Tron Likely to Take BitTorrent Down, if Anything Goes Wrong - Today's Gazette - Cryptocurrency, Bitcoin News
Connect with us

Tron Likely to Take BitTorrent Down, if Anything Goes Wrong

TRON (TRX) Echoes $20 Million Airdrop As USDT Goes Live On TRON Network. Know How to Participate

Altcoins

Tron Likely to Take BitTorrent Down, if Anything Goes Wrong

Tron network has been surrounded by a lot of controversies lately. The latest is the sudden illness of the CEO, Justin Sun, who was allegedly diagnosed with a kidney stone. Members of the Tron community and other crypto enthusiasts are full of concern as to what would be the outcome.

The Major Concerns for Tron and BitTorrent

There are speculations that BitTorrent would be drastically affected if anything goes wrong with Tron network which is the parent company.

Things fell apart between the Tron Foundation and Tron community members since CEO Justin Sun announced his intention to have an expensive lunch date with Warren Buffet. Sun placed the winning bid on Buffet’s annual eBay lunch charity auction, at a whooping sum of $4,567,888.

This single act has generated a lot of controversies concerning the CEO and Tron network, some of which states that Sun was motivated by personal interest to promote his company rather than the crypto industry as he stated.

Now the fear is that many Tron investors may decide to ditch the network. One of the reasons is Tron CEO’s inability to get Tron (TRX) listed on Coinbase. This will limit the US-based investors from trading on the platform, following the anticipated Binance restriction of US-based traders from accessing some Altcoins.

In February 2018, Mr. Sun got approval for his winning acquisition offer to the BitTorrent Board. The approval states an agreement with Cohen which granted him a full release of some of the intellectual property in exchange for a right to invest the sum of $50,000 in the company under a single agreement for future equity.

Sun bought into the US peer to peer file sharing system, BitTorrent, which should be integrated with Tron platform. Therefore has a major stake in the BitTorrent.

Also, there have been claims that Justin Sun is yet to make full payment for the file sharing protocol technology. Bram Cohen, the cofounder of BitTorrent, alleged that CEO Justin Sun failed to make the final payment from the $140 million agreed on the BitTorrent deal.

Based on the recent developments, issues with mismanaging funds and CEO illness, Tron network doesn’t seem to be settled. Enthusiasts fear that BitTorrent would also go down if Tron goes down.

The most talked-about lunch between Justin Sun and the American Billionaire Warren Buffet has been postponed due to the CEO’s illness.

Hi I am a crypto writer, blockchain enthusiast, financial and travel blogger. Though a finance professional, crypto and blockchain are now my specialty. I write to inform you of what is happening in the crypto space and how the blockchain technology is changing the world. Besides writing, I am a digital marketer, promoting ICOs and other products. Email: judith.riseshine@todaysgazette.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Altcoins

To Top