Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => TRON (TRX) Forum + Ecosystem => Topic started by: MrSpasybo on February 17, 2024, 02:15:36 AM

Title: Can Bitcoin Layer-2 solution help Tron grow in the 2024 cycle?
Post by: MrSpasybo on February 17, 2024, 02:15:36 AM
The introduction of the Ordinals Protocol and its negative impact on congestion and high fees on the Bitcoin blockchain[1] has focused the crypto community's attention on Bitcoin Layer-2 solutions. Clearly, Ethereum Layer-2 solutions have worked extremely effectively and helped Ethereum users enjoy high speed and low fees[2].

Some Bitcoin Layer-2 solutions that have been operating stably such as Lightning Network, Stacks, Rootstock, Dovi, Liquid, Statechains[3] have gained more users and token price have increased, for example STX has increased 14 times from bottom price and approaching the old peak in 2021.

(https://www.tradingview.com/x/rfVsZyvZ/)

Recently, the Eos Layer-1 blockchain also plans to provide a Bitcoin Layer-2 solution[4], and Tron is no exception to this trend. Tron announced a three-phased plan for a Bitcoin Layer 2 solution aiming to boost interoperability, speed, and security across blockchains:
This ambitious roadmap, if successful, could significantly improve scalability and usability for both Tron and Bitcoin, paving the way for a more interconnected blockchain future[5].

To be honest, I'm not a developer and don't quite understand the feasibility of this plan. For me, although Tron is only famous thanks to TRC-20 USDT and a few dapps in the entertainment and betting fields, the TRX token price has been extremely well supported: TRX only dropped to Fibo 0.618 and is recovering extremely quickly with BTC from the end of 2022. TRX was once considered a failed token when it could not create a new ATH in 2021, but with this new plan, I hope TRX can return and enter the top 10 of Coinmarketcap.

(https://www.tradingview.com/x/6dpCMwwH/)

What do you think about this: is this Bitcoin Layer-2 solution really important for Bitcoin and Tron? Could it help Tron gain more users and get back into the blockchain race?
[1] Ordinals have brought digital spam to Bitcoin (https://cointelegraph.com/news/ordinals-put-digital-graffiti-bitcoin-blockchain)
[2] Best Layer 2 Crypto Networks (https://www.datawallet.com/crypto/best-layer-2-cryptos)
[3] Top Bitcoin Layer-2 Projects to Know in 2024 (https://www.kucoin.com/learn/crypto/top-bitcoin-layer-2-projects)
[4] Everything EOS Monthly Report – February 2024 (https://eosnetwork.com/blog/everything-eos-report-february-2024/)
[5] Tron’s Justin Sun Announces Plans for Bitcoin Layer 2 Solution (https://cryptopotato.com/trons-justin-sun-announces-plans-for-bitcoin-layer-2-solution/)
Title: Re: Can Bitcoin Layer-2 solution help Tron grow in the 2024 cycle?
Post by: KryptoBull on February 18, 2024, 12:06:10 AM
Quote from: MrSpasybo on February 17, 2024, 02:15:36 AM
Recently, the Eos Layer-1 blockchain also plans to provide a Bitcoin Layer-2 solution[4], and Tron is no exception to this trend.

What do you think about this: is this Bitcoin Layer-2 solution really important for Bitcoin and Tron? Could it help Tron gain more users and get back into the blockchain race?
Surprisingly, I still don't understand what Eos is planning to do with Layer-2 for Bitcoin, now adding Tron for the same purpose. Justin Sun loves to follow big trends in the market, Layer-2 is a big trend but Tron cannot become Layer-2 for Ethereum so Bitcoin may be a better target to take advantage of Btc reputation in this market.

If this solution from Tron will be successful and attracts users, the Trx token can receive positive impacts and easily return to the capitalization race. Tron may not be too prominent, but Trc-20 and Trx tokens are truly important assets of the market.
Title: Re: Can Bitcoin Layer-2 solution help Tron grow in the 2024 cycle?
Post by: legend45 on February 24, 2024, 04:43:11 PM
Quote from: KryptoBull on February 18, 2024, 12:06:10 AM
Quote from: MrSpasybo on February 17, 2024, 02:15:36 AM
Recently, the Eos Layer-1 blockchain also plans to provide a Bitcoin Layer-2 solution[4], and Tron is no exception to this trend.

What do you think about this: is this Bitcoin Layer-2 solution really important for Bitcoin and Tron? Could it help Tron gain more users and get back into the blockchain race?
Surprisingly, I still don't understand what Eos is planning to do with Layer-2 for Bitcoin, now adding Tron for the same purpose. Justin Sun loves to follow big trends in the market, Layer-2 is a big trend but Tron cannot become Layer-2 for Ethereum so Bitcoin may be a better target to take advantage of Btc reputation in this market.

If this solution from Tron will be successful and attracts users, the Trx token can receive positive impacts and easily return to the capitalization race. Tron may not be too prominent, but Trc-20 and Trx tokens are truly important assets of the market.

Hopefully the Bitcoin Layer-2 solution can help Tron grow in the 2024 cycle. But actually I don't fully understand this either. but I always hope that TRON can rise again like before and be of interest to many investors
Title: Re: Can Bitcoin Layer-2 solution help Tron grow in the 2024 cycle?
Post by: MrSpasybo on March 02, 2024, 01:42:13 AM
Quote from: legend45 on February 24, 2024, 04:43:11 PM
Hopefully the Bitcoin Layer-2 solution can help Tron grow in the 2024 cycle. But actually I don't fully understand this either. but I always hope that TRON can rise again like before and be of interest to many investors
We need to wait for the WhitePaper or official documents from these projects, including Eos and Tron, to better understand the solution they want to provide for the Bitcoin blockchain. I have learned and understood a bit about Lightning network and Stacks, they are quite interesting and are working effectively to support users to get high speed and lowest possible cost when wanting to move BTC or participate DeFi protocols.

Justin Sun is famous for liking to follow new trends in the market. For example, if Terra had UST and Near had USN, Tron must also has USDD as an algorithmic stable coin. This time too, Bitcoin Layer-2 is a way for Tron to join the Layer-2 trend.
Title: Re: Can Bitcoin Layer-2 solution help Tron grow in the 2024 cycle?
Post by: Trongduy on March 02, 2024, 02:57:01 PM
Quote from: MrSpasybo on March 02, 2024, 01:42:13 AM
We need to wait for the WhitePaper or official documents from these projects, including Eos and Tron, to better understand the solution they want to provide for the Bitcoin blockchain. I have learned and understood a bit about Lightning network and Stacks, they are quite interesting and are working effectively to support users to get high speed and lowest possible cost when wanting to move BTC or participate DeFi protocols.

Justin Sun is famous for liking to follow new trends in the market. For example, if Terra had UST and Near had USN, Tron must also has USDD as an algorithmic stable coin. This time too, Bitcoin Layer-2 is a way for Tron to join the Layer-2 trend.
I've only heard that Celo is Layer-1 moving to Layer-2 for Ethereum. Now I see Tron introducing a Layer-2 support solution for Bitcoin. I can't imagine what direction things will go and whether they will be successful. Previously, Tron was successful when it had better USDD than UST and USN, proving that Tron selectively learned and applied models already available on the market quite effectively.

This time, I hope Tron will succeed and gain users from BTC, helping push the price of TRX up strongly and soon breaking the peak like STX has done in the past few months.
Title: Re: Can Bitcoin Layer-2 solution help Tron grow in the 2024 cycle?
Post by: Stompix on March 02, 2024, 04:37:54 PM
Quote from: MrSpasybo on February 17, 2024, 02:15:36 AM
Clearly, Ethereum Layer-2 solutions have worked extremely effectively and helped Ethereum users enjoy high speed and low fees[2].

[2] Best Layer 2 Crypto Networks (https://www.datawallet.com/crypto/best-layer-2-cryptos)

Extremely sounds like a bit of exaggeration, slight improvement might be more accurate!
https://bitinfocharts.com/comparison/transactionfees-btc-eth.html#6m
Ethereum is just as congested as ever!
(https://www.talkimg.com/images/2024/03/02/yuDsz.png)

And even the sidechains themselves, they average 3-5 cents per tx, doge beats the crap out of them at an average of 1.5 cents.

Quote from: MrSpasybo on February 17, 2024, 02:15:36 AM
Some Bitcoin Layer-2 solutions that have been operating stably such as Lightning Network, Stacks, Rootstock, Dovi, Liquid, Statechains[3] have gained more users and token price have increased, for example STX has increased 14 times from bottom price and approaching the old peak in 2021.

Lighting network is the only layer-2 there, all others are side-chains!
For example Rootstock (https://blog.rootstock.io/noticia/rootstock-built-for-bitcoin/):

Quote
Rather than recommending a complete overhaul of the Bitcoin protocol to enable smart contracts, Rootstock presented a side-chain solution that utilized merged mining.  The native coin used to fuel the Rootstock network is… Bitcoin. “Smart Bitcoin (RBTC),” to be exact. RBTC is pegged 1:1 to BTC, and the only way for new RBTC to come into existence is by bridging BTC from the Bitcoin network. This is accomplished through Rootstock’s novel built-in two-way pegging solution — Powpeg.

Same for liquid they don't like saying (https://docs.liquid.net/docs/technical-overview) it but they have to:
Quote
Liquid is a sidechain-based, Bitcoin layer-2 settlement network


Once you have your own chain, it's a sidechain, if you run entirely on bitcoin's main chain (LN) then is second layer.
And the difference is clear, and the reasons every bitcoin maxi will be against using them:
https://dev.rootstock.io/solutions/moneyonchain/

Quote
The MoneyOnChain decentralized exchange’s native token, the non-transferable BTCX, represents leveraged positions on the price of RBTC, and they are created when an address sends RBTC to the smart contract. Participants purchase BitPros with RBTCs, and redeem them for RBTC at which time they are burned.

Luna deja-vu  8)
Title: Re: Can Bitcoin Layer-2 solution help Tron grow in the 2024 cycle?
Post by: MrSpasybo on March 09, 2024, 08:41:06 PM
Quote from: Stompix on March 02, 2024, 04:37:54 PM
Lighting network is the only layer-2 there, all others are side-chains!

Once you have your own chain, it's a sidechain, if you run entirely on bitcoin's main chain (LN) then is second layer.
And the difference is clear, and the reasons every bitcoin maxi will be against using them:
https://dev.rootstock.io/solutions/moneyonchain/
I don't really understand the terminology in blockchain technology, I just refer to many articles and projects like Stack and Rootstock are both considered Layer-2 solutions, and are called side-chain solutions. Perhaps it would be more accurate to collectively call them scaling solutions for Bitcoin ^^

Quote from: Trongduy on March 02, 2024, 02:57:01 PM
I've only heard that Celo is Layer-1 moving to Layer-2 for Ethereum. Now I see Tron introducing a Layer-2 support solution for Bitcoin. I can't imagine what direction things will go and whether they will be successful. Previously, Tron was successful when it had better USDD than UST and USN, proving that Tron selectively learned and applied models already available on the market quite effectively.

This time, I hope Tron will succeed and gain users from BTC, helping push the price of TRX up strongly and soon breaking the peak like STX has done in the past few months.
We will wait for announcements from Tron about this Layer-2 solution. For the time being, I have not read any updates or shares from Tron and Justin Sun. I hope they are focusing on developing this solution instead of letting it become a long-term strategy over many cycles.