The peer-to-peer protocol, BitTorrent announced on January 3, 2018, that it was set to introduce their native token BitTorrent (BTT) which would enable users to experience faster downloads. The company which was taken over by Tron mid-2018 has been selected to be the first token that will be launched by Binance Launchpad.
BitTorrent: A Part of Tron Since July
Readers may recall that last year Tron acquired BitTorrent in July and announced its acquisition in a blog post. At the time, the latter explained that it would work out of Tron’s San Francisco office and would assist Tron to strike up major business developments and partnerships, “while pursuing its vision for the world’s largest decentralized ecosystem.”
The CEO of BitTorrent and founder of Tron protocol, Justin Sun said:
“[The] 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.”
A blog post penned by the Tron team added that the BitTorrent Foundation based in Singapore would issue the token BTT which featured a native TRC-10 compatibility. The token claims to help users exchange their holdings for improved network speeds. It will also be available to Binance users not residing in the United States of America.
Speaking on the development, Binance CEO, Changpeng Zhao 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.”
Binance Launchpad to Promote One Crypto Token Each Month
For the uninitiated, the Binance Launchpad will help blockchain projects raise awareness and also expand their reach to the cryptocurrency community. The platform, apart from helping BitTorrent users to enjoy faster downloads, will also allow them to incentivize activities that lead to better file sharing and also enable longer seeding periods.
Binance also said that the integration of BitTorrent peer-to-peer network and the TRON blockchain network through the BitTorrent protocol extensions, an in-client token economy, and a custom token economy would help the 100 million user base of both the companies.
At press time, TRON (TRX) is the tenth-largest cryptocurrency by market capitalization and is valued at $0.022618 reads CoinMarketCap.