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Tron (TRX)’s Foundation has announced that BitTorrent has launched a token represented as BTT to its over 100M users, an idea said to be in place purposely to augment the world’s largest decentralized P2P protocol.
The new token, is launched on Binance Launchpad. According to an update by Tron Foundation, the token is to be called BitTorrent (BTT), and will be issued by the BitTorrent Foundation, that is established in Singapore.
The idea will enable users to exchange tokens to improve network speed on the in peer-to-peer protocols and products.
When users are provided with the ability to use BTT tokens for faster downloads, the company aims to accelerate the overall speed of torrents.
According to the Founder of Tron and CEO of BitTorrent, the “BitTorrent token is the first in a series of steps to support a decentralized internet.”
“In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
BTT will first be applied into the Windows-based µTorrent Classic client, an app said to be BitTorrent, Inc.’s most popular application.
Meanwhile, the BitTorrent token features native TRC-10 compatibility is exclusively available to non-U.S. accounts on Binance Launchpad, the token sale platform by leading cryptocurrency exchange Binance.
“We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry,” Changpeng Zhao (‘CZ’), Binance CEO and Founder has said.
“BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects.”
The Binance Launchpad is unveiled to help outstanding blockchain startups generate funds required to furnish their products while providing them with Binance’s advisory resources and access to the exchange’s ecosystem.