Following its launch by the TRON Super Representative committee on June 25, 2018, the TRON protocol, three years into its inception, has grown into a network that handles transfer volume averaging over $10 billion every day, and a blockchain settlem…
Following its launch by the TRON Super Representative committee on June 25, 2018, the TRON protocol, three years into its inception, has grown into a network that handles transfer volume averaging over $10 billion every day, and a blockchain settlement protocol that exists side by side with Ethereum. Total assets on the TRON blockchain have ballooned over $50 billion, and the total value locked in TRON decentralized financial programs has surpassed $10 billion. Behind these achievements is the community-led decentralized autonomous organization(DAO). We succeeded in offering a business service and social benefits, similar to that of Alipay and Paypal, yet in a non-monopolized, DAO, and decentralized approach.
As the founder, I am pleased to see that TRON, handling five times the daily transfer volume of Paypal, has demonstrated the potential in becoming a global settlement layer for humankind in the future. This is the new vision that the TRON protocol takes on. Today, the Society for Worldwide Interbank Financial Telecommunication or SWIFT sits at the core of the global settlement and provides a network that enables all financial institutions worldwide to send and receive information about financial transactions. However, the 48-year old financial telecommunication model fails to keep pace with the development of the Internet and has caused the world’s financial industry tremendous extra costs for its compromised efficiency. And it is even far from possible to build the protocol into an intelligent Web 3 standard that features interoperability and open-source. The obsolete protocol SWIFT born in the last century is nowhere close to swift, which reminds me of Voltaire’s remark on the Holy Roman Empire: “The Holy Roman Empire is neither Holy, nor Roman, nor an Empire.”
It is an opportunity bestowed by the time to have blockchain overtake SWIFT protocol and serve as the world’s future global settlement layer. It is also an opportunity as well as a duty for the TRON protocol to provide humankind a smart financial protocol that offers lower fees and low latency. This new protocol will not only enable society to run fast settlements at a fraction of the current costs. More importantly, smart operating systems of the Internet era can iterate quickly, offer interoperability, and hold enormous growth potential, as evidenced by the blooming decentralized finance (Defi) and non-fungible token (NFT).
Positioned as a global settlement layer, Layer 1 of the TRON protocol will focus on providing secure and fast settlement services at lower fees for financial institutions, crypto assets, and decentralized finance. In the meantime, the TRON protocol will soon launch BitTorrent Chain, a Layer 2 scaling and cross-chain solution, and migrate TRON’s DeFi, NFT, DAPP, and other emerging blockchains onto Layer 2 and cross-chain solutions. -
-Justin Sun
