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BitTorrent, which has pioneered peer-to-peer technology for sharing files over the Internet, is creating its own cryptocurrency.
Issued by the BitTorrent Foundation based in Singapore, the new BitTorrent Token (BTT) will run on the tron protocol, developed by Tron, which acquired BitTorrent in June last year. The file sharing software company claims to have 100 million users.
Justin Sun, founder of Tron and CEO of BitTorrent, said in a press release:
"With a giant leap, we 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 plan to issue a token follows the announcement of Project Atlas, which BitTorrent revealed at the end of August. Project Atlas is a new iteration of P2P software. It provides users with a way to spend and earn crypto while sharing files.
Under the existing system, users must enter a file on the system to download something. As Sun explains in a YouTube video, the user has no incentive to keep a file on the network once the download is complete.
With BTT, users can pay someone with the file to send it to them and they can pay for more bandwidth, so they download faster. With the payment perspective, file hosts have an incentive to keep more files available on the network, making it more likely that a given user will be able to download something they want faster.
A spokesperson for Tron has confirmed that the company will not cut those transactions.
BTT will be a TRC-10 token (comparable to the ERC-20 tokens that run above ethereum). According to the token white paper, shared with CoinDesk, a total supply of 990 billion BTT will be produced.
BTT will be available for non-US accounts via Binance Launchpad, a quote service for entrepreneurs who want to raise money through token sales. Tokens will also be distributed through launches of some sort that will be announced on Sun's Twitter feed. A spokesman for Tron refused to provide more details on the launches.
The token will work first through the Windows-based μTorrent Classic client, which has the most users on it. The company claims that Project Atlas will be compatible with previous versions, so that users who do not want to spend or earn BTT will still be able to share files with those who choose to use the new system.
Further details on Tron and Project Atlas will be revealed during a summit that Tron will host at the end of the month in San Francisco.
Staff changes
Before the acquisition last year, BitTorrent contacted several companies to buy it, but only Tron followed.
In addition, Sun attempted to persuade the company founder, Bram Cohen, to return to a full-time role as a condition of the agreement. Cohen declined and instead Sun came away with a small stake in Cohen's new company, Chia Network.
Shortly after the acquisition by Tron, CoinDesk reported that some staff members were leaving BitTorrent.
From the acquisition, Rogelio Choy, CEO of BitTorrent at the time, moved to a role as general manager, according to a spokesman for Tron.
Image of the Tron token via Shutterstock
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