TRX Coin Secret Is Out the Bag, Justin Sun’s Tron Acquires BitTorrent
Tron has been in the spotlight of the market recently as it has been running many activities in the past few months. Some of the most high-profile ones were the launch of its MainNet and its token migration.
Recently, major news concerning Tron appeared on the web again. The co-founder of BitTorrent, “Cheddar”, stated that it had sold BitTorrent to the Tron Foundation for $140 million USD. However, the acquisition was not confirmed by the founder of the foundation, Justin Sun. According to the other co-founder of BitTorrent, the software was, for a lot of reasons, a pioneer in distributed computing.
Rumors Started Last Year
According to the specialized media, rumors of the acquisition of BitTorrent have been circulating online since May 2017. At the time, it was reported that Justin Sun was interested in the company. He even signed a letter of intent of buying the company on an occasion.
Sun even arranged for a restraining order on BitTorrent to prevent them from engaging with other bidders while negotiations were happening. After this, Sun decided to withdraw the restraining order and continued to pursue the company.
The acquisition of the company the Tron Foundation is the latest chapter of a history that goes for over 10 years since the inception of BitTorrent. The organization has managed to raise millions in 2008 to establish an entertainment business over its peer to peer network and, after the plans did not go as planned, it had to lay off some staff and recapitalize.
The company did find some success afterwards, being able to achieve over 150 million monthly dynamic clients for its P2P services via promotions.
About Tron’s Plans
Tron is a leading blockchain platform that uses a decentralized protocol to create a worldwide free entertainment system by using the blockchain technology. It can be used to freely publish content, store and own data.
The company has always had some interest in the entertainment industry and, by acquiring BitTorrent, it makes clearer what are some its future plans for the foundation.
It looks like Tron’s objective is to develop its own international free content framework by using the blockchain and the technology of the company that they have just acquired. By using the structure of BitTorrent, they will be finally able to do it and to let their clients distribute, store and claim information without having to pay anything for it.
This will, in time, empower the creators and be able to form a decentralized content platform that can be used for entertainment. The company has just recently migrated its tokens from the ERC20 standard to the new original TRX20 standard and has gained assistance of Binance, Max Exchange, CoinEgg and BitFinex.
There is still a lot of mystery concerning the future of the company but it looks like the company is preparing to improve its platform and carve its place in the market of entertainment.