Justin Sun, the founder of TRON and CEO of BitTorrent, announced via a Tweet that the giant peer-to-peer file sharing platform of BitTorrent that the firm bought last year will be launching a new token. Dubbed as BTT, its crowdfunding will be on the Binance LaunchPad.
Sun also added in the Tweet that the BTT token is one of the first major steps towards creating a truly decentralized internet, a vision initially highlighted by Tron’s Project Atlas.
Excited to unveil our new token BitTorrent $BTT and its crowdfunding on #BinanceLaunchpad!! The @BitTorrent token is the first of many steps towards achieving mass adoption of a truly decentralized internet. Come to #niTROn2019 for more info ? @binance https://t.co/PwQZuYRKN2
— H.E. Justin Sun ??? (@justinsuntron) January 3, 2019
BitTorrent (BTT) token will be issued by the BitTorrent foundation and enable its users to exchange the tokens to improve the speed of the BitTorrent network. CEO, Sun added in a medium post:
In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.
The token features native TRC-10 compatibility and will be exclusively available to non-U.S accounts on the Binance Launchpad.
The Binance Launchpad gives blockchain startups a platform to raise funds needed to develop their projects while also providing them access to the Binance ecosystem. At the time of writing, the launchpad has two active projects: BitTorrent and Fetch.AI. The team at the platform has promised its user to keep the crypto-verse aware of upcoming projects with time. Binance CEO, Changpeng Zhao, had this to say about the progress of the launchpad.
We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry. BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects.
Furthermore, the Tron foundation added that the BTT token will first be implemented in the Windows version of µTorrent Classic client which is also BitTorrent’s most popular application. The BTT enabled µTorrent Classic clients will be compatible with other clients that support the BitTorrent protocol. Users will have the ability to opt out of the token feature in the product’s settings. More on this can be read in BitTorrent’s (BTT) whitepaper.
Read more: Tron Cryptocurrency Is Garbage, Says Stellar Founder
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