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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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Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report




Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.

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