BitTorrent is a peer-to-peer technology pioneer in the world of online file sharing and now it is interested in the crypto industry with the launch of its very own cryptocurrency. The new crypto will be called BitTorrent Token (BTT) and it will be based on the Tron protocol, which was bought by BitTorrent in the month of June 2018.
Justin Sun, which is the CEO of BitTorrent and the founder of Tron, declared in an official press release:
In one 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.
Issuing the token is news that follows mention of Project Atlas, a project that BitTorrent announced in August 2018. This is a brand new P2P software iteration. Users are given a way to both earn and spend this crypto as files are shared.
The system that exists at the moment, users have to put files on systems for downloading. Users do not have an incentive to keep files on the P2P network after download is finished. Since there is a payment prospect, the file host has the necessary incentive to keep files on the network. Given users can download what they want a lot faster.
According to a Tron spokesperson, the company is not interested in taking a part of the transactions.
BTT is a TRC-10 token. The total minted supply is 990 billion BTT.
The new token is going to be available to the non-US accounts with the help of Binance Launchpad. This is a listing service that entrepreneurs can use when raising funds through token sales. These tokens are going to occasionally be distributed through the use of airdrops. More details are not available.
The new token is going to work through the µTorrent Classic client because it has the most active users. Project Atlas is also going to be completely backward-compatible. If you do not want to earn or spend BTT, you can share files with people that are using the brand new system. A summit that will be held at the end of the month will reveal more about Tron.