TRON’s long-rumoured acquisition of BitTorrent Inc., the operator of popular torrent client uTorrent, has been confirmed by TRON founder Justin Sun in a community letter published July 24.
The BitTorrent protocol launched in 2001 and relies on distributed “seeding’” by users who upload shareable content. BitTorrent has continuously touted that its service is responsible for one-third of all internet traffic on any given day.
In his letter, Sun celebrates the software as “the genesis of the decentralization movement,” a legacy protocol for the blockchain revolution, noting
“Bittorrent is […] the first decentralized Internet protocol with large-scale global application, [which] even today [… ] retains its status as the world’s largest decentralized protocol, once transmitting 40% of daily Internet traffic.”
TRON’s Justin Sun sees BitTorrent as a great fit for the foundation’s goal to decentralize the web. The legacy BitTorrent protocol will remain, but TRON hopes to bring new life to it.
“The BitTorrent acquisition embodies TRON’s ‘All-In Decentralization’ strategy. TRON and BitTorrent share the same vision for a decentralized Web. I believe BitTorrent will gain new life from integrating into the TRON ecosystem, and TRON will continue BitTorrent’s protocol legacy.”
It’s unclear how BitTorrent technology will be integrated into the TRON network. No concrete details have been announced but both parties have decentralization as their main pillars, and that won’t change.
“With the integration of BitTorrent, TRON aims to liberate the Internet from the stranglehold of large corporations, give data rights back to the individual, and reignite the early 21st century vision of a free, transparent, decentralized network to connect the world, because the internet belongs to the people,” Sun notes.
No financial details relating to the acquisition have been released but it was previously reported that Sun had agreed to pay $140 million for BitTorrent Inc. and its assets.
While the acquisition has been causing shockwaves in the already volatile crypto market, BitTorrent’s users have been relatively quiet. Aside from a few confused uTorrent users, who feared that their clients would turn into cryptocurrency miners, the issue has not been widely discussed.
Those worried users can rest assured, though, as the uTorrent team stresses that they have no intention to change, or mine.
“We wish to reiterate that BitTorrent has no plans to change what we do or charge for the services we provide. We have no plans to enable mining of cryptocurrency now or in the future,” the uTorrent team said previously.
Rumors of the acquisition have been circulating since late May, with the inclusion of Sun’s lawsuit against the company for allegedly violating an exclusivity clause in early negotiations. The lawsuit was eventually dismissed, and unconfirmed details surrounding the finalization of the deal surfaced in June.
To many this could mark the end of a major peer to peer service which has fallen down to the crypto trend. We await on how it will work with Tron but remember Trx justs owns the main client of Bittorrent and not the Bittorrent network,
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