TRON to Unveil BitTorrent Chain and $1Billion fund
In recent years, so-called Ethereum killers have cropped up to provide competition to the largest decentralized protocol and to provide developers and consumers with a substitute to the Ethereum protocol. Polkadot, Solana, Avalanche, and Cardano are just a few of the names that are receiving a lot of attention.
TRON has something to say about this, and with a new cross-chain compatibility platform and protocol, as well as a $1.1 billion war fund, Justin Sun is serious about getting his company into this game. TRON announced the debut of the BitTorrent Chain (BTTC) test network on October 30th, according to the company.
TRON’s main teams, as well as the BitTorrent project’s sister team, collaborated on the development of BTTC. It is referred to be a heterogeneous cross-chain interoperability protocol by the developers. It incorporates a proof of stake (PoS) consensus technique as well as multi-node validation to achieve consensus. It supports sidechains, which allows for the expansion of smart contracts as well as off-chain matchmaking.
In addition to the TRON, Binance Smart Chain, and BitTorrent blockchains, BTTC is preparing to support other blockchains in the future. In accordance with the TRON Foundation, BTTC will provide assistance to the HECO and OKEX chains. Following the completion of these two immediate goals, the team plans to focus on connecting more public blockchains, according to the statement.
Users of the BTTC will be able to move assets across the three blockchains that are currently supported in a decentralized and limitless way. In addition, the new protocol will be compatible with the Ethereum Virtual Machine, allowing for the simple transfer of projects from Ethereum to BTTC using the new protocol. With all of these capabilities, TRON creator Justin Sun and his team have just one objective in mind: to take on Ethereum as a competitor.
🎉 We are excited to announce that BitTorrent Chain (#BTTC) is officially launched and the Testnet is live now!
— TRON Foundation (@Tronfoundation) October 30, 2021
Ok. For some reason everyone is suggesting $1.1 billion fund instead. How about we do $1,111,111,111 instead. https://t.co/xfrpfc3PfS
— Justin Sun 🅣🌞 (@justinsuntron) October 26, 2021
BTTC was announced by the TRON team in a news release, which said that the new protocol would enable “better scalability for the Ethereum network.” Scalability is a common point of attack for several protocols vying for Ethereum’s position as the world’s most popular cryptocurrency. Ethereum has shown to be unable to grow in order to fulfill the demands of its user base. This, along with hefty transaction costs, has enabled Ethereum-based layer 2 applications such as Polygon to thrive, as well as Ethereum killers such as Polkadot to emerge.
Putting his money where his mouth is, Sun has set aside $1 billion “to encourage the transfer of projects from Ethereum to BTTC,” according to a news statement from the company. During a conversation on Twitter, where he is fairly active, on October 26, he suggested that a fund be established to stimulate the expansion of the TRON ecosystem. This was prior to the announcement of BTTC.
Later, he stated that members of the community had encouraged him to enhance the sum by an additional $100 million. The announcement of the new fund comes just after Binance announced the launch of its own fund. Notably, the exchange said that the funds will be used to promote the adoption of the Binance Smart Chain, which is yet another blockchain network attempting to dethrone Ethereum from its position as the world’s leading cryptocurrency.