[ad_1]
Peer-to-peer file sharing service, BitTorrent, has launched its native cryptocurrency token earlier today.
According to a Press release published by the company, tokens will be issued by the BitTorrent Foundation based in Singapore. The token will be known as "BitTorrent" and assigned to it the short code "BTT", which was launched on the Tron blockchain network.
The rationale behind the move is to allow BitTorrent users to exchange tokens to improve network speed and get faster downloads of content. It is part of a more expansive Tron cryptocurrency plan to create a decentralized Internet.
At the time of writing, Tron is 10th the largest cryptocurrency in terms of market capitalization with a total value of $ 1.3300 billion according to coinmarketcap.com. In July of last year, BitTorrent announced that had been acquired by Tron in a deal that was thought to be worth around $ 126 million.
A couple of months later, Tron revealed Project Atlas – an initiative taken to advance the future of content distribution. Justin Sun – founder and CEO of Tron – commented at the time the meaning of the project:
"Project Atlas is the basis for a new way of distributing content: to start with, the product will feature faster downloads, more seeds, no mining and compatibility with previous versions, and is adapted to the world we live in today: mobile, connected and transparent We aim to finally empower all content creators and their communities by eliminating brokers and allowing content creators to distribute them directly to users. "
Today's launch represented the first phase of that overall project. Tron uses a delegated Proof of Stake consensus mechanism that means participating users exchange tokens based on the resources provided rather than on the high-energy mining scenario that is involved with Bitcoin and Ethereum.
At the time of today's launch, Sun said:
"The BitTorrent token is the first of a series of steps to support decentralized internet". With a 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 token was launched and made available for sale via well-known cryptocurrency exchange, Binance. The offer was launched via Binance Launchpad, an initiative undertaken by Binance to help blockchain fund-raising projects. Binance intends to facilitate at least one token launch per month throughout 2019, exposing the new token to 10 million Binance customers.
Binance CEO Changpeng Zhao said "we have created Launchpad to help entrepreneurs launch their best projects and bring more industry use cases." BitTorrent is a decentralized project by nature, with a large user base, that now adds a new token economy to their use case.Through Launchpad, BitTorrent will have greater access to resources in the Binance ecosystem.This will be a case study for existing projects. "
Tron has made significant progress. In less than six months after the launch of the main network last year, the network has had reached up 1 million users.
[ad_2]Source link
