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Not Just Tron: Neo's Failed $170 Million Bid to Buy BitTorrent Revealed

When Tron founder Justin Sun bought BitTorrent in one of the most talked-about tech acquisitions of the year, it turns out he wasn’t even the highest bidder.

What’s more, Tron wasn’t even the only crypto startup that wanted a piece of the pioneering peer-to-peer file sharing software company, CoinDesk has learned. Based on internal documents and multiple interviews with people close to the deal, CoinDesk is able to reveal Sun’s rival in his quest to acquire the influential Silicon Valley startup was one of Tron’s top competitors, the $1.5 billion blockchain project Neo.

Through its related venture capital firm, Neo Global Capital (NGC), the project made a much higher offer than Sun, a fact confirmed both by NGC and multiple sources familiar with the deal.

According to Neo Blockchain’s head of investment, Weiyu “Wayne” Zhu, and internal BitTorrent documents obtained by CoinDesk, NGC’s bid was for $170 million, amounting to $50 million dollars more than Tron founder Justin Sun’s $120 million bid for the shares. Nevertheless, Sun’s offer eventually succeeded.

Tron did not reply to a request for comment. BitTorrent declined to answer requests as well.

Although first reported in June, Sun announced in July that he had acquired BitTorrent on behalf of Tron, the controversial blockchain project he founded in 2017 after leaving San Francisco startup Ripple. The acquisition marked one of the first times a crypto company had successfully acquired an established web company, leaving Tron investors thrilled (though the project’s skeptics were more suspicious).

At the time, observers speculated that Sun bought the company for its user base.

Tron and Neo have also faced off in other ways. Though their explicit goals are different, both projects seek to stake a claim in the already competitive market of creating faster, more scalable blockchains. Likewise, both claim a common competitor – the world’s second-largest blockchain ethereum.

Tron, which launched its network in July, aims to “decentralize the internet,” and has chiefly positioned itself as an alternative to ethereum, with Sun sparking controversy in April after tweeting that his project was “better.”

Likewise, Neo, previously called Antshares, has positioned itself and has been referred to as “the ethereum of China.” The project focuses on smart contracts, digital identity and digital assets, and has a $1.5 billion market capitalization to Tron’s $1.6 billion.

For all their similarities, though, the two projects did not offer BitTorrent the same deal. Despite bidding $50 million more than Justin Sun, BitTorrent’s board nonetheless said in the documents that NGC’s offer was “not more favorable to the company and its shareholders” and accepted Sun’s offer.

One further commonality perhaps sheds light on these peculiar circumstances. Both projects are based in China, and therefore must also face the obstacle of its capital controls.

“Only specific business purposes will be approved by Chinese government,” Minhui Chen, a partner at Global Blockchain Innovative Capital (GBIC), which helps entrepreneurs navigate the complexities of international deals, told CoinDesk. “The process takes months.”

But it turns out the Chinese government was not NGC’s primary concern.

Two bids, one deal

Sun made the first move to open the bidding process.

According to documents detailing the acquisition, Sun approached investor David Chao at DCM, a venture capital firm which controlled most of BitTorrent’s equity, in late December 2017. However, Sun did not initially try to acquire BitTorrent as a whole.

Instead, he sought to purchase a controlling stake in the company by purchasing DCM’s preferred stock, which amounted to 99 percent of the total preferred stock. According to public documents submitted to the California secretary of state in June, each of these shares were valued at about $1.85 in the final deal.

Sun offered approximately $90 million to $100 million for DCM’s stake.

However, the documents describe how Chao later insisted that Sun purchase BitTorrent’s common stock in addition to its preferred stock, for fear that common stockholders would be left empty-handed.

NGC entered the picture approximately one month after these discussions, and conducted meetings with DCM and BitTorrent. Unlike Sun, NGC sought to become BitTorrent’s sole owner from the start, offering $115 million for all preferred stock and $55 million for all common stock.

Zhu said NGC was interested because it hoped BitTorrent could build a decentralized file storage system that would be generally useful for any decentralized web project or blockchain.

Washington’s shadow

At this point, the accounts diverge on one point: who backed away when.

In mid-February, NGC revised its offer to exclude a provision that would nullify the acquisition if it was not completed within six months, a change that appears to have been considered a drawback by BitTorrent and DCM.

Just one day after NGC submitted their revised letter of intent, BitTorrent and DCM determined that the despite the higher price tag, NGC’s offer was not as “favorable” as Sun’s offer. The documents specifically cited, “the risk of the transaction not being consummated due to the projected closing of such proposed transaction being late in 2018 and [NGC’s] primary assets being cryptocurrency holdings, which required an additional foreign currency conversion prior to the closing of the proposed transaction.”

Zhu offers a different interpretation of events.

At this point, he says NGC had become concerned about the Committee on Foreign Investment in the United States (CFIUS). At that time, attempts by companies such Huawei and ZTE to invest in U.S. telecoms was stirring up significant political controversy about Chinese access to American intellectual property.

In addition, the fact that BitTorrent’s primary architect, Bram Cohen, was committed to his new venture, Chia, and therefore unwilling to return to the company proved to be an impediment.

“We were not so sure that BitTorrent is technically advanced enough to become the decentralized file project we had hoped it would be,” Zhu said. Cohen has declined a request for comment.

From Zhu’s perspective, by expressing serious concerns about CFIUS and never revisiting the point, NGC was letting BitTorrent know it was walking away.

On Valentine’s Day, BitTorrent and DCM accepted Sun’s final offer of $90 million for all preferred stock and $30 million for all common stock the following day.

The documents acknowledge that there were subsequently adjustments to the price to account for “net working capital, outstanding debt and unpaid transaction expenses,” amounting to approximately $20 million more.

What Tron wanted

BitTorrent has yet to unveil a major new Tron specific project, other than becoming in August another Tron controlled super representative on the network.

Observers speculated at the time of Tron’s announcement that Sun had acquired the company for its user base or to lend legitimacy to his project, which has been plagued by allegations of plagiarism and failing to properly attribute code in its repository. Several employees have since left BitTorrent under its new owner, citing concerns about its new management and direction.

Like NGC, Sun also tried to compel several former BitTorrent employees and major holders of common stock, including Cohen, to rejoin the company. Sun later dropped this condition before submitting his final offer.

Founded in 2004 by Cohen and Ashwin Navin, BitTorrent is a protocol for filesharing in which users would download one file from multiple peers at once, which improves speed. At times, peer-to-peer filesharing represented a large amount of all internet traffic.

While challenges with its business model ultimately led it to shopping itself for sale, its architecture anticipated the decentralized web at the heart of today’s token boom. The inventor of most of its technology, Cohen, left the company in late 2017. Shortly before the sale finalized, BitTorrent acquired a small stake in his new company, the eco-friendly blockchain protocol Chia, as CoinDesk previously reported.

That stake transferred to Sun, who has since moved BitTorrent into Tron’s Silicon Valley office, establishing a beachhead in the U.S. for the Chinese company.

So far, Sun does not seem to have run afoul of CFIUS, as NGC feared. And the Chinese state is happy for domestic companies to acquire Western companies if there’s a good reason.

As GBIC’s Chen put it:

“Then the Chinese government will support you, but the process is still tedious and long.”

Chinese checkers image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Tron Now Owns a Stake In BitTorrent Founder's New Crypto Project

When BitTorrent sold to the founder of controversial crypto startup Tron, it wasn’t just one of web 2.0’s earliest and most prestigious startups that changed hands.

It turns out, the peer-to-peer sharing company now owned by Tron founder Justin Sun also took a small stake in Chia Network, a soon-to-be-launched cryptocurrency protocol helmed by BitTorrent co-founder Bram Cohen, a fact that was not been previously disclosed by either firm.

According to documents obtained by CoinDesk, Sun submitted his winning acquisition offer to the BitTorrent Board on February 14. The next day, the board unanimously approved an agreement with Cohen granting a “full release” of some of its intellectual property (IP) in exchange for the right to make a $50,000 investment in the company under a Simple Agreement for Future Equity (SAFE).

As for what IP might have changed hands, and that might be helping to power the Chia network, both companies are now staying silent on the matter.

A spokesperson for Chia Network told CoinDesk:

“There has been no license or assignment of rights from BitTorrent to Bram [Cohen] or Chia. All software and related intellectual property rights used internally or distributed by Chia was either developed by Chia employees or contractors, licensed from third parties or was available in the public domain. Chia has committed to open source.”

Sources with knowledge of the deal said the two companies further entered into an agreement of “mutual releases and non-disparagement,” so that neither party would bring suit against the other due to events that happened prior to the investment.

All in all, it’s the latest information on Sun’s surprise acquisition of BitTorrent, first reported by Variety in June, and which subsequently prompted no shortage of dialogue and confusion in the industry.

In July, BitTorrent announced it would operate from Tron’s San Francisco offices.

Cohen’s role

While Cohen remained on BitTorrent’s board, he left to start Chia in late 2017.

According to the merger documents, Cohen still owned 31 percent of BitTorrent’s common stock at the time of the acquisition. Common stock holders received $29,343,986 of the $119 million sale. Each share of common stock was worth a base price per share (with various conditions) of roughly $0.81.

By the time of the sale, Cohen’s attention was primarily directed at the new venture.

Chia Network is a more eco-friendly way of securing a public blockchain, as CoinDesk previously reported in September. Miners on the network prove that a certain amount of disk space is available to the network. Validators on the network turn over unused disk space for Chia’s use, according to its FAQ.

In March, it announced a $3.395 million funding round led by Naval Ravikant, which also included Andreessen Horowitz, True Ventures, MetaStable, Greylock Partners, Danhua Capital and DCM.

DCM was also the leading shareholder in BitTorrent.

At that time, the company said it would do what’s known as a “mini-IPO” under the Security and Exchange Commission’s Reg A+. The round was promised in the second quarter, but it has not yet been publicly announced. Many of BitTorrent’s patentable inventions list Cohen as the inventor.

Google Patents lists six patents with Cohen as the inventor, the oldest being “End-system dynamic rate limiting of background traffic.” All of the patents he’s credited with still show up as assigned to BitTorrent.

Internal BitTorrent documents reveal that early on Sun wanted Cohen and other early staff to return, but removed that requirement as a stipulation of the deal.

BitTorrent did not reply to a request for comment by press time.

BitTorrent photo via CoinDesk archives 

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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16 New Employees and 5 Exit at BitTorrent Since Acquisition by Tron (TRX)

Justin Sun and the Tron (TRX) Foundation officially acquired the famous peer-to-peer platform of BitTorrent back in mid June. The transaction was completed through Rainberry Acquisition Inc. and for a heavy price tag of $120 Million in cash. The BitTorrent firm even went ahead to make it official with a tweet that stated the following:

It’s official. BitTorrent is now part of #TRON. We pioneered the world’s largest decentralized p2p protocol, now we’re joining forces with TRON to build the future of the decentralized internet.

Since then, the crypto-verse has been abuzz with speculation as to how Justin and the Tron Foundation intends on integrating the P2P platform onto the Tron Project. The BitTorrent team has even ran for the Super Representative (S.R) elections and earned a spot amongst the 27 S.Rs. The team at BitTorrent would later tweet the following after winning the election:

Our team just got elected as one of the 27 #TRON Super Representatives! We are looking forward to playing our role in the network stability and reliability. Thanks for your support!

New Additions to the Team at BitTorrent and the Exit of A Few

The BitTorrent team has also grown by hiring 16 more employees with 5 choosing to exit the company after the acquisition. The firm would further explain that:

Our team has been growing rapidly since the acquisition. We have hired on 16 new employees since late June while 5 have left the team to pursue other paths like further education or new opportunities. Excited for more new team members to join us and make our vision a reality!

Rumors of the 5 Exits Being Due to Concerns of the Acquisition

However, news from CoinDesk indicate that the 5 departures were due to the former employees having concerns about the acquisition as well as differing with the proposed direction of the company from the leadership at Tron. From the report, 3 of the 5 employees left on their own accord while the two others were dismissed. At least 2 of the 5 were in senior leadership positions of General Manager and Head of Marketing.

From the point of view of observing other acquisitions in the Business world, such departures are normal given the fact that the vision of Justin Sun is to completely decentralize the web. This is a larger undertaking from what the team at BitTorrent were used to.

Justin Sun had explained the following with regards to how the BitTorrent platform was going to be integrated into the Tron Ecosystem:

Our role as the largest decentralized protocol is to provide the best possible service to our users. Our mission is to provide a fast, safe, and reliable product that is usable both on desktop and mobile. Currently, we are actively working on Project Atlas, a major step toward a fairer Internet. The project is in collaboration with BitTorrent, and will extend the lifespan of their torrents’ swarms, offer rewards to peers who seed torrents, infuse resources into the torrent ecosystem, and establish financial rewards in return. The project will transform the way people share and consume content, helping to re-shape the industry for the better.

In conclusion, Justin Sun, the Tron Foundation and BitTorrent continue to live up to their goal of decentralizing the web as can be seen with 16 new hires as well as Justin’s vision of the future.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Tron's BitTorrent Acquisition Triggers String of Employee Exits

At least five employees have left BitTorrent, the peer-to-peer networking pioneer, following its June acquisition by Justin Sun, the founder of the controversial blockchain protocol Tron, CoinDesk has learned.

According to multiple sources with direct knowledge of the acquisition and company operations, the departures were related to concerns about the acquisition, as well as the direction proposed for the company by Tron leadership. Sources said three of the employees left on their own accord, while two others were dismissed.

Among those departed were at least two individuals serving in leadership positions, the sources indicated, performing key roles such as general manager and head of marketing.

However, other senior-level employees, including the company’s chief executive, chief financial officer, chief product officer and chief revenue officer, are unable to leave the company due to 18-month lock-in agreements.

The news comes just two months after Sun purchased the San Francisco-based company for $120 million in cash through Rainberry Acquisition, Inc., a company registered to him alone according to publicly available documents. Sun, a former Ripple representative, is best known for founding the Tron project in 2017, which aims to decentralize the internet and boasts controversial miner Bitmain as a backer.

Tron completed a $70 million ICO in 2017, but later returned funds collected from Chinese investors after China banned the fundraising method. 

At the time of the acquisition, observers speculated that Sun purchased BitTorrent with the hope of leveraging its extensive user network (about 100 million users per month) for his own project’s ends. Others suggested Sun acquired the company with the hope of lending credibility to Tron – something it has been accused of lacking in the past.

More specifically, last year Tron was accused of failing to properly attribute code that it incorporated into its protocol. This allegation was followed by claims project leaders had plagiarized Tron’s white paper.

Sun’s $1 billion blockchain launched in late June shortly after the acquisition was announced, however, token holders are still in the process of electing the nodes that would make the technology fully operational. 

A Tron representative told CoinDesk via email,

“Tron is committed to the BitTorrent product and user community. We have been growing rapidly since the acquisition, as one family, to meet our vision for a decentralized future.”

But according to sources, this rapid growth is one of several reasons remaining staff are concerned about the acquisition. 

The approximately 49-person company is hiring for at least 30 positions ranging from software engineers to recruiters, LinkedIn shows, and employees fear that the expansion Sun hopes to achieve will compromise the company’s working culture, which sources described as more relaxed prior to the acquisition. 

Sources went on to tell CoinDesk that there is also unease amongst remaining employees about Tron’s marketing techniques and messaging, particularly with regard to the nascent state of their technology as compared to the way it has been marketed to consumers and investors.

Likewise, they said that BitTorrent staff members feel discomfort about the role of Tron entities in the blockchain’s node elections. Out of 27 total elected nodes, Justin Sun controls one and Tron controls four, though the nodes are named after different entities, specifically, BitTorrent, uTorrent, Peiwo and Raybo.

The Tron acquisition marks the latest chapter for BitTorrent, which has undergone multiple personnel shake-ups in recent years. The company laid off 12 employees in 2008 after its online media store product failed, and again in 2015 when it cut around 40 employees following a reorganization of the business. 

Image via BitTorrent Facebook

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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With the Creation of DApps, The Sky is the Limit for Tron (TRX)

On the 30th of July, Justin Sun wrote an Open Letter to the Tron Community with regards to the Beta launch of the Tron Virtual Machine. In the letter, Justin outlined the final plan of the Tron Foundation to launch a fully functional Tron platform. This would be made possible through the release of the official version of the Tron Virtual Machine. In the statement, Justin sated the following:

Today, we launched the beta version of TVM. In the following month, TVM will be tested by all the TRON community members. On August 30th SGT, TRON will complete its MainNet upgrade and launch the official version of TVM.

This means that there should be another countdown at the back of our minds with regards to the Tron project. August 30th is only 13 days from today, and at the moment of writing this. The reason the final version of the TVM is the final piece to the puzzle to make Tron great, is that it is compatible with the Ethereum platform. This will in turn make probable for developers to migrate onto the Tron Network. Justin explained this when he said:

TVM is completely compatible with Ethereum, only faster and more affordable. Developers are able to use mainstream developing tools such as Remix, Truffle, and Web3.js as well as wallet extension of the browser to create DApps based on TRON network.

The official version of the TVM is going to be more stable, secure and equipped at being developer friendly. The TVM uses bandwidth instead of gas as seen in the Ethereum Virtual Machine. This means transactions and smart contract operations are free on the Tron network and once again being more attractive to DApp creators than the Ethereum platform.

Current DApps on Tron

There are currently 18 official DApps on Tron that include Peiwo with 10 Million users. These DApps have yet to be migrated onto the Tron Mainnet due to the fact that the official TVM has not been complete. Once that is done, all Tron DApp users – that had been estimated as being 100 Million – will migrate to the Tron Network. There is also the other 100 Million users from BitTorrent that will be integrated into the ecosystem through project Atlas. All of the users and DApps will be using TRX to power their needs on the platform.

In conclusion, and what we are trying to elaborate here, is that all the news about an undervalued TRX have been true. This has been due to the fact that TRX has not yet been injected into the Tron Mainnet 100% as a utility coin. This will be made possible once DApps start being created on the platform as well as those which will migrate from other platforms such as Ethereum’s. With the Tron network being 80 times faster than that of Ethereum, it is only a matter of time till we start seeing Tron DApps in plenty as well as TRX rising like a Phoenix in the markets.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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The Tron (TRX) Community is 100% Unfazed By the Current Market Decline

Behind every great crypto or blockchain project, is an even greater community that will stand by their favorite digital asset come rain or sunshine. The Tron (TRX) project has a budding Tron Community that continues to grow by the day. Evidence of this can be seen when we check Transcan to find out the current accounts on the network as well as daily transactions. The real time accounts on the Tron Network at the moment of writing this, are 194,814 as can be seen from the screenshot below from Tronscan.

Current transactions on the Tron network and real time accounts. Source, Tronscan.orgs

An Unfazed Tron Community 

The current market turmoil being experienced has also affected the value of TRX but the Tron Community knows that the Tron Project is diamond dozen and they are emphatic about it on a daily basis. One such fan is twitter user @WLFOFMYST who had this to say about the current market turmoil:

He would later add some words of encouragement for anyone in the Tron Community who felt that TRX was suffering the most in the markets:

I realize some are freaked by the price of Tron. My hope is that you can put it in perspective with the entire crypto market. It is very hard to take emotion out of this. I get that. Staying composed is part of successful investing imo.

More turmoil Ahead?

Ethereum World News sought a comment from Investing.com Senior Analyst, Clement Thibault who summed up the current events as follows:

I believe we’re just witnessing the continuation of the cryptocurrency bear market. This is not the first or last cyclical asset to behave this way. Bitcoin itself has seen a 80+% bear market in the past, so this is nothing new even by cryptocurrency standards.

Looking ahead, I don’t think we’re at the end of the cycle just yet, and I can see bitcoin and other cryptocurrencies continuing to fall before a meaningful return back up.

In conclusion, all our favorite digital assets have been affected by the current market decline that was catalyzed by the SEC postponing their verdict on the Bitcoin ETF till September 30th. But the markets have experienced worse and will indeed bounce back.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Tron (TRX) Foundation Successfully Acquires BlockChain.Org

On 10th August 2018, the Tron (TRX) Foundation announced that it had successfully completed the acquisition of the Blockchain.Org domain name. Justin Sun believes that Blockchain.Org will be a one-stop aggregated data, search engine platform. The announcement further stated that:

It will be a platform that offers big data analysis, project evaluation, information search and other services for users in the blockchain field. Justin also encourages others in the industry to participate and build a platform to help the growth of blockchain industry.

So why Big Data?

By collecting ‘big data’, the Tron project will get a better understanding of what its community wants as well as what the general blockchain ecosystem needs during current and future market conditions. Users can also use the analyzed data to get more information about various projects that are in the blockchain industry. BlockcChain.org will continually analyze the needs of the blockchain ecosystem and offer viable solutions.

Three factors that will be key in TRON analyzing big data will be its volume, speed and type. In terms of volume, TRON will need to observe and keep track of what is happening on social media, websites and existing search engines. TRON will then need to process this data as quickly as possible to provide accurate and updated feedback to the users of Blockchain.Org. Finally, the type of information analyzed will be in the form of text, images, pdf, video and more.

Exciting times for Tron

The Tron foundation has also recently acquired the file sharing platform of BitTorrent. Tron also has a working Mainnet and recently released the Tron Virtual Machine that will take the platform to a new level. One of the key goals of the Tron project is to decentralize the web and its infrastructure. The project has offices in Beijing and San Francisco with plans of more expansion around the globe.

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Tron (TRX) Officially Integrated as a Payment Option on Pornhub, Further Boosting TRX Adoption

The news of Pornhub accepting Tron (TRX) as a payment option for its premium service, has been the talk of the crypto-verse for the last 2 months. More so, since the adult site gets approximately 90 Million unique visitors in a day. This means that the same users can now use TRX as a form of payment for subscription services on the site.

It is with this background that the Tron Foundation has issued a step-by-step guide as to how Pornhub user can use TRX to pay for their subscriptions. The guide can be summarized as follows:

  1. Get to the Pornhub.com homepage
  2. Log in to your Pornhub account or register one if this is your first time considering the option
  3. Click ‘Upgrade’ button on the homepage to proceed to the next step
  4. Click on the ‘START YOUR FREE WEEK NOW’ or Get Premium and you will proceed to the next step
  5. Click on the ‘Use Cryptocurrency option’ on the payment page
  6. Go to the Cryptocurrency payment page and click GET PREMIUM NOW to go to the next step
  7. Go to the cryptocurrency selection page and click on the small triangle to see all the available payment methods
  8. Select Tron
  9. Click Start Membership
  10. You can scan the QR code via the exchange or wallet APPs that you use to proceed with the payment. You can also copy TRX payment address for transfer payment
  11. You are now subscribed to Pornhub using your TRX

Benefits of Pornhub accepting Tron (TRX) payments

The use of Tron (TRX) on Pornhub has created quite a discussion with one side of the argument saying that their favorite digital currency is being ‘tainted’ by the adult site. But business is business and money never sleeps. The use of TRX on the adult site has the potential of launching TRX past the Stratosphere and closer to Jupiter’s moon of Europa.

Here are some benefits of TRX being used on Pornhub:

  • Proper use-case scenario, through a large website, of TRX as an accepted medium of exchange, further boosting TRX adoption
  • More visibility of TRX. This can be viewed as indirect marketing
  • Increased demand for TRX with the potential of increasing its price in the markets
  • Possibilities of the Tron project decentralizing the Adult film industry where viewers have a chance to pitch ideas to actors and producers and fund projects
  • Possibilities of BitTorrent playing a part in the future of the Adult film industry

The last two cases are pure speculation. But anything is possible in the crypto-verse.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Tron (TRX) Price Analysis: Key Levels to Watch

Tron has been trading inside a range visible on the short-term time frames, and a break lower could lead to a drop to the next one visible on the daily chart.

Price has been trading below the 100 SMA on this time frame also, indicating that selling pressure is in play. A break below support could lead to a selloff that’s the same height as the current range, which spans 0.0330 to 0.0400.

RSI is still heading lower and might have some room to go before hitting oversold levels. This suggests that sellers could stay in control for a bit longer and might have enough energy to push for a test of the next support around 0.0280.

Stochastic is also pointing down but approaching oversold territory, so sellers might need to take a break soon. If the oscillators start turning back up, buying pressure could return and lead to a move back to the resistance levels again.

Investors seem unimpressed by the latest set of announcements from Tron, such as their plans for the BitTorrent acquisition and the launch of the virtual machine. Either that or the enthusiasm might keep fading until another set of updates are announced.

Still, it’s worth keeping tabs on their Project Atlas, which integrates the BitTorrent platform with Tron’s protocol in order to incentivize digital content creators and seeding. According to founder Justin Sun, this is in keeping with their ultimate goal to decentralize the internet using Tron.

Meanwhile, the virtual machine has been created as a Turing complete VM that aids in the expansion of the Tron platform. This will be fully compatible with Ethereum to add efficiency while reducing costs and tariffs. The more stable and final version of the VM will be released on August 30 and offer more stability and security to users, so this should give investors something to look forward to.

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Tron (TRX) is Better than Ethereum (ETH), and BitTorrent Will Make It Even Better; Justin Sun Says

Justin Sun

Justin Sun, founder of TRON (TRX) published a tweet in which he mentioned that his creation was much better than Ethereum (ETH), the second most important blockchain in the global market cap.

Tron is a blockchain that seeks to decentralize web content. Since its inception until some months ago when the mainnet was announced, the tokens known as Tronix were ERC20 smart contracts running on the Ethereum network.

In the tweet, Mr. Sun says that Tron (TRX) is “80 times faster than Ethereum” (ETH); a decisive advantage, especially in terms of scalability in the medium and long-term. The transaction speed is a factor that is now widely taken into consideration to evaluate the convenience or potential of mass adoption of a given blockchain.

As the tweet shows, the recent acquisition of BitTorrent is a matter of strategic importance to Justin Sun. The well-known businessman believes that the combination of BitTorrent’s infrastructure with Tron’s blockchain could help create the most advanced p2p network in the world.

This would not be the first time that Justin Sun has promoted his blockchain by explicitly saying it is better than Ethereum. A few weeks ago, he also tweeted an image in which he comments on 7 reasons why Tron outperforms Ethereum

Within this graph, it is important to note that although the TPS shown are much higher than the current figures, speed has always been one of Tron’s strengths when it comes to justifying its value over Ethereum.

TRON TRX BitTorrent Justin SunTron currently lost its place in the Top 10 of cryptos with the largest market cap. By the time this article was written, TRX had ranked 11th, with a global market cap of around $212.75 million.

On the other hand, Ethereum occupies the second place within the market cap, with an overall figure of 5.2 BUSD. Coinmarketcap is the most credible website for consulting data about the different cryptocurrencies.

So far Vitalik Buterin has not made any comments. The well-known developer is famous in social networks for expressing his opinion without holding anything back at all

After the first ‘TRX vs ETH’ tweet, Vitalik strongly criticised the credibility of the project, especially highlighting the accusations of plagiarism, but overall, Mr. Sun’s behavior has been evaluated as positive, generating a bullish response within the community.

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