Blockchain entrepreneur and creator of the Tron platform, Justin Sun, has acquired peer-to-peer (P2P) file-sharing network BitTorrent Inc. Details of the $126 million deal are classified.
The company BitTorrent Inc., which created some of the most popular file sharing clients uTorrent and BitTorrent, has gained popularity mainly due to the distribution of pirated content. The technology allows users to download files from the P2P network and avoid the costs of maintaining servers for many open resources.
And although some media outlets were quick to dub the deal an attempt to “legitimize” the blockchain startup Tron, it is interesting for its potential opportunities for the future of the blockchain industry.
The past deal is unique in its ability to connect P2P file sharing software BitTorrent and blockchain technology.
Tron's mission is to create a decentralized Internet where developers can create blockchain-based applications, leaving no room for centralized tech giants like Google and Facebook.
By adapting the capabilities of the two platforms, the company can become a unique decentralized ecosystem Internet and develop a new peer-to-peer form for media content. Thus, Tron's creator's plan makes a lot of sense since the file sharing network is always focused on decentralized P2P file sharing technology.
Therefore, BitTorrent certainly plays a role according to Justin Sun in decentralizing all online activities.
It is worth remembering that BitTorrent at one time changed the Internet in the same way that blockchain technology is changing it now. In fact, thanks to its P2P technology, the company was once called "the future unicorn of Silicon Valley." Unfortunately, primarily due to internal struggles, the idea was not implemented as planned by BitTorrent.
More than 10 years ago, BitTorrent raised millions of dollars to build an entertainment business on top of a P2P file-sharing platform. The plans never came to fruition, and BitTorrent continued to support its business with advertising and software, at one point reaching 150 million monthly active users.
Tron now has the opportunity to offer the file hosting service's millions of users the opportunity to use some of its computing power for processing transactions.
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