BitTorrent launches its own TRON token (BTT) via Binance Launchpad
The file sharing network BitTorrent gets its own BitTorrent Token (BTT) on the TRON blockchain that allows users of the network to pay each other for bandwidth.
The initial sale of the BTT tokens will take place via Binance Launchpad, as announced by the creator of TRON and CEO of BitTorrent Justin Sun through a tweet.
The BitTorrent Token (BTT) is a TRON-based TRC-10 token and according to Justin Sun will be the first step towards a truly decentralized internet. The token is introduced as an optional layer on top of the existing BitTorrent network and will mainly serve as a means of payment to create additional incentives to strengthen the network. For example, the token can be used to purchase extra bandwidth to speed up a download, but the BTT token will also be used to encourage people to post files for longer after they have downloaded them. BTT tokens will also be used for decentralized data storage and a decentralized proxy service. In the future, more services can be added for which BTT can be paid. The popular BitTorrent program μTorrent Classic will be the first to receive an integrated wallet to manage the tokens.
The token sale will take place in January via Binance Launchpad, part of the well-known crypto trade fair Binance. Binance Launchpad was established to bring new projects to the attention of the users of the platform and to connect them directly to the Binance infrastructure. Provided that the projects at least comply with the quality requirements of Binance and get past the rigorous selection. In the past, Bread (BRD) and Gifto (GTO) already held a token sale via Binance Launchpad, and in addition to BitTorrent (BTT), FetchAI (FET) is on the agenda. The exact date on which the BTT token sale starts in January is not yet known.
“WE CREATED LAUNCHPAD TO HELP ENTREPRENEURS LAUNCH THEIR BEST PROJECTS AND BRING MORE USE CASES TO THE INDUSTRY” – CHANGPENG ZHAO, CEO VAN BINANCE
BitTorrent Token (btt)
he BitTorrent network is one of the largest online peer-to-peer networks in the world where users can exchange files with each other. The BitTorrent protocol has been around since 2001 and currently has an estimated 100 million users. Many of them use BitTorrent to download illegal software, films or music from websites such as The Pirate Bay. BitTorrent is developed by BitTorrent Inc. that was bought by the TRON Foundation about six months ago for 140 million dollar.
TRON is a cryptocurrency from 2017 that is comparable to Ethereum as a smart-contracts platform and aims to decentralize the internet. The TRON blockchain is a platform on which new software can be programmed with which media and content can be offered in a decentralized manner. For example a decentralized version on YouTube or Netflix. TRON was conceived by Justin Sun, entrepreneur and, according to his own words, a protégé of Alibaba’s Jack Ma. He is known to be very active on Twitter and according to critics is a ‘hype machine’. TRON has been in the news before because of a collaboration with porn site PornHub and because of allegations that they have copied parts of their whitepaper from other projects.