- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
- Research Finds Active Bitcoin Address Linked with Terrorist Group Hamas
BitTorrent is famous for its file sharing platform that is used all over the world for P2P file sharing. This technology is also decentralized like blockchain-powered cryptocurrencies and crypto tokens. In July 2018, BitTorrent was acquired by the blockchain firm Tron.
Recently, BitTorrent’s ex-chief strategy officer, Simon Morris, said in an interview that the famous blockchain-powered computing resources sharing platform, TRON will melt down by the volume of transactions that BitTorrent handles. In harsh criticism, Simon Morris also said that there seemed to be more marketing than the technology behind the new crypto token.
To put some context behind the interview, BitTorrent plans to become one of the first projects to launch its own new digital coin on Binance Launchpad. Binance Launchpad is being developed by the famous cryptocurrency exchange Binance to support fundraising. The BitTorrent Token (BTT) that the company is launching will be based on the Tron protocol. After the announcement that BTT will be based on Tron, Tron’s price went up from $0.02 to $0.03 in a week.
Mr. Morris said in the interview, “The transactional capacity we were looking at was needing hundreds of transactions a second just to get started. It’s simply not there. You hear all the bullshit out there, oh, this does 10,000 transactions a second. It’s all crap. We were going to melt Tron. Literally, destroy it.”
Since the interview, Tron CEO Justin Sun has fired back at the BitTorrent exec. Mr. Sun said that Simon Morris was unable to keep in touch with the progress their engineering teams have managed to achieve. Sun further went on to say that they plan to use a hybrid approach which would combine on-chain and off-chain exchange.
Critics of the BitTorrent token have questioned the practicality of the token as the platform has managed to work without blockchain for so many years. However, both Simon Morris and Justin Sun were of the view that Tron blockchain integration had the potential to bring more power and speed to the P2P file-sharing platform.
In a post on Reddit, Sun emphasized that the upcoming rollout of the BTT token will also give those who share files more control over their content apart from expanding the community.