File Sharing software BitTorrent announced that they are launching their cryptocurrency which will help users to buy, sell or trade to get faster download times, reports Venture Beats. San Fransisco based BitTorrent is a communication protocol for peer-to-peer file sharing (P2P) which is used to distribute data and electronic files over the Internet. It is perhaps one of the most common software used to transfer entertainment files over the internet. It reportedly drives 22% of upstream traffic and 3% of downstream traffic on the global internet. The network was acquired by cryptocurrency firm TRON in August 2018 for $140 Million. TRON (TRX) is ranked as the 10th largest cryptocurrency by market cap.
In Peer-to-peer file-sharing technologies like that of BitTorrent, it’s the millions of users who provide the power for computation via their computers. As the cryptocurrency is introduced, these people who allow BitTorrent to transfer files through their computers will benefit in small ways. And, also these users can spend those tokens to get faster download speeds on the network.
The specified tokens issued by the company are called BTT tokens, and they feature TRC-10 compatibility. TRC-10 is the basis for TRON’s cryptocurrency TRX. TRON’s founder Justin Sun claimed that this move is one of the many moves being planned to pave the way for the decentralized internet. BTT tokens will be implemented initially on µTorrent Classic which happens to be BitTorrent’s Windows-based client and also one of its most popular ones.
“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.” Said Justin Sun in a statement.
As of present, the BTT is only available for a non-US account on cryptocurrency exchange Binance’s “Launchpad.” BitTorrent Foundation in Singapore will be, reportedly, managing the cryptocurrency as the regulations are very tight in the United States.
“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.” stated Binance CEO and founder Changpeng Zhao.
The project is hailed as “Project Atlas,” and more details about the project will be provided at Nitron Summit, which will be held from January 17 to 18 in San Francisco.