One might not believe that one day BitTorrent will be speaking of creating its own cryptocurrency prior to its sell to Justin Sun the founder of Tron Token(TRX) by its founder, Bram Cohen who had launched his own crypto called Chia network, which he later likened as anti-bitcoin.
Justin Sun bought it from its founder Cohen in July 2018 at $126 million and called the merger Project atlas. BitTorrent had been a website where people share files on the internet and could boast of more than 100 million users before it was sold to Justin sun in June last year.
BitTorrent Foundation that has its headquarters in Singapore will be launching the BitTorrent token(BTT) on the Tron blockchain, which should be in accordance with Justin sun’s tweet after they reached the one million smart contracts transactions and also 1 million user accounts, that the next was to be BitTorrent to the Tron blockchain.
In a press release, Justin sun who is the CEO of both Tron Foundation and BitTorrent said that: “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.” A Tron spokesperson said that after Tron bought over BitTorrent, its CEO then Rogelio Choy was moved as the general manager of BitTorrent.
According to its whitepaper, BTT will be a TRC-10 token and will have a total supply of 990 billion BTT that will be mint. This could be appreciated since there seems to be a synergy between Binance, the world’s largest crypto exchange, and Tron since the former said in an announcement today that they will introduce a minimum of one token every month in its fundraising arm, Binance LaunchPad.
BTT and Fetch.AI are the two tokens that will be allowed on it this month. Responding to this development, Binance in a blog post termed “game-changing” said that: BitTorrent’s protocol is empowering a new generation of content creators with the tools to distribute their content directly to others on the web.
BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods. BTT tokens will be used to reward users who share files for a long time with BitTorrent. Also, Tron holders will also receive some percentage of BTT though the percentage is not clear according to the whitepaper. Furthermore, some tokens will be left for the Tron Foundation, BitTorrent Foundation and investors in the project.