Blockchain: BitTorrent launches her own cryptocurrency
BitTorrent, a pioneer in protocols and peer-to-peer products, announces her cryptocurrency, with the desire to develop her own vision of a decentralized internet.
BitTorrent unveils her own cryptocurrency allowing users to pay for faster download times.
BitTorrent, the veteran of file sharing in a decentralized way, had entered the Tron (Tron is a system that works without the intervention of a central authority and that allows content to be stored and broadcast freely via a blockchain system.) purse last July for 126 million dollars.
Launched in 2001, BitTorrent attempted to make her protocol for replace the sacrosanct HTTP (hypertext transfer protocol). It allows exchanging files in peer-to-peer (P2P) mode. this protocol is the largest decentralized P2P network in the world, generating 22% of upstream traffic and 3% of downstream traffic in the world.
It is natural that the group has therefore launched a decentralized currency based on a blockchain. Users can buy, sell or trade valuable tokens for faster download times.
Concretely, the BitTorrent token will first be implemented in the μTorrent Classic client, the most popular BitTorrent application.
But this is only a first step towards a decentralized internet, as Justin Sun, CEO of BitTorrent explains: “The BitTorrent token is the first in a series of steps to support a decentralized Internet.”
A first step towards a decentralized internet
The BitTorrent token is compatible with TRC-10 (TRC10 was the first token standard on the Tron’s Mainnet and was released with the MainNet itself. TRC10 is widely supported and if anyone has come across any TRC token, chances are high that it will the TRC token), the standard supported by the Tron blockchain based on its own cryptocurrency named Tronix (TRX) which is the official currency of Tron.
It will be available exclusively for non-US accounts on Binance Launchpad, one of the largest range of cryptocurrency offerings, notably competing with Bittrex.
“We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry,” said Changpeng Zhao (“CZ”), CEO and founder of Binance. “BitTorrent is a decentralized project by nature, with a large user base, which now adds a new chip economy to their use case. With Launchpad, BitTorrent will have better access to resources in the Binance ecosystem. This will be a case study for existing projects. “
Further information on the token mechanism is available in the official white papers. Tron and BitTorrent plan to provide more details on BitTorrent and Project Atlas chip products (to connect BitTorrent’s peer-to-peer network to Tron’s blockchain) at the NiTROn-2019 in San Francisco.