Since last week, there has been a huge buzz going on in the Tron community regarding the nonexistence of the hardcap on the total TRX supply in the source code.
Majority of the Tron [TRX] community has united on the most prominent social media platform, Twitter, demanding for a maximum limit of $100 billion. In order to provide more clarity on the total number of TRX, Justin Sun, the Founder, and CEO of Tron Foundation released a post on Twitter.
The blog post stated that the total number of TRX will be determined by the changing reward mechanism and coin burn.
Justin Sun announced:
“TRX burn and the Reward Mechanism will be changing based on the #TRON network development and in synch with our community to ensure a #decentralized, #autonomous and #democratic TRON ecosystem.”
However, this was not the response which was sought by the community. The growing concern of Tronics is that the supply of TRX would breach the 100 billion mark in the next 2 years. This would result in the TRX price taking the downward trend as the supply would be more than the demand according to Economics Law of Supply and Demand.
Tron token statistics according to TronScan:
- Total TRX Supply: 99,087,996,226.57 TRX [more than 99 billion]
- Total TRX burnt: 1,000,000,000 TRX [1 billion]
- Frozen tokens: 33,251,807,425 TRX [more than 33 billion i.e., 33.5% of total TRX tokens]
- Circulating Supply: 65,836,226,412.37 TRX [more than 66 billion i.e., 66.44% of total TRX tokens]
The frozen tokens will be released on 1st January 2021. The Tron Independent Group [TIG] will be responsible for the frozen tokens. The TIG is a team of 27 Genesis Representatives and will be replaced by the newly elected 27 Super Representatives.
Rovak, one of the key developers of Tron, confirmed that at present, there is no 100 billion TRX limit even in the source code which is on Github. He said that Justin Sun will have to burn the frozen tokens in order to maintain the total supply below 100 billion.
“Line 1367 increases the produced blocks for a SR by 1. Right now there is no check against the 100B ceiling. Justin will need to burn the coins locked up by the Tron Foundation to keep the total supply below 100B. Total supply will hit 100B in around 2 years if no action is taken”
Proceeding the confirmation, TronCoach, a Tron enthusiast questioned whether a petition to Justin by the community would ensure a 100 limit in the source code. To which Rovak said that an increase in the supply does not matter.
“There are so many things that can happen in the next few years that an increase in the total supply maybe doesn’t even matter. I’m sure Justin will come up with a solution that is beneficial to TRON hodlers.”
TronCoach told AMBCrypto:
“This means TRX can be printed to infinity, just like the US dollar. TRX will hit its 100 billion mark in 2 years, from ~65 billion in circulation today.”
TronCoah further added:
“If supply keeps growing indefinitely and at this rate, traditional supply/demand economics indicate that supply outgrowing demand at fast clip will keep the price down as long as a hard supply limit is not set.”
Moreover, there was a poll on Twitter on whether to add a 100 billion hardcap or not. The result showed that out of 123 votes, 90% of the voters wanted a set maximum limit on the number of tokens.
The post Tron community demands for a 100 billion maximum supply of TRX appeared first on AMBCrypto.