BitTorrent is launching its own cryptocurrency on the TRON network – known as BitTorrent Token (BTT).
TRON Acquisition in 2018
BitTorrent is the long-renowned peer-to-peer protocol for file sharing online. Acquired by TRON in June last year for $126 million, BitTorrent claims to have over 100 million active users monthly.
Justin Sun, founder of Tron and CEO of BitTorrent, said in a press release:
“In one giant leap, we 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.”
Following the acquisition, the plan to issue a token was revealed after BitTorrent announced Project Atlas in August 2018. BTT is meant to incentivize and facilitate file-sharing activities.
BTT to Boost File Sharing
Sun believes that the current BitTorrent system does not provide sufficient incentive for users to retain files on the network once downloading is done. With BTT, users can pay to secure a file, or download it faster. This also encourages users to supply files online as they earn BTT in return for sharing. BTT will be the solution to better file sharing, faster networks, file availability, and content creation.
BTT is a TRC-10 utility token based on the TRON blockchain. A total supply of 990 billion BTT will be minted, according to its white paper. An as yet undisclosed proportion will be given to groups such as existing TRX holders, and the TRON Foundation.
BTT will be made available to non-US users on Binance’s “Launchpad”.