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Tron [TRX]’s Justin Sun on the problem with BitTorrent protocol, says “everybody is seeding on good will”

Namrata Shukla



Tron [TRX]'s Justin Sun talked about the problem with BitTorrent protocol, says "everybody is seeding on good will"
Source: Pixabay

The cryptocurrency market has been fighting the bear since the beginning of the new year. However, the only coin that has been performing well amidst the bear attack is Tron [TRX]. The coin has been soaring high amidst the ravaging bear and has managed to achieve many small goals set by the community for their preferred coin. At the time of press, Tron that was once the tenth largest coin on the CoinMarketCap list has moved up the ladder to become the eighth largest coin.

Tron foundation’s Chief Executive Officer [CEO] and founder, Justin Sun informed that Tron’s transactions have reached 2000 TPS which is 200 times more than eCRM, in an interview with CNBC. The host quizzed Sun, saying the organization achieves this speed by using Proof-of-stake, which is similar to EOS’s model, which was questioned largely by the critics over compromising on decentralization and Tron has 27 validators, to which Sun said the word decentralization needs to be defined first.

According to Sun, Decentralization is not something that is controlled by a single party as for Tron, the 27 validators have equal rights and are elected by the people. Sun also clarified that like any other authority, even the validators can approve the nodes or even who runs for the elections. Sun said that there is “no-entry barrier, which is different from EOS”.

The founder also discussed Tron-based BitTorrent token [BTT] that will be integrated with the popular file-sharing platform BitTorrent tomorrow, and the users will be awarded for sharing files. In the interview, Sun confirmed that he has paid $140 million for the peer-to-peer sharing platform and also talked about the future of BitTorrent. Sun Said:

“BitTorrent has been around since 2003. This is a very successful P2P network responsible for P2P file sharing. At the same time, it has more than 100 million active users around the world – basically, monthly active users.”

Sun talked about the problem with the BitTorrent protocol is that people are seeding on good will. He added:

“So there’s no reward for the seeding at all. So with lots of the software that uses the BitTorrent protocol, it actually helps you to disable the uploading when you’ve finished downloading. So that’s why we want to provide this new way with tokens to incentivize people who are seeding the files.”

Sun, when asked about the possibility of Tron blockchain to handle all the transactions required to incentivize users on BitTorrent, said that the foundation is creating a payment network side-chain that will process thousands of micro-transactions and will late record these transactions on the Tron blockchain.

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WAVES/BTC sees dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order




WAVES/BTC hits a dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order
Source: Pixabay

Waves, the 29th largest cryptocurrency, hit lows against BTC on April 17, and users speculated that this could have been due to a massive sell order.

Waves, at press time, was trading a $2.71 with a market cap of $270 million and had a trading volume of $15 million. However, on April 17, the price of Waves hit rock bottom due to a massive sell-off similar to one that Ethereum witnessed a few years back.

Source: TradingView

As seen in the above chart, the price of Waves against BTC hit exactly 0.0000001 BTC, which amounts to 1 Satoshi. The volume for the said candle is also massive, further confirming a sell order of massive amounts. The coin has since increased by approximately 3% against Bitcoin in under 24 hours.

Crypto enthusiasts on Twitter couldn’t hold back their opinions as one user, @BitBitCrypto tweeted

“- $WAVES did not trade at 1sat, it traded at 10sat
– It is still a great project and with a huge potential
– This sell order has nothing to do with WAVES (the project)
– This trade wasn’t done on Binance web cause you can’t place this low, it was API
– I didn’t buy it at 10 sat”

Another user @BITCVIX tweeted:

TradingView commented on this matter saying:

“Something strange is always happening in the #crypto market”

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