BitTorrent’s Native Token BTT Launched on the Tron Blockchain
BitTorrent - the peer-to-peer native client for sharing files on the internet - has ultimately launched its native digital token BTT on the Tron blockchain network. The latest launch is a push to the company’s vision of expanding the decentralized internet.
Simply referred to as BitTorrent (BTT), the new token shall be issued by Singapore-based BitTorrent Foundation. The BTT tokens can be exchanged among the users to optimize the network speed and also to attain faster downloads. With this integration, BitTorrent is looking for improving the overall speed of the torrents.
“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 newly launched BTT token will also help BitTorrent to accelerate its work on Project Atlas announced last year in August 2018. The Project provides a way to users to earn and spend the digital currency for sharing of files.
Note that Tron (TRX) acquired the BitTorrent client last year itself during June 2018. The acquisition was a part of the larger vision of Tron founder Justin Sun to democratize the internet by decentralizing it.
The BTT token comes with TRC-10 compatibility and shall be exclusively available through the Binance “Launchpad” program and only to non-U.S. accounts. The “Launchpad” program from Binance helps blockchain startups to raise funds in order to develop their products and services. As part of the program, Binance also offers advisory resources and access to its ecosystem. The program is a part of Binance’s broader mission of cryptocurrency mass adoption.
Changpeng Zhao (‘CZ’), Binance CEO and Founder said: “We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry. 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.”
The press release further notes that BitTorrent BTT token shall be implemented through the company’s most popular application “Windows-based µTorrent Classic client”. Other clients supporting the BitTorrent protocol will be later made compatible with the BTT token.