- The new BitTorrent token will reportedly be used to reward users of the platform
- The Tron blockchain network will power BTT
- CEO of Tron, Justin Sun says BTT will facilitate wider DLT adoption and empower content creators
BitTorrent, a peer-to-peer file sharing platform best known for facilitating piracy has announced it is looking to launch its own Tron (TRX) based native cryptocurrency called the BitTorrent Token (BTT) to incentivize users of its platform.
Per sources close to the development, the BitTorrent peer-to-peer file-sharing platform has announced the impending launch of its native altcoin, the BitTorrent Token (BTT) which it says will be powered by Tron (TRX).
As reported by Blockchain Reporter, in the summer of 2018, the Tron blockchain project acquired BitTorrent for $140 million and the CEO of Tron, Justin Sun stated that the file-sharing platform would be integrated into the Tron blockchain ecosystem.
For the uninitiated, BitTorrent makes it possible for users to seamlessly download all types of documents, movies, music, TV shows and more.
The platform is currently compatible with Mac, Windows, Linux, iOS and mobile, with an estimated user-base of 100 million.
If all goes according to plans, BTT may be used to improve the efficiency of BitTorrent while also serving as a viable incentivization tool for users.
Commenting on the development, Sun reiterated that the launch of the BTT altcoin would foster wider blockchain technology adoption and also empower content creators on the BitTorrent platform:
“In one huge leap, we can introduce DLT to a significant number of users around the globe and empower a new generation of content creators with the relevant tools to share their content directly to others on the internet.”
Although it is not yet clear how the entire process will be carried out, it is most likely that users who upload exciting content on the platform for others to download would be rewarded with BTT which in turn, could be exchanged for fiat currency or other cryptoassets.
Despite the cryptocurrency bloodbath of 2018 that swept away a large chunk of the gains the digital assets market made in 2017, the Tron project has mostly retained its foothold in the top 10.
Earlier in December 2018, Blockchain Reporter informed that Tron had launched its $100 million gaming fund aimed at building a solid foundation for the DLT gaming industry.