BitTorrent Launches its TRC-10 Token on Binance
If you download movies and music, there is a good chance you use BitTorrent. It is one of the fastest peer-to-peer file sharing protocols available, and while its popularity has stumbled in the face of streaming services, it still has a hardcore user base. During July last year Justin Sun and the Tron Foundation purchased BitTorrent and decided to tokenize the platform in order to make it profitable. The BitTorrent Token (BTT) will be used as a gas fee to speed up downloads and give users the best access possible. Launching on Binance, BTT is one of the first TRC-10 tokens based on the Tron network.
Decentralizing the Internet
Justin Sun – the founder of the Tron network – has called BitTorrent another step towards his final goal of decentralizing the internet. However, it feels very much like Sun is using an already decentralized and free service to help his Tron project look more successful and powerful. By charging users to speed up their downloads, Sun could alienate an army of loyal users who will swap to an alternative p2p file sharing client that is totally free.
Binance Launchpad Stepping up Its Game
Binance announced its Launchpad startup ecosystem towards the beginning of 2018, and it’s finally pumping out some top-quality projects. In fact, the BTT token and new BitTorrent platform spent a lot of time in the Launchpad ecosystem, growing and gaining an army of new followers that are loyal to the platform. Binance has pledged that every month a new token will be pushed from the Launchpad ecosystem onto its global trading platform to help startups get their name out there.
Binance and Tron Become Charitable
Just in time for Christmas, Tron and Binance both donated $100,000 in cryptocurrencies to the Malta Community Chest Fund. The move from the pair comes as the island pushes to become known as the blockchain island, complete with its own crypto regulations. It’s still unclear as to why the pair chose Malta over other crypto friendly jurisdictions, but it’s a much-needed boost for the appearance of the crypto industry in Malta.
BitTorren’s Founder Trying to Kill Bitcoin
The move to launch its own native token will please BitTorrent’s founder – Bram Cohen. Cohen has recently been on a mission to try and kill Bitcoin once and for all, in fact he has gone so far as to create his own eco-friendly cryptocurrency. By adding a new crypto into the mix that millions of people around the globe can instantly use to power their downloads already gives BTT a leg-up on Bitcoin and could help Cohen achieve his goal.
At the end of the day, Binance has supported Justin Sun in monetizing a powerful platform that is used by millions of people all around the globe. It will undoubtedly go down as a failure over time, as users leave the platform due to the new fee structure in place. Despite this, Justin Sun is the master of words and will no doubt twist this into a positive point to help boost the value of his Tron project.