BitTorrent, a leading software company which is the pioneer in using peer-to-peer technology for sharing data over the web, is now aiming to create its own cryptocurrency. The new BitTorrent [BTT] will run on the Tron protocol and will be issued by the Singapore-based BitTorrent Foundation. Tron acquired the software company in June last year and reportedly has 10 million users.
Tron’s Chief Executive Officer [CEO] and founder, Justin Sun took to Twitter to share the news among the community. He wrote:
“Excited to unveil our new token BitTorrent $BTT and its crowdfunding on #BinanceLaunchpad!! The @BitTorrent token is the first of many steps towards achieving mass adoption of a truly decentralized internet. Come to #niTROn2019 for more info @binance”
Sun, who is also the CEO of BitTorrent told in a press release that the company can introduce blockchain to hundreds of millions of users all over the world. He also claimed to empower the new generation of content creators with tools to spread their content on the internet.
This announcement came in after the announcement of Project Atlas, which was revealed by the Software company in August. This project is a new iteration of P2P software and provides the users with a way to utilize and earn cryptocurrency while sharing data.
Binance’s CEO, Changpeng “CZ” Zhao also welcomed the decision by BitTorrent and asked people to encourage such a move. CZ tweeted:
“Entrepreneurs are the building blocks of industries. Let’s support them in doing their tough jobs!”
The BitTorrent [BTT] token will be a TRC-10 token. As per the cryptocurrency’s white paper, the total supply of 990 billion BTT will be minted. It will be available to non-US accounts through Binance Launchpad. It will also be distributed through airdrops of some kind.
Initially, the token will work through Windows-based µTorrent Classic client, as it has most of the users. The company clarified that the Project Atlas will be backward-compatible for the users who do not wish to spend or earn BTT will be able to share files with those who do choose to use the new system.
Sun told the community of providing more information about the token and Project atlas in the summit, Tron is set to host later this month.
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