$2 billion worth Tron tokens burnt: TRX20 based incentive mechanism announced for BitTorrent users

Justin Sun, the Founder and CEO of Tron Foundation, recently appeared on a live stream to speak about advancements of Project Atlas. He also announced that Tron has burnt about 98% of all ERC20 TRX tokens, which translates to about 97 billion tokens in total.

During the live stream, Justin stated that the Tron network has continued its growth for the 95 days since it launched. According to the founder, the network gained more users in its first 95 days than Ethereum did in 2015.

The token burn was the key focus of the event, as Justin spoke about the coin burn. At the current price of TRX, the total amount of tokens that have been burnt translates to about $1.94 billion. These coins have been sent to an address from which they cannot be returned, effectively removing them from circulation.

Justin also displayed an updated version of the Tron Wallet for iOS and Android, along with two new gaming DApps built on the Tron network.

Regarding Project Atlas, which is the codename for the integration of BitTorrent into Tron, Sun announced a new integration. This was for the inclusion of a new TRX20 token into Bittorent, designed to incentivize users to share files and increase overall download speed. This was also spoken about by Justin Sun, who stated:

“[BitTorrent] will feature faster downloads, more seeds, no mining, and backward compatibility. It is adapted to the world we live in today: mobile, connected, and transparent. We aim to eventually empower all content creators and their communities by eliminating the middleman and enabling content creators to distribute directly to user.”

Justin also emphasized that users can utilize the torrent client without the aforementioned modifications, with an option to take part in the tokenization.

Moreover, the features will be pushed out to mobile, desktop, and third-party torrent clients. Justin Sun also clarified that BitTorrent will remain free, along with the freedom to upload anything the users wish.

With the tokenization of the network, peers will be able to pay other users with faster Internet connections to incentivize them. This, in turn, will prompt them to seed the torrents, thereby making it faster. On the other hand, seeders will also be able to earn tokens by dedicating bandwidth and storage for faster swarms.

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