BitTorrent Is Launching Its Own Cryptocurrency on the Tron Network

To incentivize file-sharing, BitTorrent is creating a cryptocurrency token on the Tron protocol.

AccessTimeIconJan 3, 2019 at 2:45 p.m. UTC
Updated Aug 18, 2021 at 10:29 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

BitTorrent, which pioneered peer-to-peer technology for sharing files on the internet, is creating its own cryptocurrency.

Issued by the Singapore-based BitTorrent Foundation, the new BitTorrent Token (BTT) will run on the tron protocol, developed by Tron, which acquired BitTorrent in June of last year. The file-sharing software company claims to have 100 million users.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Justin Sun, founder of Tron and CEO of BitTorrent, said in a press release:

    “In one giant leap, we 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 plan to issue a token follows the announcement of Project Atlas, which BitTorrent revealed at the end of August. Project Atlas is a new iteration of the P2P software. It provides users with a way to spend and earn crypto while sharing files.

    Under the existing system, users need to put a file on the system in order to download something. As Sun explains in a YouTube video, the user has no incentive to keep a file on the network once they have finished downloading.

    With BTT, users can pay someone with the file to send it to them and they can pay for more bandwidth, so it downloads faster. With the prospect of payment, file hosts have an incentive to keep more files available to the network, making it more likely that a given user will be able to download something they want more quickly.

    A Tron spokesperson confirmed that the company will not be taking a cut of those transactions.

    BTT will be a TRC-10 token (comparable to the ERC-20 tokens that run on top of ethereum). According to the token's white paper, shared with CoinDesk, a total supply of 990 billion BTT will be minted.

    BTT will be available to non-U.S. accounts through Binance Launchpad, a listing service for entrepreneurs looking to raise funding via token sales. The tokens will also be distributed through airdrops of some kind that will be announced on Sun's Twitter feed. A spokesperson for Tron declined to give more details about the airdrops.

    The token will work first through the Windows-based µTorrent Classic client, which has the most users on it. The company says that Project Atlas will be backward-compatible, so that users who don't want to spend or earn BTT will still be able to share files with those who do opt to use the new system.

    More details about Tron and Project Atlas will be revealed at a summit Tron is hosting later this month in San Francisco.

    Personnel changes

    Prior to the acquisition last year, BitTorrent approached several companies about buying it, but only Tron followed through.

    Additionally, Sun attempted to entice the company's founder, Bram Cohen, to return to a full-time role as a condition of the deal. Cohen declined and instead Sun came away with a small stake in Cohen's new company, Chia Network.

    Shortly after the takeover by Tron, CoinDesk reported that staffers were leaving BitTorrent.

    Since the acquisition, Rogelio Choy, CEO of BitTorrent at the time, has transitioned to a role as general manager, according to a Tron spokesperson.

    Tron token image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.