TRON has been running endless activities in the past few months, which includes the MainNet launch, token migration etc. In a recent video released by Cheddar, BitTorrent’s Co-founder exclaims to sell it for $140 million to TRON Foundation. However, this acquisition is not confirmed by the Tron Foundation or its Founder, Justin Sun.
“Precursor to blockchain @BitTorrent was recently bought by cryptocurrency startup @tronfoundation for $140 million. Co-founder @ashwinnavin talks about how the computing power of hundreds of millions of file-sharing users can be utilized in the crypto space. #CheddarLIVE”
Scott Golden, a Twitter user commented:
“This is music to my ears .. #trx $trx #tron #tronfamily #BitTorrent @justinsuntron”
Ashwin Navin, the co-founder of BitTorrent in the interview said, “BitTorrent for a lot of reasons was a pioneer in distributed computing”.
The rumor of an acquisition of BitTorrent was circulating since May 2017. According to TorrentFreak, a dedicated news portal for BitTorrent reported that Justin Sun was pursuing the company. In 2017 September, Sun approached BitTorrent and signed a ‘Letter of Intent’ to acquire BitTorrent in January.
The arrangement was quickly held up when BitTorrent began conversing with other bidders which prompted Sun to file a temporary restraining order on BitTorrent. This was to prevent them from engaging with other bidders.
Later, Sun withdrew his restraining order and continued to enlist an organization called Rainberry Acquisition Inc. Unintentionally, BitTorrent had renamed its corporate company to Rainberry Inc. in early 2017.
In June, Sun’s Rainberry Acquisition recorded a difference in status with the California Secretary of State because of a merger. Rainberry Inc., the organization that possesses BitTorrent petitioned for a merger on the same day.
The acquisition is the most recent update in a long and turbulent corporate history for BitTorrent. The organization raised millions 10 years earlier in order to establish an entertainment business over its P2P. Those designs fizzled and BitTorrent was compelled to lay off some of its staff and recapitalize in 2008.
Later, BitTorrent continued to develop its business through promotions and packaged programming, at one point achieving 150 million monthly dynamic clients.
TRON’s white paper states:
“TRON is a world-leading blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology. The protocol allows each user to freely publish, store and own data.”
TRON’s vision has always been tackling the content entertainment industry. The fact where TRON acquired BitTorrent gives hints of its upcoming plans.
Their objective is to develop an internationally free content entertainment framework and harnesses blockchain technology to accomplish their objective. This convention allows its clients to distribute, store and claim information with no charge.
The issuance, flow and exchanging of computerized assets through decentralized self-governance lays the foundation for the distribution and subscription of content. This empowers content creators and forms a decentralized content for entertainment.
TRON [TRX] recently migrated from ERC20 to TRX20 tokens. They have been garnering support from exchanges globally. In this week, TRON gained assistance from Binance, Max Exchange, CoinEgg and BitFinex.
The long stretch of June-July has been TRON’s month as it has amassed supports from the greatest of crypto-trading platforms internationally. The co-founder of TRON, Justin Sun, and the TRON Foundation incorporated the best exchanges and individuals on their team. With events like token migration, blockchain upgrade, Super Representative Selection, first Tronics batch and the 50 Billion token burn TRON has had an astounding few months.
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