BitTorrent, the peer-to-peer platform purchased by TRON’s Justin Sun The Singapore-based company is set to launch a token called BTT, which is expected to operate on TRON’s network. Boasting a massive user base of over 100 million, BitTorrent is making waves with this development.
In an official statement, Justin Sun shed some light on the initiative:
\"Globally, we are taking a significant step forward by unveiling the Blockchain to potentially hundreds of millions of users. This move will empower content creators with the tools to distribute their work directly through the web, bypassing traditional intermediaries.\"
Continuing To Reign
Not long after BitTorrent introduced Project Atlas last August, this news emerged. The initiative aimed to enrich the BitTorrent platform with a new peer-to-peer protocol allowing users to earn crypto for file-sharing activities. Traditionally, users stored files on the network for accessing downloads, with little motivation to keep them online afterward.
The BTT token is designed to incentivize file sharing by compensating users who help transfer files. Additionally, users have the option to pay for extra bandwidth, enabling faster downloads. This incentive mechanism not only retains files on the network longer but also speeds up downloads with added bandwidth. According to a TRON representative, the company won’t be taking a portion from these transactions.
Per reports, BitTorrent’s BTT token will adhere to the TRC-10 standard. The white paper reveals a total supply of around 990 billion BTT tokens. Intended for non-U.S. investors, these tokens will be made available on the Binance Launchpad and introduced to users through airdrops. Although the exact timing remains undisclosed, Justin Sun will announce it via Twitter. The spokesperson provided no additional comments on TRON's airdrop strategy. It's confirmed that the token will integrate with the classic uTorrent client, popular among users, and that Project Atlas supports backward compatibility, allowing traditional file-sharing without BTT.
A Turning Point
Interestingly, TRON wasn't the pioneering entity interested in BitTorrent's acquisition. Before June last year, several companies had shown interest, but only TRON followed through, acquiring the service. In addition, Sun sought to keep Bram Cohen, the original founder of BitTorrent, on board in a permanent role. However, Cohen opted out as he pursued his startup ventures. Despite this, Sun managed to invest in Cohen’s new company, and post-acquisition, many of BitTorrent's staff transitioned out, including former CEO Rogelio Choy, who shifted to a managerial role. buy BitTorrent When BitTorrent rolled out Project Atlas in September 2017, it was described as a 'hybrid content-sharing ecosystem' leveraging cryptocurrency. Justin Sun outlined the features of the software:
\"Initially, the product will deliver quicker downloads, more seeds, absence of mining, and backward compatibility. Our goal is to eventually enable all content creators to reach their audiences directly, reducing reliance on middlemen.\" reports CoinTelegraph :
Atlas lays the groundwork for the BTT token's implementation and is spearheading the incentives for file trading. Whether these tokens will be exchangeable for traditional currency or remain a part of the BitTorrent system is unclear. Unlike other projects aiming to encourage file hosting and sharing, this one is backed by the might of the TRON blockchain.
I'm a writer who has ventured into gaming and tech spaces. Now, I'm diving deep into the world of cryptocurrency. Reach out at [email protected].
