
85% of the rewards are distributed directly back to our loyal voters. The remaining 15% is distributed to the Intergalactic Foundation Wallet, which will be used to carry out initiatives that support the growth of the TRON network.
New Distribution Plan
Our new SR reward distribution plan aims to support our plans as an SR, whilst also supporting the IG token economy. This new plan includes:
- 75% TRX earned 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.
With the impending integration of our Freeze Function, these percentages may be subject to change.
Daily IGG Buy-Back
Voters will notice that 10% of the TRX generated will be used to buy back a portion of IGG from an exchange at market value, as part of our SR script. The IGG bought back will be retained and distributed to Galacticans that participate in our upcoming ‘Freeze Function’.
This change to the community plan comes with the opportunity to test and develop the value exchange mechanism of the GGE interacting directly with the TRON marketplace. This will begin to demonstrate part of the utility of the IGG token, and serve to exercise the belief we have in the IGG token itself.
Please note that approximately ~5,000 TRX will used daily for the IGG buy-back
The Intergalactic Foundation is a not-for-profit organisation that exists within the IGGalaxy. It is funded by a combination of IG and 15% of the TRX earned from SR rewards. Through blockchain and gaming, the Intergalactic Foundation will foster opportunities that will begin to break socio-economic barriers as we utilise gaming to educate future generations to encourage the establishment of cohesively sustainable future societies.
As avid gamers, we strongly believe gaming has the ability to change the world for the better. We will begin to work with our Partners to organise pop-up events, educating the public of the current opportunities in the gaming and blockchain industries. We will initially focus on UK, which will prove to be hugely beneficial for the TRON ecosystem, particularly as there is very little representation for the blockchain here. Once our model has proven effective, we will begin to plan our global expansion for this initiative.
In addition, we will look to host charity tournaments and live stream events over the coming weeks to raise money for good causes! We will look to have special guests and our Partners present on the stream to support!
The Intergalactic Foundation Player Association (IFPA) is another initiative we announced during our #IG10daycountdown. This will play a key role in providing support and representation to players around the world.
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!
Later this week, we will release our proposed plan for our much anticipated Freeze Function!
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