BitTorrent To Launch Own Cryptocurrency On Tron

cryptocurrency

According to reports, peer-to-peer pioneer platform, BitTorrent will create its own digital currency on the Tron (TRX) network. As per the Singapore-based BitTorrent startup, the new digital token known as (BTT) will operate based on the the Tron protocol, developed by Tron (TRX). Tron recently acquired BitTorrent in June 2018. The peer-to-peer file-sharing software startup reportedly claimed it has at least 100 million users.

What You Need To Know About Project Atlas

According to Justin Sun, who is the founder of Tron (TRX) and the CEO of BitTorrent via a press release:

“In a big leap, we will proudly introduce the Blockchain to at least hundreds of millions of users globally and empower a generation of content developers with necessary the tools to distribute content to others directly via the web.”

The decision to issue a digital token comes after Project Atlas was announced by BitTorrent in August 2018. Project Atlas promises to be a new version of the peer-to-peer software. It gives BitTorrent users a way to earn and use cryptocurrencies while sharing files. Normally in the present system, users are required to store a file on the system to download something. According to an analysis by the Tron founder in a YouTube video, user have no incentive to keep any file on the network after downloading.

TRON (TRX) Price Today – TRX / USD
Name Price
bitcoin
Bitcoin
$10,146.880.757%
tron
TRON
$0.0175.24%

With the new token offered by BitTorrent, users can pay anyone with their file to forward it to them. They can also pay for more bandwidth, to ensure faster downloading. The prospect of payment, gives file hosts an incentive to hold on to more files on the network. Hence, making it more likely for a user to download anything they want faster than usual. According to a spokesperson from Tron, the company will not take cuts for such transactions.

BTT Will Be A TRC-10 Token

As per the report, the BTT token will be a TRC-10 based. According to the white paper of token an average supply of 990 billion BTT tokens will be minted. The token will be made available to non-U.S. accounts via Binance Launchpad. Additionally, the tokens will be distributed through airdrops that will be announced via Sun’s Twitter page.

When asked about the airdrops referred to by Tron, a spokesperson for the company declined to give any details. The new digital token will work through the µTorrent Classic client, because it has the most users. According to the company Project Atlas will be backward-compatible, allowing users who don’t intend to spend or earn any BTT to share files with users who decide to use the system.

Changes In Personnel Structure

Before Tron’s acquisition of BitTorrent in June 2018, the company approached several corporations regarding buying it, and only Tron (TRX) followed through. Additionally, Sun reportedly made attempts to entice Bram Cohen, BitTorrent’s founder, to take up a full-time role based on the terms of the deal. Cohen, however, declined. Sun eventually came away with just a small stake in Chia Network Cohen’s new company. Shortly after BitTorrent’s takeover by Tron, it was reported that a number of employees were leaving BitTorrent. Hence, since the acquisition, the former CEO of BitTorrent Rogelio Choy, transitioned to a managerial role.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.