BitTorrent, the biggest Torrent serving application in the world, has always been considered as an important platform in the cryptocurrency space. The platform’s use-case was noted by Satoshi Nakamoto, the creator of the Bitcoin [BTC], the largest cryptocurrency in the space.
The platform was the key-highlight of the space in the year of 2018, mainly due to the confirmation that it had been acquired by Tron Foundation, a leading cryptocurrency and blockchain technology project. Succeeding this, the Foundation announced that BitTorrent is going to be a part of Project Atlas, an integration of Tron and BitTorrent.
The Foundation stated that the Project’s main concern would be increasing the lifespan of the swarms and increase the speed. Also, the Foundation stated that they would be soon introducing an incentive mechanism for BitTorrent, wherein users will be rewarded a token for seeding files and resources onto the BitTorrent platform.
Earlier this month, Tron released the BitTorrent token [BTT]’s whitepaper on their official portal. Based on the same, the token is going to be a TRC-10 token and the total supply of the coin is going to be 990 billion. The abstract of the whitepaper read:
“TRON Foundation and BitTorrent Foundation are introducing a new cryptographic token called BTT along with an extended version of the BitTorrent protocol in order to create a token-based economy around the usage of networking, bandwidth and storage on hundreds of millions of computers on the internet.”
The paper further outlined that their “initial entry point is to introduce token-based optimizations to the existing BitTorrent protocol providing a way for the value of sharing bandwidth and storage to be captured by network participants beyond the point at which the current protocol no longer values it“.
Simon Morris, former Chief Strategy Officer of BitTorrent, has come forth and stated that Tron network will probably not be able to handle BitTorrent transactions, in an interview with Breaker. He also remarked that Justin Sun, the CEO and Founder of Tron Foundation, is “very strong at marketing” but “doesn’t have a technical bone in his body“.
Prior to Tron’s acquisition, Simon Morris stated that he was in charge of looking into the potential of blockchain technology and cryptocurrency. This was followed by the team realizing the benefits of tokenizing their network, with its potential being making the entire network 40 percent faster.
This is, now, being carried forward by Tron, however, Simon has stated that Tron blockchain cannot handle the transactions volume that is required to tokenize BitTorrent.
The former CSO further stated:
“It seems they’re going in the same direction [as our plan]. But what’s very clear is that they’re going to say, ‘they’re going in the same direction, come what may, because that’s what Tron does […] It’s basically a marketing machine layered on a very tin veneer of technology.”
Simon claims that he has visited Tron’s operations quarters in China, where he also spent some time with the Founder of Tron. Post-BitTorrent’s acquisition, Simon worked for the platform for over two months, and remarked that building a trustful relationship with the representatives of Tron seemed “completely impossible”. the Upon meeting Justin Sun, he stated:
“It’s very clear that Justin is very strong at marketing. He has a very nice personality from a marketing point of view. He doesn’t have a technical bone in his body. He wouldn’t understand, technically, anything. But the approach that bothered me was, the very sort of Trumpian approach – if you get caught in a lie, the answer is you double down the lie. The endless doubling down on lies that made me think it wasn’t going to be a fit.”
Additionally, the Former CSO stated that he had a conversation with Justin Sun regarding the allegations that Tron’s whitepaper is plagiarized, suggesting Sun to acknowledge the fact. To which Sun stated that they have “come to a consensus” that Tron did not plagiarise its whitepaper, adding that they “have moved on” form these allegations, Morris stated.
“It was very clear when I was [at BitTorrent] that there was no way the transaction capacity of Tron would [work]. The transactional capacity we [were] looking at was needing hundred of transactions a second just to get started. It’s simply not there. You hear all the bullshit out there, oh, this does 10,000 transactions a second. It’s all crap. We were going to melt Tron. Literally destroy it.”
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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