BitTorrent Inc, the peer-to-peer networking pioneer, is said to create its own token with an aim to expand upon decentralized internet, the company stated on its official blog.
The internet technology company, based in San Francisco, was acquired by blockchain protocol TRON last year. Going by the name BitTorrent (BTT), the new token will be issued by BitTorrent Foundation in Singapore. With this, users can exchange tokens to improve the speed of the BitTorrent network.
“BitTorrent token is the first in a series of steps to support a decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. He further added, “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.”
He tweeted: 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…”
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
The token will be implemented first into the firm’s Windows-based client, µTorrent Classic. Clients will have 100 percent compatibility with other clients supporting the BitTorrent protocol. However, users who wish to quit can do so in the product’s settings.
BitTorrent new cryptocurrency will feature native TRC-10 compatibility and will be released via Launchpad, the token sale platform by leading cryptocurrency exchange Binance. It will be available exclusively to non-US accounts on Launchpad.
“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,” said Changpeng Zhao (‘CZ’), Binance CEO and Founder.
On it’s official Twitter handle, BitTorrent Inc tweeted: Today we unveil our new token BitTorrent $BTT which features native TRC-10 compatibility and will be exclusively available to non-U.S. accounts on #BinanceLaunchpad, the token sale platform by leading cryptocurrency exchange @binance!