BitTorrent Inc., a pioneer in peer-to-peer protocols and products, is launching a new token called BitTorrent Token (BTT), according to a press release by PR Newswire on January 03. The new token BTT will operate on the Tron protocol, developed by TRON.
BitTorrent Foundation which is established in Singapore will issue BitTorrent Token (BTT) that enables users to exchange tokens to enhance network speed. The company aims to stimulate the overall speed of torrents by providing users with the ability to use BitTorrent tokens for faster downloads.
BitTorrent’s first progress is, to begin with tokenizing its content sharing ecosystem which reportedly serves over 100 million users. This move comes six months after the company was acquired by TRON on July 24, 2018.
BitTorrent Inc. also announced on Twitter BTT will only be available to non-U.S. accounts on the token sale platform Binance Launchpad.
Justin Sun, the founder of TRON and CEO of BitTorrent said
“BitTorrent token is the first in a series of steps to support a decentralized internet; In one giant leap, the BitTorrent client can introduce blockchain to 100 million 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.”
On December 23, TRON reached a new milestone by registering one million user accounts in just 184 days.
The Binance Launchpad will feature new projects in 2019; it will be supporting transformative blockchain startups to raise funds in order to develop their products. It will also render them with Binance’s advisory support and provide access to its ecosystem as part of the company’s bigger mission in assisting cryptocurrency adoption.
Changpeng Zhao (CZ), Founder and CEO of Binance stated that “We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry; 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.”
According to the press release, BTT will first be implemented into the Windows-based µTorrent Classic client, BitTorrent, Inc.’s most popular application. BTT enabled µTorrent Classic clients will be 100% compatible with other clients that support the BitTorrent protocol. The users who wish to opt out will be able to do so in the product’s settings.
More information regarding the BitTorrent token mechanism can be found on their official white paper.
Although BitTorrent is fast enough, TRON is hoping to make it even faster with the cryptocurrency extensions. We have to see how things work out for BitTorrent once it is launched on Binance platform.
TRON is capitalizing on its crypto market with BTT, which is launching soon on Binance. BitTorrent and Binance together will form to tokenize the world’s largest decentralized file sharing protocol.
TRON and BitTorrent intend to provide more information about BitTorrent token at niTROn Summit on January 17-18 in San Francisco.
Will BTT increase the download speed of tokens with TRON based protocol? Share your thoughts in the comments.