BitTorrent will Create its Own Cryptocurrency Using Tron Platform
This month, the company will offer more details about the progress of the “Atlas Project”
One of the most popular platforms for the exchange of massive files on the Internet, BitTorrent, announced it will soon launch its own cryptocurrency to the broad digital market.
BitTorrent Foundation will issue the cryptoactive through the Tron platform, since last year this company bought BitTorrent for about 140 million dollars. During a press conference, Justin Sun, CEO and founder of Tron Foundation, said: “In one giant step, we will bring blockchain technology to billions of users around the world to empower a new generation of content creators with the tools to distribute their content directly to others on the web”.
The Bit Torrent Token Cryptoactive (BTT) will have an issuance of around 990 billion, and the platform will not charge commissions for transactions. BTTs will be active for accounts outside of the United States of America through the Binance Launchpad. This initiative seeks to position itself and maintain a token similar to the Etherum’s blockchain.
About the use of the cryptocurrency BTT on the platform, Sun said that the system asks users to enter a file in exchange for another in a download. So often the user removed the file from the platform after having downloaded the material he was looking for. But, with the implementation of BTT in the system, any user can pay to download the file, and even pay more for a bandwidth that allows a faster download. This offers the user the incentive to leave the file in the network and receive money in exchange.
The Atlas Project
The birth of the BTT cryptocurrency is part of the new strategies that the company is acquiring since the purchase by Tron Foundation, in June of last year. This merger has generated changes in the platform and significant advances in others. The Atlas Project is part of an integrated of both companies that seeks to promote the market of downloads step by step.
On the respect of the project that will generate optimization and more speed to the downloads, Sun commented that they will not need mining to authorize them, there will be more shipments and will be compatible with previous versions of the software.
In addition, Sun commented: “We aspire to eventually empower all content creators and their communities to eliminate intermediaries, and allow these content creators to distribute it directly to their users”. This opens up the possibility that users have power over their content, by distributing them through the renewed platform prepared by the company.
The project also seeks to venture into the creation of content and the use of other cryptocurrencies such as BitCache, which uses Bitcoins mainly. Eventually, the platform will have a series of changes that will be processed through a series of protocol extensions whilst remaining compatible with all versions of the BitTorrent network.
By María Rodríguez