File Sharing Service BitTorrent To Launch TRON-Based Cryptocurrencybr>
BitTorrent, a peer-to-peer (P2P) file sharing service that was acquired by blockchain startup TRON last year, is creating its own cryptocurrency.
Called BitTorrent Token (BTT), the new cryptocurrency, which will be issued by the BitTorrent Foundation, is a TRC-10 utility token based on the TRON blockchain. The tokens will be stored in a built-in wallet and will enable users to exchange tokens to improve network speed. BTT can also be exchanged for TRON (TRX) tokens through a decentralized exchange.
The company said that they aim to accelerate the overall speed of torrents by providing users with the ability to use BTT tokens for faster downloads. The BitTorrent Token will first be implemented into the Windows-based µTorrent Classic.
“BitTorrent token is the first in a series of steps to support a decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. “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.”
The BitTorrent Token will be exclusively available to non-US accounts on Binance Launchpad, the token sale platform of cryptocurrency exchange Binance.
“We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry,” said Changpeng Zhao, Binance CEO and Founder. “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.”