BitTorrent launching cryptocurrency on the Tron blockchain. BitTorrent pioneered peer-to-peer technology for sharing files on the internet – their latest plan involves creating its own cryptocurrency. The new BitTorrent Token (BTT) will run on the TRON (TRX) protocol. BitTorrent was acquired by Tron in June of 2018. BitTorrent claims to have 100 million users.
Justin Sun, the founder of Tron and CEO of BitTorrent, said in a press release:
“In one giant leap, we can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
The plan to issue BTT follows the announcement of Project Atlas, which BitTorrent revealed at the end of August. Project Atlas is a project that further develops P2P software – it provides users with a way to spend and earn cryptocurrency while sharing files.
With BTT, the idea is that users can pay someone with the file to send it to them. If they want the file faster, they can pay for more bandwith. This would incentivize file hosts to keep more files available to the network. This will make it more likely that a user will be able to download something that they want, and they also have the option to pay for a faster download.
TRX has confirmed that the company will not be taking a cut of those transactions.
BTT will be a TRC-10 token. According to the token’s White Paper a total supply of 990 billion BTT will be created.
BTT will be available to non-US customers through Binance Launchpad. Binance Launchpad is a listing service for entrepreneurs looking to raise funding via token sales. The tokens will also be distributed via airdrops – that information was released by Sun’s Twitter feed. TRX has declined to give more information about the airdrops.
BTT will first work through µTorrent Classic client, a Windows-based client of BitTorrent. BitTorrent claims that the client has the most users on it. BitTorrent also confirmed that Project Atlas will be backward-compatible so that users who don’t want to earn or spend BTT will still be able to use the system.
More details about Tron and Project Atlas will be revealed at a summit that Tron is hosting later this month in San Francisco.
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