Connect with us


Tron [TRX]’s Justin Sun debunks accusations concerning TRC10 BitTorrent token [BTT]




Tron [TRX]'s Justin Sun debunks accusations concerning TRC10 BitTorrent token [BTT]
Source: Unsplash

Tron [TRX], the ninth biggest cryptocurrency by market cap, managed to grasp the attention of the entire cryptocurrency space as the Former Chief Strategy Officer, Simon Morris remarked that Tron’s network does not have the capacity to process the transactions taking place on BitTorrent, in an interview with Breaker Magazine. He also remarked that Justin Sun, the CEO and Founder of Tron Foundation, does not have a single tech bone in his body and that he would not technically understand anything.

This news led to the majority members in the community questioning Tron’s move on tokenizing BitTorrent and whether Tron is indeed the right platform for the token. This news also had an adverse effect on Tron’s price, a major blow for the cryptocurrency as it was pictured with a surge of over 50% prior to the fall.

Nonetheless, Justin Sun has debunked the statements made by the former CSO, on his official Reddit page. In the post, Sun has stated that out of all remarks, only one stands true, “Automated auctions to prioritize download queues could make the entire BitTorrent network as much as 40 percent faster.” The CEO stated that this was the reason the Foundation “embarked on such an ambitious project” to expand BitTorrent’s current 100 million monthly users.

Justin Sun's reply on Simon Morris statements | Source: Reddit

Justin Sun’s reply on Simon Morris statements | Source: Reddit

This was followed by Sun speaking about BitTorrent token’s transactions, stating that the token whitepaper mentioned that the platform will have an on-chain/off-chain exchange, which would facilitate the transfer of tokens between a high-performance private ledger and the public Tron blockchain. He added that “an on-chain/off-chain exchange” translates to a hybrid approach taken by the team.

Why? Transferring files using the BitTorrent protocol involves splitting them into tiny pieces for exchange with many peers. Each exchange requires a micropayment, which is made off-chain. When the exchange is complete, these payments can then be anchored by on-chain consensus — a common approach on many blockchains today.”

BitTorrent's on-chain/off-chain exchange | Source: BitTorrent whitepaper

BitTorrent’s on-chain/off-chain exchange | Source: BitTorrent whitepaper

Sun further stated that the team is “excited” about BitTorrent [BTT]’s potential and the opportunities it would present to creators looking for more control over the files they share with others. “We’ve known all along that actions and execution are what will count for our community, and we remain committed to them,” Sun added.

TronSpark, a digital online content platform said:

“Tron kills the FUD created by someone who doesn’t pay attention to details. Thank you @BitTorrent for pointing out his lack of due diligence.”

PAAlmasi, a Redditor said:

“Single project tribalism aside, any progress within the crypto space is a win for everybody. The space is still incredibly young, which let’s numerous projects to coexist and still thrive. I think this acquisition was clever and could be a great way to move the project forward. I think this makes a lot of sense.”

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.


Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more

Jibin M George



Crypto News – 24 June

Erik Voorhees on Bitcoin: According to the CEO of Shapeshift, Bitcoin’s relative traceability has allowed governments to become comfortable with it


Max Keiser on gold’s ‘resurgence:‘ Max Keiser made news after he stated that Bitcoin’s growing popularity as a competing store of value and millennials were responsible for gold resurfacing in the conversation about store of value assets


Tron back in the top 10: A month after CEO Justin Sun promised to get Tron back in the top 10 of the world’s largest cryptocurrencies, TRX surged by over 6% to achieve the same by overtaking Cardano


Bank of International Settlements on Libra: While talking about Facebook’s Libra, BIS’s report attested to the need for sound public policy, financial regulation, competition regulation, and data privacy regulation


Bitcoin short futures position on the rise: According to a Twitter user, 70% of all Bitcoin short futures position are taken by four traders


LocalBitcoins’ Russian Ruble trading charts: According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement


Howard Chu on Monero: According to the Founder of Symas Corp., Monero was “outstripping” other projects in the space which have larger budgets, in light of the new features added to Monero


Subscribe to AMBCrypto’s Newsletter

Continue Reading