BitTorrent Token (BTT)
In July 2018, Justin Sun, the creator and founder of TRON, purchased BitTorrent for $140 million. BitTorrent is the company that owns uTorrent, a decentralized, peer-to-peer file sharing application that has been responsible for 3 percent of the Internet's daily traffic since at least 2015. The announcement said that BitTorrent's team would be working out of the TRON San Francisco location.
In January 2019, TRON announced a new digital token, BitTorrent Token (BTT), the new native digital token of BitTorrent, in order to improve the service's content delivery, file storage, and privacy-protecting proxy services. This differs somewhat from BitTorrent's traditional method of providing its content hosting and download services; originally, BitTorrent relied on people using its service to contribute some of their processing power to the service, letting the network use their processing power during and after the user downloads the music, video, or other content that they are downloading - in other words, users paid in bandwidth, not money. The BTT whitepaper acknowledges this, arguing that adding a tokenized store of value could broaden the range of possibilities a service like BitTorrent can achieve. Binance founder Changpeng Zhao praised the token over Twitter.
Binance hosted a successful sale of BTT on January 28, 2019. In two separate markets - one for payers using TRX and one for payers using BNB, Binance's native cryptocurrency - 59.8 billion BTT, worth about $7.2, sold out within minutes.
In September 2019, BTT had the 51st largest capitalization of all cryptocurrencies according to CoinMarketCap, an online data reporting service.
- Justin Sun now owns BitTorrent, the first of his Infinity stones. The Next Web.
- BitTorrent Confirms It’s Been Acquired by Blockchain Startup Tron. Variety.
- BitTorrent’s Master Plan to Bring a Tron-Powered Crypto Token to the Masses. Coindesk.
- The grandfather of Dapp finally finds its decentralized currency and business model. Should be a very interesting case study.. Twitter.
- Binance’s BitTorrent Token Sale Sells Out in Minutes Amid Technical Issues. CoinDesk.
- Top 100 Cryptocurrencies by Market Capitalization. CoinMarketCap.