BitTorrent Launches Cryptocurrency Token After Tron Acquisition

Blockchain | Crypto News | Latest News

Singapore based BitTorrent foundation announced that they are introducing a new cryptographic token called BTT, which will be run on the Tron Protocol. Justin Sun founder and CEO of both Tron and BitTorrent, stated that the aim of introducing the token is to create a token-based economy to make it easier for users around the world share their content directly to others online. BitTorrent was the first technology company to introduce peer to peer file sharing on the internet

Background

BitTorrent is a decentralized peer to peer file sharing protocol that was invented in 2001 to facilitate the transfer of large files around the internet and has over 1 billion users and over 100 million daily active users. It works by breaking down large files into smaller bits which use less internet bandwidth to download by multiple users. Please read here, for better grasp of how BitTorrent works.

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The company was bought by blockchain startup Tron last year by Tron CEO Justin Sun for $140 million. At the time of acquisition, plans for BitTorrent had not been made public but it was general knowledge that a blockchain company obviously intended to use the protocol for some crypto function.

Tron acquired BitTorrent solely for the reason that it was the world’s largest decentralized peer to peer technology system. Before that, there had been rumors that that the owner and founder of Tron had been looking to purchase the technology company for their P-2-P file sharing and architecture system. Once Tron merged with it, it is now undoubtedly the largest functioning decentralized ecosystem.

BTT Launch

At the start of this year, Tron announced the launch of the BitTorrent token BTT, which is based on the Tron protocol. The BTT token has the following decentralized characteristics:

  • Content delivery service – it will enable service requesters to advertise bids and pay BTT for bandwidth so as to receive mass or a particular piece of content. Service providers will have to provide content that can be accessed to as many people as possible
  • Storage service – it will allow service requesters to pay for storage over time. Service providers will store some amount of data then provide proofs-of-storage to the service requester upon request. They will be able to download the stored data from the service for a pre-arranged fee. Service providers will therefore have to look for content which offers the highest payment rate over time.
  • Proxy service – to enable service requesters pay a client for the retrieval of content by URL such as mobile application users, who can retrieve web resources in bulk even with minimal internet connection services.

An article posted on 4th January stated that the token would be accessible to non-US accounts powered by binance, one of two tokens to launch on the platform and progressively be distributed by selective airdrops in the course of the month. BTT has 990 billion tokens which will be availed together with a wallet so that non-crypto users will be able to use it. One of the benefits of this token is that all pre-existing Tron users will automatically have access to BTT tokens. Find out more on the token white paper here.

 

 

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BitTorrent Launches Cryptocurrency Token After Tron Acquisition

Blockchain | Crypto News | Latest News

Singapore based BitTorrent foundation announced that they are introducing a new cryptographic token called BTT, which will be run on the Tron Protocol. Justin Sun founder and CEO of both Tron and BitTorrent, stated that the aim of introducing the token is to create a token-based economy to make it easier for users around the world share their content directly to others online. BitTorrent was the first technology company to introduce peer to peer file sharing on the internet

Background

BitTorrent is a decentralized peer to peer file sharing protocol that was invented in 2001 to facilitate the transfer of large files around the internet and has over 1 billion users and over 100 million daily active users. It works by breaking down large files into smaller bits which use less internet bandwidth to download by multiple users. Please read here, for better grasp of how BitTorrent works.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

The company was bought by blockchain startup Tron last year by Tron CEO Justin Sun for $140 million. At the time of acquisition, plans for BitTorrent had not been made public but it was general knowledge that a blockchain company obviously intended to use the protocol for some crypto function.

Tron acquired BitTorrent solely for the reason that it was the world’s largest decentralized peer to peer technology system. Before that, there had been rumors that that the owner and founder of Tron had been looking to purchase the technology company for their P-2-P file sharing and architecture system. Once Tron merged with it, it is now undoubtedly the largest functioning decentralized ecosystem.

BTT Launch

At the start of this year, Tron announced the launch of the BitTorrent token BTT, which is based on the Tron protocol. The BTT token has the following decentralized characteristics:

  • Content delivery service – it will enable service requesters to advertise bids and pay BTT for bandwidth so as to receive mass or a particular piece of content. Service providers will have to provide content that can be accessed to as many people as possible
  • Storage service – it will allow service requesters to pay for storage over time. Service providers will store some amount of data then provide proofs-of-storage to the service requester upon request. They will be able to download the stored data from the service for a pre-arranged fee. Service providers will therefore have to look for content which offers the highest payment rate over time.
  • Proxy service – to enable service requesters pay a client for the retrieval of content by URL such as mobile application users, who can retrieve web resources in bulk even with minimal internet connection services.

An article posted on 4th January stated that the token would be accessible to non-US accounts powered by binance, one of two tokens to launch on the platform and progressively be distributed by selective airdrops in the course of the month. BTT has 990 billion tokens which will be availed together with a wallet so that non-crypto users will be able to use it. One of the benefits of this token is that all pre-existing Tron users will automatically have access to BTT tokens. Find out more on the token white paper here.

 

 

Author:

Leave a Comment

[js-disqus]

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