Tron’s Justin Sun Announces Plans for Bitcoin Layer 2 Solution
Tron Founder Justin Sun revealed the protocol’s ambitious Bitcoin Layer 2 roadmap that will facilitate the injection of funds into the BTC network while boosting scalability, speed, and security.
TRON is also looking to integrate tokens on the network with the Bitcoin blockchain, which will ensure seamless interactions and interoperability between TRON and Bitcoin.
A Three-Phased Approach
Tweeting on Thursday, Feb. 15, Sun unveiled three roadmaps for TRON’s Bitcoin Layer 2 initiative, stating that they “outline TRON’s commitment to enhancing the interoperability and utility of blockchain technologies, setting a new standard for the industry’s future.”
According to Sun, the integration of TRON and Bitcoin will enable access to the former’s stablecoin market on the network valued at $55 billion, which, according to him, will inject “financial vitality into Bitcoin.”
The first stage seeks to integrate different tokens on the TRON network with the Bitcoin blockchain using cross-chain technology to enable seamless interactions between the two. The tokens include TRX, SUN, JST, BTT, WIN, NFT, and two of the largest stablecoins by market capitalization, USDT and USDC.
TRON is also planning strategic collaborations with various Bitcoin Layer 2 protocols in the second stage. According to Sun, such partnerships will enhance the growth of the Bitcoin Layer 2 ecosystem with its diverse asset portfolio and will also enable TRON users to take part in restaking programs on Bitcoin Layer 2 networks.
The final stage of the roadmap ultimately seeks to create a Bitcoin Layer 2 solution that would integrate TRON, BTTC, and BTC.
TRON’s solution ushers in a Bitoin-compatible protocol that will combine low fees and fast transactions associated with Proof-of-Stake (PoS) systems, along with the security of Proof-of-Work (PoW) and unspent transaction output (UXTO) models. TRON aims to scale the performance of the Bitcoin network while also ensuring robust security.
Wallet and Tools for BRC-20 Tokens
In addition, the TRON DAO has started working on Ordinals and Bitcoin Layer 2 solutions by investing in the development of a wallet and tools compatible with BRC-20 tokens.
The resurgence of Ordinals, which brought decentralized finance (DeFi) and non-fungible tokens (NFTs) to Bitcoin, has seen both praise and criticism.
Ordinal inscriptions brought traffic to the Bitcoin network, consequently causing a spike in transaction fees and network congestion. The high fees and delayed transactions have caused some critics within the Bitcoin community to label Ordinal inscriptions as a scam.
As previously reported by CryptoPotato, Rijndael, one of the contributors to Taproot Wizards, launched a script that caused nodes to reject blocks with inscriptions, a method that may be useful for critics.
The post Tron’s Justin Sun Announces Plans for Bitcoin Layer 2 Solution appeared first on CryptoPotato.
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Tron’s Justin Sun Announces Plans for Bitcoin Layer 2 Solution
Tron Founder Justin Sun revealed the protocol’s ambitious Bitcoin Layer 2 roadmap that will facilitate the injection of funds into the BTC network while boosting scalability, speed, and security.
TRON is also looking to integrate tokens on the network with the Bitcoin blockchain, which will ensure seamless interactions and interoperability between TRON and Bitcoin.
A Three-Phased Approach
Tweeting on Thursday, Feb. 15, Sun unveiled three roadmaps for TRON’s Bitcoin Layer 2 initiative, stating that they “outline TRON’s commitment to enhancing the interoperability and utility of blockchain technologies, setting a new standard for the industry’s future.”
According to Sun, the integration of TRON and Bitcoin will enable access to the former’s stablecoin market on the network valued at $55 billion, which, according to him, will inject “financial vitality into Bitcoin.”
The first stage seeks to integrate different tokens on the TRON network with the Bitcoin blockchain using cross-chain technology to enable seamless interactions between the two. The tokens include TRX, SUN, JST, BTT, WIN, NFT, and two of the largest stablecoins by market capitalization, USDT and USDC.
TRON is also planning strategic collaborations with various Bitcoin Layer 2 protocols in the second stage. According to Sun, such partnerships will enhance the growth of the Bitcoin Layer 2 ecosystem with its diverse asset portfolio and will also enable TRON users to take part in restaking programs on Bitcoin Layer 2 networks.
The final stage of the roadmap ultimately seeks to create a Bitcoin Layer 2 solution that would integrate TRON, BTTC, and BTC.
TRON’s solution ushers in a Bitoin-compatible protocol that will combine low fees and fast transactions associated with Proof-of-Stake (PoS) systems, along with the security of Proof-of-Work (PoW) and unspent transaction output (UXTO) models. TRON aims to scale the performance of the Bitcoin network while also ensuring robust security.
Wallet and Tools for BRC-20 Tokens
In addition, the TRON DAO has started working on Ordinals and Bitcoin Layer 2 solutions by investing in the development of a wallet and tools compatible with BRC-20 tokens.
The resurgence of Ordinals, which brought decentralized finance (DeFi) and non-fungible tokens (NFTs) to Bitcoin, has seen both praise and criticism.
Ordinal inscriptions brought traffic to the Bitcoin network, consequently causing a spike in transaction fees and network congestion. The high fees and delayed transactions have caused some critics within the Bitcoin community to label Ordinal inscriptions as a scam.
As previously reported by CryptoPotato, Rijndael, one of the contributors to Taproot Wizards, launched a script that caused nodes to reject blocks with inscriptions, a method that may be useful for critics.
The post Tron’s Justin Sun Announces Plans for Bitcoin Layer 2 Solution appeared first on CryptoPotato.
Read More