BitTorrent unveils its own cryptocurrency based on Tron protocol
Tron’s acquisition of BitTorrent which claims to have over 100 million users worldwide in June last year was one of the high points of 2018. BitTorrent is touted as the pioneer in distributed computing and is a file-sharing platform. The platform uses the technique of increasing the download speed by sharing files in chunks. A peer-to-peer network BitTorrent simplifies the process of exchanging data and media online and has changed the way we look at the internet. The company announced on Thursday that it is working towards creating its own cryptocurrency [BTT].
According to Tron’s Medium blog, the new token, also called BitTorrent (BTT), will be issued by BitTorrent Foundation and will enable users to exchange tokens to improve network speed.
Speaking about this latest development, Justin Sun, Founder and CEO of Tron said, “In one giant leap, the BitTorrent client 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 a token was announced just after Tron unveiled Project Atlas in August last year. In simple terms Project Atlas is a Peer-to-Peer (P2P) software that allows users to earn and spend cryptos while sharing files and BitTorrent’s massive user base will provide the perfect launchpad for Tron. Project Atlas is like merging BitTorrent’s extensive user base with Tron’s robust blockchain capabilities
This latest development will simplify the whole process of file sharing, as users can now pay someone who will send the file with BTT and they can also pay for faster downloads.
BTT will be a TRC-10 token and according to the token’s white paper shared with CoinDesk, the total supply of 990 billion BTT will be minted. Initially, BTT tokens will be available to non-US accounts through Binance Launchpad.
“BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects,” said Changpeng Zhao (‘CZ’), Founder and CEO of Binance.
As per the blog, BitTorrent token will first be implemented into the Windows-based µTorrent Classic client, BitTorrent, Inc.’s most popular application.
Image via Shutterstock
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