TRON (TRX) Network Will Host the Upcoming BitTorrent Cryptocurrency
Back in June 2018 when Justin Sun, the founder and CEO of Tron foundation announced the acquisition of BitTorrent, it was clear that the well-known peer-to-peer data sharing service is to become a major part of TRON foundation plans.
That is how TRON introduced BitTorrent through a project dubbed Project Atlas, emphasizing that BitTorrent won’t be changing their work policy after acquisition, which means that BitTorrent will keep running as a peer-to-peer service powered by millions of users.
Project Atlas focused on BitTorrent and the power of peer-to-peer data sharing, has a purpose of incentivizing users for seeding files, also planning on increasing the download speed based on cryptocurrency compensation.
That is how BitTorrent Token (BTT) gets its role in one of the biggest projects that TRON foundation is working on.
BitTorrent Token (BTT) Will Be Launched on TRON Network
After Project Atlas was presented back at the end of August 2018, TRON foundation also announced BitTorrent Token (BTT), which should serve the purpose of becoming a payment method on BitTorrent platform.
As originally stated by Justin Sun in an official press release where he spoke about BTT and Project Atlas, the founder of TRON foundation said that the foundation will be able to introduce blockchain to hundreds of millions of users in a single “giant leap”.
As described by Sun, the project is aiming at creating a new generation of content creators that would be able to distribute their content to anyone on the internet in return for cryptocurrency-based rewards, while the platform will enable adequate tools for data sharing.
The existing system of BitTorrent, as explained by Justin Sun in a video on YouTube, doesn’t incentivize the user to keep seeding files after the download is finished, which is where BTT will find its utilization and purpose.
With BitTorrent Token, users who are interested in getting faster downloads will be able to pay for faster downloads at increased bandwidth, so seeders will be incentivized to keep sharing files through this service.
The upcoming token is said to be hosted on TRON network, which means that BTT will actually represent TRC10 token, just like TRX once was ERC20 token on Ethereum platform.
TRC10 are compatible with ERC20 tokens, while the total supply of BitTorrent Tokens is said to be 990 million as stated in the official whitepaper.
BitTorrent to Become Backward Compatible
While TRON foundation won’t be taking their cut from BTT payments on the new BitTorrent platform where seeders will be rewarded in form of BitTorrent Token units for sharing files at increased speed, the foundation claims that Project Atlas will be backward compatible.
That means that Windows users of µTorrent Classic will be able to keep using this client in a traditionally known way.
The team also stated that Binance Launchpad will be responsible for the distribution of BTT tokens outside the United States, while more information on the BitTorrent Token launch and hinted airdrops will be shared later on in January, on niTRON Summit that will be held in San Francisco.
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