BitTorrent to Launch a Cryptocurrency Token for Faster File Sharing
Last updated July 14, 2021
- TRON launches a new token for BitTorrent through Binance Launchpad, hoping for investment.
- This is the first of a series of steps to reach a state of truly and widely decentralized internet.
- BitTorrent users seem indifferent about the developments at the time, and the adoption rates remain uncertain.
Users of uTorrent and μTorrent should expect to see a new token option in their BitTorrent clients soon, enabling them to enjoy faster download speeds while also receiving a kind of financial compensation for seeding and sharing bandwidth. While the new TRC-10 compatible cryptocurrency will be completely optional and sold exclusively through the Binance Launchpad at first, it is expected to revolutionize the way that BitTorrent works, increasing the overall file-sharing availability, and further promoting the notion of decentralized internet.
This latter part sits at the epicenter of Justin Sun’s mentality, the BitTorrent’s CEO, and the founder of its parent company, TRON. TRON is a highly successful cryptocurrency startup that acquired BitTorrent Inc. last year, looking for ways to reach out to wider audiences at once. However, it is unlikely that the millions of torrent users will flood Binance Launchpad to buy the BitTorrent token, as people have shown no interest in the whole TRON acquisition story at all. What TRON hopes for is a dynamic initial wave of investment that will essentially stitch the token and the file-sharing experience together, gradually increasing the adoption of the new cryptocurrency by millions.
As Justin Sun commented, this is just the first in a series of steps to support a decentralized internet, something that they call “Project Atlas”. By introducing blockchain to about 100 million users across 138 countries, a new generation of content creators will be empowered with the tools to distribute their content directly to others on the web. Sun sees the launch of the BitTorrent token as the wagon that will take everyone to the next age of file-sharing.
TRON urges all BitTorrent clients to embrace their “Project Atlas” plan, making it possible for all their users to earn tokens by seeding or pay for faster download speeds. This is why they have made the blockchain technology open source and backward compatible. Establishing a wide spectrum incentive will be important for the adoption, as the reaction of the huge bittorrenting community to all of this is yet to be determined. For TRON, there is no drawback to the project, as the optional cryptocurrency extensions will not artificially disrupt the usual file-sharing performance, nor will it create “slow-speed” channels. Instead, by creating incentives that will lead in the devotion of more resources and bandwidth, the benefits will affect everyone, even those who opt out of using the tokens.
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