TRON’s BitTorrent Investment Pays Off as BTT Pumps 870% Since ICO
And they say cryptocurrency is in a bear market. Not for investors in the BitTorrent (BTT) ICO that occurred on Jan 28. The company that led the charge in peer-to-peer file sharing on the web just made history with a sell-out ICO–and gains of 870% in just one week.
Tron’s Justin Sun Bought BitTorrent Last Year
Most people have heard of BitTorrent, one of the most effective ways of transferring files around the internet. Functioning since the early 2000s, BitTorrent allows users to download heavy files faster by splitting the work.
So, instead of taking forever to download a 900MB file from a single source, BitTorrent uses multiple people who have the file and allows you to download it in bulk from several sources at the same time. Genius.
But since BitTorrent has been working more or less successfully for almost two decades, and has over 100 millions users, you may ask–why the need for its own token?
Well, it certainly has something to do with the fact that BitTorrent was acquired by Tron’s Justin Sun in June 2018. As he said in a press release at the time:
In one giant leap, we can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web
Incentivizing File Sharing Through Cryptos
But it also seems to have been spurred from Project Atlas, a blockchain project that provides incentives through cryptocurrency for file sharing.
The current BitTorrent system, as Sun explains in the below video, doesn’t provide users with any real incentive to share their files or keep them online once they’ve finished downloading ...