BitTorrent to Introduce Own Cryptocurrency
January 4, 2019 10:46 am
The famous peer-to-peer file sharing platform BitTorrent has announced that it is planning to create its cryptocurrency with the help of Tron network. Along with other uses, the token will be used to make payments for higher speed file download on the company’s uTorrent client for Windows.
The CEO of the company, Rogelio Choy, has decided to resign from his position. The departure follows the acquisition of the firm by Tron, indicating that Choy and the founder of Tron Justin Sun had dissension regarding BitTorrent’s priority shifting to Blockchain Technology.
Whereas, Justin Sun commented on the decision to infuse cryptocurrency and blockchain technology with file sharing,
“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 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.“
As per the details mentioned, the token will be first available to investors outside the U.S. through Binance’s designated token sale platform, the Binance Launchpad. The token is titled as BitTorrent Token (BTT).
According to the official whitepaper for the BTT, a total of 990 billion BTT will be created, following the TRC-10 specification, not unlike the common ERC-20 tokens developed on the Ethereum network.
BitTorrent’s decision to roll out BTT follows its announcement of the formation of Project Atlas. The aim is to provide the users of the platform an impetus to keep sharing files after the downloading is finished. The Project Atlas is developed with the goal of rewarding users with BitTorrent’s token for making files available for other users to download.