For the past three years, crypto developers have been fighting a shared enemy, a three-headed beast known as the blockchain trilemma. For every gain made on one front – security or decentralization – territory was ceded on another, such as scalability.
Eventually we learned what in hindsight should have been obvious: No single network can defeat the trilemma. But when their forces combine and each network plays to its strengths, the common foe can be vanquished. From sidechains to sharding, we have implemented solutions to deliver crypto technology that can operate at scale, toppling the trilemma and marking an end to the layer 1 battle.
This post is part of CoinDesk’s 2020 Year in Review – a collection of op-eds, essays and interviews about the year in crypto and beyond. Justin Sun is the founder of TRON and the CEO of BitTorrent.
The campaign, which has taken the better part of three years, has concluded with allied forces claiming their share of the spoils.
On the adoption and utility front, Ethereum has gained ground, thanks to its strong network effects and burgeoning DeFi primitives. TRON, meanwhile, has supported fast and low-cost transactions for settling billions of dollars in stablecoins, supporting thousands of dApps, and extending the reach of the world’s largest file-sharing network. And then there’s Tezos, which is still breathing at least.
Ethereum and TRON dominate most blockchain benchmarks, leaving the other smart contract networks to play catch up.
For TRON, 2020 has been a prolific year that saw over 100,000 daily active users and $6.4 billion of USDT issued on the network plus the introduction of WBTC. More importantly, TRON brought decentralization one step closer to the masses this year, establishing a brand new DeFi ecosystem, expanding the functions of BitTorrent’s decentralized storage, and forging cross-industry partnerships.
Ethereum doesn’t need me to cheerlead on its behalf, it’s had a prolific year too. Rather than…