Connect with us

Altcoins

Tron [TRX]’s Justin Sun: BitTorrent token [BTT] is just the first step

Priya

Published

on

Tron [TRX]'s Justin Sun: BitTorrent token [BTT] is just the first step
Source: Unsplash

Justin Sun, the CEO and Founder of Tron Foundation spoke about the utility of the BitTorrent token [BTT], during the recent livestream on the official Youtube channel. The CEO also spoke about the projects that claim to provide the same solutions as Tron and the difference between the projects.

The CEO stated that introducing the reward mechanism in the BitTorrent protocol is the very first utility of the BTT token. He went on to say that the Foundation is considering to expand decentralized storage bandwidth and embed the decentralized application into BitTorrent network for the future. He said:

“So this is just the first step. I think in the future BTT will definitely have like a more user case and become even I think the one of the largest decentralized user case in the world.”

This was followed by Justin Knoll, the Project Lead of Project Atlas stating that at present the white paper focuses on accelerating BitTorrent downloads. He stated:

“so if someone has a torrent and you want to get pieces of it you can get it more quickly with the token but that’s bandwidth right. That’s bandwidth for BitTorrent uploads, you could imagine something where instead is storage where if you want to store something persistently you can ask people in a swarm to store pieces and exchange for incentives”

Knoll went on to say that BitTorrent is that “vehicle” to release it initially to a giant audience, which is summed up to be around 100 million active users on a monthly bases. Furthermore, Sun spoke about other projects claiming to provide the same solution, stating that the user base of most of these projects is way less compared to Tron’s, adding that the Tron telegram group has more active users.



The Founder went on to say that this time there is a massive difference between Tron and other projects, mainly because of the BitTorrent protocol as it has “hundred million” users every month. He said:

“So, this is a real huge user case and I think the the network effects also play in this industry for sure right. BitTorrent and Ethereum they achieve like a huge success and it’s because everybody in the world used the blockchain to transfer the protocol, to transfer the tokens stuff like that.”

He stated that this is the same with BitTorrent as well, adding that they will have a higher chance to succeed when the decentralized applications are introduced to the industry.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

News

Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Guest Author

Published

on

Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending