BitTorrent Launches Token to Support Decentralized Internet
Consumer software firm BitTorrent has announced the launch of its new token called BTT aimed at improving internet speed while also promoting the decentralized network.
San Francisco-based consumer software company and a pioneer in decentralized P2P network BitTorrent Inc., announced the launch of its token to push for the development of a decentralized internet.
In a statement, the company said the token would be called BitTorrent (BTT) and would be issued by BitTorrent Foundation, which is based in Singapore. The tokens will allow users swap tokens in a bid to increase internet speed. BTT tokens are expected to provide users with the capability for faster downloads and to hasten the overall pace of torrents.
"BitTorrent token is the first in a series of steps to support a decentralized internet," explained TRON founder and BitTorrent Chief Executive Officer (CEO) Justin Sun. He added, “In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users across the globe and empower a new generation of content creators with the tools to distribute their content directly to others on the web."
The new token is available only to non-U.S. account holders on Binance Launchpad, the token sale platform developed by cryptocurrency exchange operator Binance. BitTorrent token features native TRC-10 compatibility, the press statement added.
Binance Founder and CEO commented on the token launch:
"We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry. BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects."
Binance only recently expanded its token launch platform, Launchpad, and announced plans to list Tron’s BitTorrent and Outlier Ventures’ Fetch.AI as the first projects after a year-long pause through 2018.
Binance made the announcement in a blog post and added it would list at least one new project each month starting this year.
BitTorrent said the BTT token would be initially implemented into the Windows-based µTorrent Classic client, the most popular application available in BitTorrent. The BTT token-enabled µTorrent Classic clients will be completely compatible with the company’s clients using the BitTorrent protocol.