TRON to release a Bitcoin layer 2 protocol soon according to a recent announcement by founder, Justin Sun. The goal according to Sun’s announcing post is to decentralize and intertwine various token types within the TRON network with the Bitcoin network.
TRON’s layer 2 solution will integrate TRON, BTTC, and the Bitcoin network aiming to maintain the speed and low fees of POS systems while ensuring the safety of POW & UTXO in conjunction with BTC L2.
TRON is a decentralized operating system launched by the Tron Foundation in 2017. It supports smart contracts and aims to create a global digital content entertainment system.
Using a delegated proof-of-stake (DPoS) consensus mechanism, TRON is known for its high throughput, scalability, and reliability, making it suitable for everyday use and decentralized app (dApp) development.
Originally an ERC-20 token on Ethereum, TRX, the native token of the TRON blockchain migrated to its own network mainnet in 2018. Tronix (TRX) is used for transactions and governance. The TRON ecosystem includes dApps, decentralized stablecoins, and decentralized exchanges.
The open-source TRON protocol is overseen by the TRON Foundation in Singapore. While facing criticisms for plagiarism and security issues, TRON is recognized for high transaction throughput and low fees.
The CEO, Justin Sun, noted in the roadmap that TRON has made Bitcoin accessible through cross-chain connections.
Currently facilitated by exchanges, the plan is to broaden this access by connecting different TRON-based tokens like #USDT, #TRX, #BTT, #JST, #SUN, #NFT, #WIN, and #USDC to the Bitcoin network using cross-chain technology.
He added that as part of its commitment to enhancing user experience, TRON DAO plans to invest in developing a user-friendly wallet and tools supporting BRC-20 tokens as it ventures into Ordinals and Bitcoin Layer 2 solutions.
TRON will collaborate with multiple Bitcoin Layer 2 protocols to enable TRON users to participate in staking initiatives across major Bitcoin Layer 2 networks.
