Founder of Tron Altcoin Justin Sun Takes Over Bittorrent Inc

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#1


via bitcoin

Justin Sun, the founder of “decentralized web” altcoin Tron, has reportedly taken over Bittorrent Inc, the San Francisco-headquartered company founded in 2004 to manage the ongoing development of the Bittorrent peer-to-peer file sharing protocol.

TRX Founder Buys Bittorrent

Justin Sun, a former Chief Representative of the Greater China Region for Ripple, closed an acquisition deal for Bittorrent last week and employees have been notified but asked not to talk about it with the media, Variety has now reported, ending weeks of speculation. The financial details of the deal weren’t made publicly available as the two sides haven’t officially announced the acquisition yet. Additionally, just a number of Bittorent’s shareholders have already been contacted by the transfer agent responsible for the transaction according to the report.

Comparing the two ventures Sun is involved with now can tell us a lot about the current state of the cryptocurrency scene, as well as the possible impact of the ease of crowd-funding on crypto projects’ relationship with the established technology industry.

Sign of Things to Come?

While the Bittorrent protocol is used by hundreds of millions of people around the world, and constitutes a significant share of all internet traffic, the company behind it has found few ways to monetize, like running ads on the µtorrent client. But in total revenue, Bittorrent has raised only $35.8 million in three rounds over the fourteen years of its existence.

In contrast to Bittorrent Inc, Tron is barely out of the gate and already has a market capitalization of about $3 billion right now (down from as high as over $6 billion) thanks to the price of its TRX token. In fact, Tron only had its official launch for the mainnet a few days ago (on May 31) and its planned “Independence Day” is still twelve days away, meaning when TRX will no longer be just another ERC20 token.

Those who believe that Tron will fulfil its dream of building a decentralized web may see this as an indication that crypto companies are taking over the old guard. Cynics, on the other hand, might say that we’ve finally found a good business model for ICOs: raise ungodly amounts of money with no actual product or service and then use those funds to take over existing companies.

Is this a sign that the cryptocurrency industry has begun taking over the internet? Share your thoughts in the comments section below.


#2

noooooooooooooooooooooo
not like this guyzzz
not like this!


#3

You have to give it to Clown Sun for finding a way to exchange thin air with unlimited USD. He even skipped the step of physically printing paper CNY.


#4

I am slightly invested in this company. I see a lot of potential with what they are trying to accomplish. The way bit torrents work, isn’t it very similar to the concept of block chain? I see positive things coming as long as there is no scam bullshit and they keep going what they say they are going to. :muscle:


#5

Mind == Blown… I have to go think about this long and hard now. TRX has been a shitcoin to everyone I know. Did you just figure out the secret sauce with your cynics statement or is there something really going to happen with TRX?


#6

You may know BitTorrent is a decentralized P2P network of data and so it is similar to a blockchain in that way.
Blockchain is not a protocol.
Blockchain is not a decentralized file system like what is needed for Internet web hosting.
Blockchain is a slow decentralized database of information.
There is little reason to use Blockchain to deliver a database solution for anything other than currency right now. Faster protocol layer technology will change that. Blockchain won’t be slow forever.
BitTorrent is a very fast protocol.
You can replace all the Blockchain tech with the BitTorrent protocol and distributed MySQL replication to have a faster decentralized P2P network of data storage.
For a semi-decentralized Internet today, there is hosting the way Keybase.io does it. They use the BTC blockchain I believe.


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#7

I hear intuition is bad with trading, but, I have a feeling about this one stock. Seems to have the recipe for something great.

Thank you for that information.