BitTorrent, a pioneer in peer-to-peer protocols and products, announces its cryptocurrency, with the desire to develop its own vision of a decentralized internet.
BitTorrent unveils its own cryptocurrency allowing users to pay for faster download times.
In the wake of the acquisition by Tron
BitTorrent, the veteran of decentralized file sharing, entered Tron’s hands last July for $ 126 million.
Launched in 2001, BitTorrent attempted to make its protocol a replacement for the sacrosanct HTTP. It allows you to exchange files in peer-to-peer (P2P) mode. Its protocol is the largest decentralized P2P network in the world, generating 22% of upstream traffic and 3% of downstream traffic worldwide.
It is only natural that the group therefore launched a decentralized currency based on a blockchain.
Users can buy, sell or trade the valuable tokens to achieve faster download times.
Concretely, the BitTorrent token will first be implemented in the µTorrent Classic client, BitTorrent’s most popular application.
But, this is only the first step towards a decentralized internet, as Justin Sun, CEO of BitTorrent explains: “ The BitTorrent token is the first in a series of steps to support a decentralized Internet.“
A first step towards a decentralized internet
BitTorrent’s token is compatible with TRC-10, the standard supported by the Tron blockchain at the base of its own cryptocurrency by the name of Tronix (TRX) which is the official currency of Tron.
It will be available exclusively for non-U.S. Accounts on Binance Launchpad, one of the larger range of cryptocurrency offerings, most notably competing with Bittrex.
“We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry.Said Changpeng Zhao (“CZ”), CEO and founder of Binance. “BitTorrent is a decentralized project by nature, with a large user base, which is now adding a new token economy to their use case. Thanks to Launchpad, BitTorrent will have better access to the resources of the Binance ecosystem. It will be a case study for existing projects. “
More information on the token mechanism can be found in the official white papers. Tron and BitTorrent plan to provide more details on BitTorrent and Project Atlas token products (to connect BitTorrent’s peer-to-peer network to Tron’s blockchain) at the NiTROn-2019 summit to be held on January 17-18. in San Francisco.
(Photo credit: @Tron)