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Tron’s [TRX] Justin Sun announces the release of Sun network, the cryptocurrency’s upcoming layer 2 solution

Akash Anand

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Tron [TRX]'s Justin Sun reveals the 'Sun network', the cryptocurrency's upcoming layer 2 solution
Source: Pixabay

Tron [TRX]’s focus on creating Web 4.0 has been obvious for a long time. Aside from achieving mass adoption and mainstream usage, Justin Sun and the Tron Foundation prides itself on being a leader in the field of Decentralized Applications [DApps] and scalability. Complying with the mantra, the Foundation’s CEO and Founder, Justin Sun recently tweeted,

“#TRON will release the detail of #Sun Network soon! #SUNNetwork is our layer 2 solution to achieve 100X scalability. #TRON’s dapp usage is poised to scale from the current millions to hundreds of millions after launch. GO #TRX and #BTT! #BitTorrent #BTT #TRX”

Tron working towards scaling up is in tandem with the cryptocurrency network’s efforts to blow Ethereum [ETH] and EOS, its closest rivals, out of the water. Vitalik Buterin, the Co-founder of Ethereum recently spoke about scalability on the Ethereum network, mentioning Shasper and other ideas to improve the ETH protocol. Coincidentally, Buterin had also elaborated on the development of layer 2 on the Ethereum network and its advantages over layer 1. According to him,

“Think of layer one as making a highway bigger and making more highways. Layer two solutions are like having 10 cars being fit inside a truck, and having more highways to facilitate these truck. To achieve scalability, and it will be, layer 1 and layer 2 will act as different kinds of methods towards similar goals. It’s basically scaling in different ways”

Justin Sun previously spoke about the organization doing its best to rope in more users, a part of which was the new hybrid method introduced by Tron to integrate it with BitTorrent. During the BitTorrent integration, the Tron CEO had stated,

“We are currently working on a new live/social media app and looking for ways to integrate BTT on it! By doing that we aim to empower a new generation of content creators to distribute their content without a middleman and offer a very authentic channel for the fans to connect with their idols and the content creators with their audience.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Altcoins

Binance coin pumps by over 6% in an hour; breaks its all-time high

Namrata Shukla

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Source: Pixabay

On June 20, Binance coin [BNB], a coin ranked seventh on CoinMarketCap, surged by a massive 6.38% over the past hour. The coin also broke its all-time high and was trading at $36.47, at press time.

Source: Trading view

Source: Trading view

At press time, BNB was being traded at $36.47 with a market cap of $5.097 billion. The 24-hour trading volume of the coin was reported to be $571.64 million, as it spiked by 2.35% over the day. Over the past seven days, the coin noted a rise of 2.03% in its price and continued to rise by 6.38% within the hour.

This hike follows Singapore-based cryptocurrency exchange, KuCoin, listing Binance coin [BNB] and Binance announcing the launch of Elrond project on Binance launchpad. Binance funded the sharding-based public blockchain network in a private funding round, as the company closed the round with $1.9 million. It will be the next project supported by Binance launchpad and the token sale will be carried out in a lottery fashion. The token sale is scheduled to begin from June 22, 00:00 AM [UTC].

The coin was highly traded on Binance exchange with BNB/USDT pair and BNB/BTC pair. BNB/USDT took the first place as it noted a 24-hour trading volume of $137 million, followed by BNB/BTC which reported a volume of $126 million. The third position was taken by LBank exchange, which registered a trading volume of $120 million with BNB/USDT pair.





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