BitTorrent releases TRON-based cryptocurrency to fund faster downloads
BitTorrent Inc., the giant peer-to-peer file sharing platform, will be launching its own cryptocurrency token called BitTorrent (BTT) based on the TRON protocol to pay for faster downloads. BTT will be exclusively available to non-U.S accounts on Binance Launchpad, the token sale platform for cryptocurrency startups by leading cryptocurrency exchange Binance.
Justin Sun, BitTorrent Inc. CEO and TRON founder, made the announcement about the new token in a tweet yesterday.
Excited to unveil our new token BitTorrent $BTT and its crowdfunding on #BinanceLaunchpad!! The @BitTorrent token is the first of many steps towards achieving mass adoption of a truly decentralized internet. Come to #niTROn2019 for more info ? @binance https://t.co/PwQZuYRKN2
— Justin Sun (@justinsuntron) January 3, 2019
BTT token features native TRC-10 compatibility – the basis for Tron’s own cryptocurrency, TRX – and will be issued by BitTorrent Foundation. It will enable users to exchange tokens to optimize their network speed and attain faster downloads.
“We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry,” said Changpeng Zhao (‘CZ’), Binance CEO and Founder. “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.”
The move appears to be another step towards the crypto company’s vision of developing decentralized applications using blockchain technology like TRON. It will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.
The integration of ”BitTorrent peer-to-peer network and the TRON blockchain network via a set of BitTorrent protocol extensions, a custom token, and an in-client token economy” aims to benefit each of their 100 million monthly active users (MAU) across 138 countries.
BTT tokens will first be implemented on BitTorrent’s Windows-based “µTorrent Classic” client that will be 100 percent compatible with other clients that support the BitTorrent protocol. Users who wish to opt out of the token feature can do so in the product’s settings. For more information, you can read BitTorrent’s (BTT) whitepaper.
While no date has yet been announced for the token sale, Binance Launchpad in a blog post has said that it will offer “about one new token launch every month in 2019, starting with BitTorrent and Fetch.AI.”
More details about BitTorrent token and Project Atlas products will be provided by TRON and BitTorrent at niTROn Summit on January 17–18 in San Francisco.
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Gurupriyan is a Software Engineer and a technology enthusiast, he’s been working on the field for the last 6 years. Currently focusing on mobile app development and IoT.