BitTorrent Inc. has announced a new cryptocurrency that will allow users to pay for faster downloads. This particular cryptocurrency is part of BitTorrent and TRON's plan to add cryptocurrencies to the protocol BitTorrent through a series of extensions.
BitTorrent's new cryptocurrency token (BTT) will be offered through an exclusive sale of symbols and later in 2019, uTorrent users will be able to use the first "currencies" through their applications.
Last year, BitTorrent Inc. was formally obtained from TRON, an encryption startup that aims to create a truly decentralized Internet.
This means that the mainline applications, uTorrent and BitTorrent, two of the most popular torrent applications, will gain a more powerful place in the world of crypto.
So far, not much has changed, but BitTorrent Inc. and TRON have made it clear that they intend to use cryptocurrencies to complement the BitTorrent protocol. So soon torrent users will be able to be financially rewarded for seeding, and at the same time, will be able to pay for higher download speeds.
Today, the CEO of BitTorrent Inc. and TRON founder Justin Sun announced that payments for faster downloads could be made through a new "currency" called BTT.
The currency, which is compatible with TRC-10, will be issued by the BitTorrent Foundation and will be available exclusively through the Binance Launchpad, a platform for selling digital coins for encryption startups.
“The BitTorrent cryptocurrency is the first step in a series of moves aimed at supporting a decentralized Internet,” reports Justin Sun.
"It is a huge leap, as the BitTorrent application will be able to make a blockchain available to hundreds of millions of users worldwide and empower a new generation of content creators with tools for distributing content directly to others on the Internet."
Of course it is doubtful that torrent users will be so happy with the upcoming changes. At present, there is nothing we can see and TRON's acquisition of the platform is not even discussed in the uTorrent forums.
Of course there are many queries about the BTT itself. Will it come from speculative investors? Very likely.
According to BitTorrent, BTTs will "allow users to exchange currencies to improve network speed" and will be part of Project Atlas, which also promises financial rewards for users who share more bandwidth.
As we mentioned in an earlier publication, the Project Atlas will be open to all users and will be backward compatible. This means that it will be able to operate and manage all existing torrents as well as the clients who choose not to apply it.
It remains to be seen whether the ambitious project works in practice. BitTorrent Chief Executive Justin Sun said the first Project Atlas coins would be available from the beginning of 2019.
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