P2P Sharer BitTorrent Releases Details of Native Crypto

written by

Support free journalists: > send a tip

The pioneering peer-to-peer (P2P) file-sharing company BitTorrent has announced the creation of its own cryptocurrency with network speed and user incentives in mind, with technical details in a white paper.

Crypto for torrents

According to a blog post on the official website, the BitTorrent Token (BTT) will be exchangeable between users who wish to pay for more bandwidth on a torrent download. In turn, the prospect of payment gives users a reason to keep their file on the network post-download.

The move comes after cryptocurrency firm Tron acquired BitTorrent in June 2017. According to Justin Sun, founder of Tron and CEO of BitTorrent, this move is “the first in a series of steps” towards supporting decentralized internet services.

Speaking on the potential of the project, he also said: “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.”

Initially, the token is to be launched through the µTorrent Classic client which is Windows-based and has the largest user-base. In addition, BTT will be fully supported on other clients that use the BitTorrent protocol, which also makes it backward compatible so that users who do not wish to engage with BTT do not have to.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Latest on Bitcoin News

   Advertisement