BitTorrent Acquired by Tron (TRX)
Much rumored news of Tron (TRX) acquiring BitTorrent is now confirmed to be true. Tron (TRX) has acquired the legendary file-sharing platform BitTorrent.
The deal was closed by the Tron founder, Justin Sun, last week only. The amount paid for its acquisition remains undisclosed as of now. Last week, BitTorrent management informed its staff about the deal and advised them not to disclose the news. It is still not clear how Tron will integrate with BitTorrent.
Documents showed that Justin Sun signed a letter of intent in order to purchase the company BitTorrent last year but then the purchase was delayed for some time by BitTorrent as it was searching for other purchasers. Knowing this, Justin Sun pursued legal action stating that the company had promised to not search for other purchase offers. Tron plans to create a decentralized internet service where users can publish, store and monetize their creations.
BitTorrent is a San Francisco based internet technology company. It was first released in the year 2001 but it came into limelight in 2004 when data revealed that 25-35% of traffic on the internet was generated by BitTorrent alone due to sharing of files.
It has remained controversial since its inception due to the allegations that the technology is used to share copyrighted material.
BitTorrent enables peer-to-peer file sharing and provides an extremely efficient network to transfer large files to many people. It designs distributed technology that keeps intelligence at the edge and that scales efficiently.
The technology is designed in such a way that consumers and creators can control their content and data. They have 170 million people as their monthly active users.
BitTorrent allows faster downloads and unlimited and free downloading. In order to ensure fast file delivery, it auto-adjusts bandwidth usage too.
Tron is also expecting its independence from the famous Ethereum network on 25th of June. On June 25th, platform’s token migration will complete and TRX won’t be an ERC20 token.
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