In a tweet, Justin Sun announced that the giant peer-to-peer file sharing platform of BitTorrent will be launching its new BTT token and its crowdfunding on the Binance Launch Pad. Justin added that the BTT token is one of the first major steps towards creating a truly decentralized internet. This vision was initially highlighted by Tron’s Project Atlas. His full tweet can be found below.
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
— Justin Sun (@justinsuntron) January 3, 2019
More on the BTT Token and the Binance Launchpad
The new token will simply be known as BitTorrent (BTT) and will be issued by the BitTorrent foundation. It will allow users to exchange the tokens to improve the speed of the BitTorrent network.
Justin Sun, founder of TRON and CEO of BitTorrent, added that:
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 BitTorrent token features native TRC-10 compatibility and will be exclusively available to non-U.S accounts on the Binance Launchpad.
The aforementioned launchpad allows transformative blockchain startups to raise funds needed to develop their projects as well as providing them with access to the Binance ecosystem. At the moment of writing this, the Binance launchpad has two active projects: BitTorrent and Fetch.AI. The team at Binance Launchpad promises 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.
BTT To First Be Implemented into the Windows-based µTorrent Classic client
The Tron foundation also 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.
What are your thoughts on BitTorrent launching its own native token of BTT on the Tron network and its crowdfunding on the Binance Launchpad? Will this enhance the peer-to-peer file sharing platform? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you