TRON is coming for Ethereum with the launch of BitTorrent Chain and $1B fund

  • TRON and BitTorrent have partnered to develop BitTorrent Chain, a cross-chain interoperability protocol compatible with BSC, Ethereum and TRON.
  • Justin Sun has also spearheaded a $1.1 billion fund dedicated to the TRON ecosystem, with the goal being to poach projects building on Ethereum.

In recent years, so-called Ethereum killers have sprung up to pose competition to the biggest decentralized protocol and give developers and users an alternative. Polkadot, Solana, Avalanche and Cardano are among those getting all the attention. TRON has something to say about this, and with a new cross-chain interoperability platform and protocol and a $1.1 billion war chest, Justin Sun means business.

Oc October 30, TRON revealed the launch of the BitTorrent Chain (BTTC) test network.

BTTC was developed by the core teams at TRON and its sister project BitTorrent. They describe it as a heterogenous cross-chain interoperability protocol. It features a proof of stake (PoS) consensus mechanism and multi-node validation. It supports sidechains, allowing for smart contract extension as well as off-chain matching.

BTTC is already compatible with the TRON, Binance Smart Chain and BitTorrent blockchains and is already bracing itself to welcome more. According to the TRON Foundation, BTTC will support HECO and OKEX chain. After these two immediate targets, it will work on integrating other public blockchains, the team said.

BTTC users can be able to transfer assets from the three supported blockchains in a decentralized manner and without any limit. The new protocol will also be compatible with the Ethereum Virtual Machine, enabling easy migration of projects from Ethereum to BTTC.

TRON sets sight on Ethereum

With all these features, the goal for TRON founder Justin Sun and his team is one – targeting Ethereum.

On its press release announcing BTTC, the TRON team claimed that the new protocol will provide “superior scalability for the Ethereum network.”

Scalability is an easy target of attack for many protocols that are gunning for Ethereum’s crown. Ethereum has been unable to scale to meet the needs of its users. This, coupled with high fees, have been the reason that Ethereum-based layer 2 projects like Polygon have flourished, as well as the Ethereum killers such as Polkadot.

Sun is putting his money where his mouth is and has earmarked $1 billion “to spur the migration of projects from Ethereum onto BTTC,” according to the press release.

On Twitter, where he is quite active, he mentioned on October 26 that there should be a fund to spur the growth of the TRON ecosystem. This was before announcing BTTC. He later claimed that community members had urged him to increase the amount by $100 million.

The new fund comes just after Binance announced one of its own. As CNF reported, the exchange said that the fund would go towards pushing the adoption of the Binance Smart Chain, yet another blockchain network seeking to overthrow Ethereum from its throne.

Read More: Binance triggers a 10% rally after the launch of a $1 billion growth fund aimed to boost adoption

About Author

Steve has been a blockchain writer for four years, and a crypto enthusiast for even longer. He is most excited by the application of blockchain to solve the challenges facing developing nations.

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