Blockchain News

BitTorrent creates its own coin on the TRON blockchain

With both the TRON blockchain and BitTorrent looking to decentralize the internet, BitTorrent gearing up to this vision with the development of its own virtual coin.

BitTorrent, a peer to peer file sharing platform based in Singapore, will launch the BitTorrent Token on the TRON blockchain.

In a press release, Justin Sun, the CEO of BitTorrent and also the founder of the TRON blockchain, said that:

BitTorrent token is the first in a series of steps to support a decentralized internet. 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 token is aimed at facilitating faster download speeds for torrents by enabling users to exchange the token over the platform for a larger bandwidth. This is in line with an earlier announcement from BitTorrent indicating that the platform will be facilitating the usage of a virtual currency while sharing files.

The BitTorrent Token will take be equivalent to an ERC-20 token on the ethereum network which, on the TRON blockchain, is called a TRC-10 token.

Unfortunately, BTT will not be available for purchase to people in the United States. The Binance Launchpad, which is a service developed by Binance, a leading cryptocurrency exchange, and acts as a bridge between investors and token sellers.

Binance’s CEO, Changpeng Zhao, noted that by utilizing the Binance Launchpad, BitTorrent will have a “greater access to resources across the Binance ecosystem.”

According to BitTorrent’s white paper, the BitTorrent Token will have a total supply of 990 billion. This will be allocated to:

BitTorrent, Inc. torrent client users as part of client install and onboarding, the allocation to existing TRX holders, the initial supporters and investors, the BitTorrent Foundation and team, and the TRON Foundation.

Is it likely that TRC-10 tokens on the TRON blockchain will gain popularity as ERC-20 tokens on the ethereum blockchain?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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