TRON’s founder Justin Sun is in the process of acquiring BitTorrent, the operator for uTorrent clients which has more than 100 million users. TorrentFreak had reported this earlier on May 25th.
However, BitTorrent confirmed that the acquisition of BitTorrent by TRON has not been finalized yet. Sun’s intentions of creating a diverse network of communities have brought about a great deal of interest towards this new ‘buy’ of his.
TRON aims at decentralizing the web with the addition of BitTorrent that has a mention of being “one of its pillars” in TRON’s whitepaper.
Earlier in May, BitTorrent had renamed its company to ‘Rainberry’ as a major corporate decision. This company is registered under the name of TRON’s founder Justin Sun, in an agreed statement. After this, Sun sued the company because of violation of the ‘No Shop’ clause that restricts the seller to solicit other offers from other buyers who fear being involved in a bidding contest.
This was finalized in a letter of intent for the acquisition that was signed by Justin Sun. The company was nearly coming to an end with its questionable management practices afterward.
The Chief Product Officer at BitTorrent, Jordy Berson informed TorrentFreak saying:
“The best way to probably think of it is that it’s not unlike how Alphabet Inc is the official name of the company most people know as Google. So, it doesn’t change its existing product brands.”
However, Sun’s request for a restraining order to prevent BitTorrent from advancing with other buyers was rejected by the court after which he has not responded on the issue any further.
According to Perogies, a Reddit user, and crypto-investor:
“They don’t have to be the most technologically advanced blockchain project out there. Their focus is on users, and the economics of all this. They understand, rightly, that true value comes from adoption and use. I believe TRON will be launching with more registered users through partnerships and acquisitions than all other blockchain projects combined.”
Justin Sun tweeted today saying:
“The blockchain dream is within reach…5 days before TRON Mainnet!”
TRON being an extremely controversial cryptocurrency network has an overall market cap value of $4.68 million and has created a strong community of its own with an upsurge of 4.05% in the last seven days, at the time of writing.
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