Peer-to-Peer software company BitTorrent will launch a social media app as soon as the second quarter of 2019 for beta testing. The company announced that this via a press release published on Wednesday, March 27.
BitTorrent Live Streaming App Goes Live
In its announcement, BitTorrent said that its live streaming app known as “BitTorrent Live App” has been opened for early access. The first attempt by BitTorrent to launch the BitTorrent Live in 2017 was suspended as the company was unable to raise funds needed to operate it as a spinoff.
That version, however, was more of a content delivery protocol than a social media platform like this version.
BitTorrent Social Media App is Part of its Steaming Service
The social media application is part of BitTorrent’s video streaming service BitTorrent Live App. The social media will be video-based and like BitTorrent, will also be decentralized, unlike Snapchat and Instagram.
“BitTorrent Live will provide a social media platform for people to express their creativity and connect with others around the world through live video,” the company wrote in its statement.
How BitTorrent Decentralized Social Media App will work
Per the announcement, users of BitTorrent Live can search for content on the app, view them, like them and then interact with other users. Broadcasters who post content on the platform can receive instant feedback from viewers. It will also feature blockchain-enabled data privacy and data ownership controls as well as cryptocurrency payment options.
Expanding the Blockchain and Cryptocurrency Ecosystem
When TRON acquired BitTorrent in 2018, TRON’s CEO Justin Sun said he had big plans to use the peer-to-peer network to advance cryptocurrency adoption across the world. Not long after, BitTorrent was voted to become one of the 27 super representatives on the Tron Network. Earlier this year, the company launched its native token, the BitTorrent token and conducted one of the fastest token sales which raised about $7 million on Binance Launchpad.
Relaying the announcement yesterday, Sun described BitTorrent Live as “a new social media platform at the forefront of new content experience, accelerating the decentralization of the internet. He added that the platform will soon to be powered by the BitTorrent Token (BTT) when fully launched.
“Our strong foundation of decentralized technology will allow us to fulfill our vision of a boundary-free internet while being at the forefront of new content experience,” Sun explained in the statement.
BitTorrent Token (BTT) Price Today / USD
BitTorrent Token [BTT] is trading at $0.000782 to the USD at the time of writing. The price is about 1% higher than it was yesterday before the announcement. It is ranked 48 by CoinMarketCap with a market cap of $133.2 million. Its 24-hour trading volume increased by more than $8 million following the announcement and has now settled at about $28.3 million.
TRON (TRX) Price Today / USD
At the time of writing, Tron (TRX) is trading at $0.023 to the USD almost unchanged from its value yesterday. It has a total market cap of about $1.56 billion but has lost its place in the top 10 coins to Cardano (ADA).