BitTorrent is now owned by a blockchain startup

21. May 2021 News

BitTorrent has been sold to blockchain startup Tron for $140 million. The sale of the company owned by the peer-to-peer protocol inventors of the same name is said to have been completed last week, after rumors of an imminent sale of the company had been around for some time.

40 percent of Internet traffic via BitTorrent

BitTorrentHowever, not only the BitTorrent protocol itself, but also the corresponding BitTorrent client μTorrent belongs to the company and changes hands through the sale. BitTorrent had only recently announced that the BitTorrent client μTorrent, the streaming platform BitTorrent Now and the Dropbox competitor BitTorrent Sync are used by a total of 170 million users worldwide. The BitTorrent client μTorrent accounts for the majority of these, and according to the company, up to 40 percent of all Internet traffic on a typical day was recently handled via the BitTorrent protocol.

Tron, a blockchain company founded by Justin Sun, sees its mission as developing a decentralized Internet and its infrastructure, which includes developing its own cryptocurrency called Tronix (TRX). TRX is expected to serve as a means of payment on Tron’s own services in the future, suggesting that its own currency will also be used on BitTorrent’s services in the future. The currency is currently said to have a market volume of 4.6 billion US dollars. Tron was recently accused of TRX being merely a plagiarism of Ethereum and FileCoin.

Torrent users usually enhance their overall online security by using a VPN. Take a look at the best vpn for torrents, before you start using BitTorrent.

BitTorrent as crypto miner?

There is already speculation that the BitTorrent network and the BitTorrent P2P client μTorrent could also be used as a crypto miner in the future, however. At the very least, one shareholder had reported a plan to use BitTorrent technology in mining TRX. However, neither company has yet commented on what form these rumors will take or whether there is any truth to them.

BitTorrent commercialized P2P

Even though BitTorrent is considered a pioneer of P2P commercialization, the company has not been able to attract any investment since 2008 despite generating revenue. However, the long-term goal of a larger business field based on BitTorrent technology fell short of its own plans. Several restructurings resulted in a long-running search for a buyer, which is now said to have ended with Tron.

What could the cryptocurrency startup be up to with BitTorrent?

The decentralized BitTorrent network and blockchain technology are a good fit, the Tron Foundation must have thought. The company behind the fledgling cryptocurrency Tron has acquired the operators of BitTorrent for $140 million, according to a report from TechCrunch. Those who have been around the web since before yesterday might remember BitTorrent as one of the most recognizable names in peer-2-peer file sharing and decentralized computing.

What plans might Tron have for BitTorrent? The Tron Foundation is planning a blockchain-based online platform focused on entertainment. The platform will allow users to upload and monetize content. BitTorrent’s expertise in peer-2-peer, existing software and protocols could greatly benefit the Tron network. In addition, BitTorrent has already gained a foothold in the entertainment sector with BitTorrent Now. On the platform, artists and music creators can offer their works for download.

cyber securityBitTorrent has around 170 million users worldwide. How things will continue for them, BitTorrent or the Tron network itself remains to be seen. No one from those responsible has yet come forward with more concrete details. But as TechCrunch notes, the BitTorrent technology could strengthen the Tron network in terms of copyright and also offer potential mining opportunities for cryptocurrencies.

The Tron Foundation was founded by Justin Sun in September 2017. The cryptocurrency behind it, Tron (TRX), was meanwhile among the ten largest in the world by market capitalization. One Tron token currently stands at around 5 US cents. As recently as January, the chart stood at over 20 US cents. As recently as December, the price of a Tron unit was 0.2 US cents. If you want to buy Tron, you can find it on various online marketplaces. Binance.com, for example, would be recommended. You often need to own Bitcoin or Ethereum to be able to exchange it for one of the alternative cryptocurrencies. We have described how this works in the instructions for buying IOTA.

Integrated via BTT token on Tron

The BitTorrent web platform currently has around 170 million active users. A significant portion of global traffic passes through the platform. TRON CEO Justin Sun recognized this potential and acquired BitTorrent for $140 million after a tough bidding war. Now Sun has big plans and wants to cause a stir on the crypto market with a new file system protocol. To do so, TRON is relying on blockchain technology. Since acquiring the platform, Sun has gradually integrated BitTorrent into the blockchain ecosystem. Now it wants to reap the rewards of its work.

The result of the work done is BitTorrent Speed. This is a protocol that creates a link between BitTorrent and the blockchain. According to its own statements, TRON wants to “strengthen the BitTorrent protocol” and “stimulate cross-industry innovation.” The BitTorrent File System (BTFS) attracts users with a decentralized storage network, among other things. Furthermore, developer tools and apps such as “TronMovie” as well as “BitTorrent Pix” are to lend the BTFS appeal. TRON has set its sights on an Internet without borders.

  • If everything develops as Sun and TRON envision, BitTorrent will become a universal platform that combines the functions of social networks, search engines and cloud products in a single product.
  • At the same time, TRON wants to attach great importance to respecting the privacy of the users. The latter should be able to control their own data.
  • And those who contribute computing power to the project and share files with other users receive BitTorrent Tokens (BTT) as a reward. The BTTs act as a means of payment on the platform.

Despite streaming services like Netflix and Amazon Prime, people are once again increasingly using platforms that offer movie and series downloads and are mostly, but not always, illegal. This was revealed by the Phenomena Report 2018 study.

The number of torrent sites and downloads is on the rise again. Especially outside the US, people seem to be tired of streaming providers and are downloading series from sites like The Pirate Bay.