BitTorrent launched TRON Token
January 4, 2019 5:45 am,
BitTorrent, once it was acquired by TRON in 2018. Just six months later, BitTorrent it’s releasing its own cryptocurrency, a token known as BTT. For BitTorrent users, the new tokens provides a way to optimise network speed and attain faster downloads through paid prioritization. Each is issued by the BitTorrent foundation and features native TRC-10 compatibility- a set of guidelines laid out by TRON Think TRX for global decentralized content distribution.
BitTorrent which pioneered peer to peer technology for sharing files on the internet. The plan to issue a token follows the announcement of Project Atlas, which BitTorrent revealed at the end of August. Project Atlas is a new iteration of the P2P software. It provides users a way to spend and earn crypto while sharing files.
Under the existing system, users need to put a file on the system in order to download something. The user has no incentive to keep a file on the network once they have finished downloading. With BTT, users can pay someone with the file to send it to them and they can pay for more bandwidth, so it downloads faster. With the prospect of payment, file hosts have an incentive to keep more files available to the network, making it more likely that a given user will be able to download something they want more quickly. A spokesperson confirmed that the company will not be taking a cut of those transactions.
BTT will be a TRC-10 token, similar to the ERC-20 token. A total supply of 990 billion BTT will be minted. BTT will be available to non-US accounts through Binance Launchpad, a listing service for entrepreneurs looking to raise funding via token sales. The tokens will be distributed through airdrops of some kind. The token will work first through the Windows based Torrent Classic client which has the most users on it. The company says that Project Atlas will be backward compatible, so that the user who don’t want to spend or earn BTT will still be able to share files with those who do opt to use the new system. More details will be revealed at a summit hosted later in San Francisco.
After the acquisition last year, it seemed only a matter of time before the two companies collaborated on a token. Also, the market is ripe. BitTorrent says it currently drives 22 percent of the worldwide upstream traffic and three percent of the downstream traffic. Company representatives say that it serves more than 100 million users.
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