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Bittorrent, Tron Launch Crypto-Powered ‘Speed’ Downloading Software

Peer-to-peer torrent client BitTorrent has launched its downloads optimization software, BitTorrent Speed, with native token functionality.

Peer-to-peer torrent client BitTorrent has launched its downloads optimization software, BitTorrent Speed, with native token functionality. The news was revealed in an official press release published on July 8. 

As reported, Bittorrent launched a native TRON blockchain-based token, BitTorrent (BTT), at the start of this year, having revealed plans to evolve a tokenized content vo platform that would enable users to optimize their network speed and attain faster downloads.

As per the press release, the Bittorrent Speed software will now be integrated into all new downloads of the company’s µTorrent Classic Windows client. 

The Bittorrent Speed website reveals that users will be rewarded with BTT in exchange for seeding and bandwidth — earning more tokens the longer they seed files, and attaining faster downloads the more BTT they are willing to spend. An integrated wallet has been launched to enable users to manage their token earnings.

At the time of launch, the product remains limited to Windows systems only, with apparent plans to extend coverage in future.

Tron, which acquired BitTorrent in July 2018 for an undisclosed amount, has been working to integrate the two decentralized networks on the basis of Bittorrent’s stalwart peer-to-peer sharing technology standard, which launched in its earliest form back in 2004. 

The press release claims that Bittorrent’s suite of products — including the BitTorrent and µTorrent clients — underpin the “largest decentralized P2P network in the world,” with a purported 100 million+ active users and installations across 1 billion devices — accounting for 22% of upstream and 3% of downstream traffic globally.

Notwithstanding the launch of Bittorrent Speed, as of press time, TRON (TRX) is trading at around $0.034, down over 2% on the day and ranked 10th largest coin by market cap.

Bittorrent (BTT) token — ranked 36th — has tipped yet further into the red, trading almost 6% down on the day at around $0.001 by press time.

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Kaiko Now Supports TRX And BTT Real-Time Crypto Market Data

Kaiko Tron BTT

The Kaiko exchange has listed the options of TRX and BTT among its trading pairs going forward. This is a great pick up for Tron (TRX) as it gives the coin more visibility in the markets.

Notably, Kaiko is an excellent
provider of institutional grade market data on all matters crypto. As such, it
is a place that investors frequent to get to know of the latest market trends.
Therefore, this listing is a positive development in Tron’s attempts to have a
bigger presence in the competitive crypto markets.

Similarly, BitTorrent coin (BTT) will have a bump from this news.  Tron issues this coin as well and it has been on the markets since early this year. The coin aims to tokenize the BitTorrent decentralized file-sharing protocol and allow content creators to connect to audiences lucratively. Accordingly, this Token would make this platform better while maintaining its decentralization.

Justin Sun Meeting with Warren Buffet

 Tron founder Justin Sun is obviously a big personality in crypto-sphere. At the young age of 28, he is the founder of Tron and CEO of BitTorrent. These are obviously both impressive by any stretch of the imagination. He recently caused a stir when he paid Berkshire Hathaway investment chair Warren Buffet a staggering $4.56 million to secure a lunch meeting.

This took many in the coin community by surprise because Buffet is a notable critic of crypto.  Buffet, though more receptive to blockchain, has consistently bashed crypto. Talking to CNBC, the veteran Investor said:

“(Bitcoin) It’s a gambling device…there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it, it doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”

The actual meeting is in the form of a charity auction for a meeting with the investor billionaire held annually. Sun outbid other Wall Street and Silicon Valley competitors to secure the meet. It goes without saying that Sun will have a hard time convincing the seasoned investor to be positive on crypto. Buffet has in the past even called Bitcoin “rat poison” during the bull run of 2017 because he is wary of investments without a tangible product.

However, he can aptly point out to Buffet his failure to get on board other technological waves earlier. This is because Buffet did not endorse Amazon or Apple earlier.  That said, these companies did not have nearly the same amount of volatility typical with crypto. The outcome of this meeting is likely to go one way but who knows? Justin could have something secret up his sleeve that we’ll get to see.

Tron Going Forward

Whether for publicity or actual investment value, this meeting definitely signals intent moving forward.  Justin Sun is an aggressive marketer and this is true for the rest of the organization. The platform can offer utility and entrench decentralization in this space.

Some may laugh off the meeting but the
effect on prices was immediate. In the volatile world of crypto, having a
charismatic leader with a prominent presence can be essential. Justin is a guy
who has demonstrated the willingness to innovate and adapt to keep the company
relevant and growing. This bodes well for the company going forward in such a
competitive market.

The post Kaiko Now Supports TRX And BTT Real-Time Crypto Market Data appeared first on Ethereum World News.

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Tron Announces BitTorrent-Based IPFS Variant Decentralized File System Protocol

Tron announced plans to develop a BitTorrent-based version of decentralized file system InterPlanetary File System.

Blockchain platform Tron, which is behind the decentralized, web focused cryptocurrency tron TRX, announced plans to develop a BitTorrent-based version of decentralized file system InterPlanetary File System (IPFS). The development was shared in a press release with Cointelegraph on May 30.

Per the release, the BitTorrent File System (BTFS) is a variant of the aforementioned open source IPFS software and will “allow users to receive and host storage on their computers with other individuals and businesses.” Internal testing of the BTFS protocol reportedly already started in late May. Justin Sun, founder of Tron and — since the acquisition in June last year — CEO of BitTorrent, commented on the development:

“We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”

The release cites an unspecified 2018 study conducted by the McKinsey Global Institute, which allegedly claims that “5,750 of the world’s largest private and public companies with revenue of $1 billion or more found that the top 1 percent of those companies captured 36 percent of the economic profit.” The author of the announcement, on the other hand, claims:

“A decentralized internet would create a scenario where some of those profits, from ads sales, data collection and other means, are shared back to people who opt in to big companies’ business models.”

As Cointelegraph reported at the end of March, BitTorrent had announced that it will release the public beta version of its decentralized social media app BitTorrent Live in Q2 2019.

However, in January, Simon Morris, former chief strategy officer at BitTorrent, said that Tron will not be able to manage the transaction volume needed to tokenize BitTorrent. In response, a Tron spokesperson told Cointelegraph at the time that “actions and execution will prove louder than the words of a disgruntled former employee.”

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TRX Will Overtake Cardano in 30 days and BTT Will be on CMC’s Top 30 by Q2 2019, Justin Sun Predicts

Justin Sun is determined to put all his effort into promoting Tron (TRX) not only to increase its marketcap but also to demonstrate that every day there are more use cases for this blockchain.

Yesterday, the crypto influencer with most followers within
the CT community promised that Tron (TRX) would reach again the Top 10 of
Coinmarketcap before the end of June.

Sun’s words inspire optimism in the Tron community,
especially considering that since February, the token has lost positions as
compared to other altcoins.

However, it is important to note that this trend is not necessarily the result of poor token performance but rather a consequence of the exceptional behavior of rival altcoins such as Cardano and Binance Coin. Of all the global marketcap, BNB (Binance’s native token) has had a bullish behavior even when the rest of the cryptocurrencies were in a bearish stage. We can see this pattern in the graph below:

TRX went from 8 to 11 and BNB went from 12 to 7 in the list of cryptocurrencies with most marketcap. courtesy: Coinlib
Graphical Representation of the Ranking of TRX, XLM, ADA and BNB during the last 3 months

Although many see Sun’s “prophecy” as very optimistic
(especially considering the upcoming updates that Cardano promises) the truth
is that they are quite conservative vis-à-vis the expectations that Justin
Sun has shared with his followers.

Tron’s CEO has previously stated that he intends to place Tron as the most important blockchain for dApps and TRX as the most important altcoin in the ecosystem.

TRX to the Top 10. BTT to the Top 30

Similarly, Sun commented that he expects BTT, the token of BitTorrent, to occupy a place in the list of the 30 most capitalized cryptocurrencies in the market.

BTT currently ranks 50th in the global marketcap. The cryptocurrency was at the time the first token offered by the Binance Launchpad platform, and its initial offer sold out in minutes.

Such was the popularity of the token, that CZ explained that had it not been for an internal error, the sale would have ended only a few seconds after it had started.

BTT is currently not having enough bullish behavior to trust Sun’s predictions. The token’s marketcap has remained in the area bounded by 130 and 144 million dollars, which is not enough to place it near the top 30 most valuable cryptocurrencies… yet

The post TRX Will Overtake Cardano in 30 days and BTT Will be on CMC’s Top 30 by Q2 2019, Justin Sun Predicts appeared first on Ethereum World News.

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Investing in Cryptocurrencies and Digital Assets Super Lucrative, Compare and Check

Bitcoin

Some people have doubts regarding
investing in cryptocurrencies. However, it is worthy to note that crypto
investment is very lucrative when comparing it to traditional investment tools.

Cryptocurrencies Record Massive Gains in Years

Much has been said about the drop in
cryptocurrency prices since the Bull Run experienced in 2017 and early 2018.
Despite Bitcoin and other cryptos losing more than 80 percent of their value in
a few months, they still present better investment opportunities for people.

Dan Hedl, the co-founder of
InterchangeHQ recently posted a photo comparing the return on investments made on cryptocurrencies
since their exchange listings. The picture shows that a person that invested
$100 at the exchange listing of Bitcoin a few years ago would currently be
holding BTC worth roughly $1.3 million. Second on the list is Ethereum (ETH),
which would now be worth around $68,000.

Other cryptocurrencies such as Dash,
Binance Coin (BNB), XRP, Monero (XMR), Stellar Lumen (XLM), Litecoin (LTC) and
many others have also gone up significantly since their exchange listings. The
astonishing return on investment despite the bear market makes cryptocurrency
investment very lucrative.

Comparing digital asset ROIs with traditional assets it is clear that they do not give such high yields in a short time-frames. The price volatility made cryptocurrencies even more attractive for some investors. While Bitcoin was trading below $1,000 at the start of 2017, it recorded massive gains towards the end of the year to reach its all-time high of $20,000. These are huge gains only seen in crypto and not traditional set-ups.

Some Altcoins Have Better ROI than Bitcoin

The rise in Bitcoin price also led to
other cryptocurrencies recording even bigger ROIs compared to Bitcoin. A look
at Litecoin and Bitcoin’s
chart
so far this
year indicates that LTC is up by more than three times against Bitcoin.

Despite the bear market still in
play, Litecoin has been performing excellently since the start of the year.
Some investors are also betting on altcoins to lead the next market charge as
they believe that it is easier for these coins to rise to a market cap of $100
billion that for Bitcoin to reach $1 trillion.

Whatever the case may be, Bitcoin usually
causes a rise in the prices of altcoins. This implies that both Bitcoin and
other altcoins will record excellent gains when the next Bull Run comes around.

Token Sales Are Also Generating High Yields

Investing in cryptocurrencies also
include token sales. Despite the negative press around ICOs, token sales
continue to produce excellent returns for investors. An example is the BitTorrent token (BTT) sale that took place earlier
this year on the Binance Launchpad platform.

At the time of listing BTT, it was
trading at $0.000472. However, the price has gone up by roughly 50 percent in
less than four months and now trades at $0.000751. The accumulation of profits
within a short period is possible in the crypto space if only you invest in the
right projects.

After a successful ICO, similar
projects like BitTorrent did list and it was only a matter of days before
tripling or quadrupling in value. With IEOs and an educated mass, this pattern would
continue as more people gain exposure to the new market. As ambitious investors,
putting your money in cryptocurrencies is definitely good move.

The post Investing in Cryptocurrencies and Digital Assets Super Lucrative, Compare and Check appeared first on Ethereum World News.

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BitTorrent to Release P2P Social Media App BitTorrent Live in Q2 2019

Tron-owned p2p software company BitTorrent announced that it will release the beta of its decentralized social media app BitTorrent Live in Q2 2019.

Tron (TRX)-owned peer-to-peer (p2p) software company BitTorrent announced that it will release the public beta version of its decentralized social media app BitTorrent Live in Q2 2019 in a press release on March 27.

Per the release, the company started offering early access to the BitTorrent Live streaming service today. The app, a video-based social media platform seemingly similar to Snapchat and TikTok, allows its users to create live content and connect with other people through mobile devices.

The service will also reportedly let its users livestream from anywhere they have access to the internet while viewers will be able to instantaneously give feedback and likes. The app’s users can also search for subjects in which they are interested.

BitTorrent Live is not actually new, in 2012 Bram Cohen — the author of BitTorrent — said that his goal with the platform was “to kill off television.” While the software is not new, its character has changed much over time.

The first version of BitTorrent Live was mostly just a new content delivery protocol, not a social media app. The initial version of the application was shut down after the company unsuccessfully attempted to raise funds to spin it off as an independent business in April 2017.

In January, former chief strategy officer at BitTorrent Simon Morris said that Tron will not be able to manage the transaction volume needed to tokenize BitTorrent. Morris stated that there is “no way” the Tron blockchain could handle the transaction volume that the system would require.

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Kraken Expands Its Team With Five New High Level Hires

Crypto exchange Kraken is making a group of new high level appointments, expanding its team by five members.

United States-based cryptocurrency exchange Kraken is expanding its team with new high level hires, according to the company’s blog post published on March 7.

In the post, Kraken announced five new appointments to its team. The new appointments will see Matt Mason as Chief Marketing Officer, Steve Hunt as Vice-President of Engineering, Nelson Minier as Head of OTC Sales and Trading, Bob Zagotta as Head of Business Operations and Strategy, and Mary Beth Buchanan as General Counsel.

Prior to joining Kraken, Mason was employed by Sony Pictures as Studio Head at a secretive innovation lab focused on game mechanics. Mason also served as head of marketing and Chief Content Officer at BitTorrent Inc., and has experience in the music and advertising industries.

Hunt has an over 20 years experience in the leading of engineering teams in the construction of algorithmic trading networks across major global financial markets at such companies as Jump Trading and Goldman Sachs. Minier has also a 20 year experience in managing trading desks at such firms as Credit Suisse, JPMorgan Chase, Citibank, and others.

Zagotta, meanwhile, has experience in developing and launching new businesses. He is joining Kraken from CME Group where he served as Senior Managing Director of Strategy and Execution. Buchanan’s legal career spans over 30 years, having worked at such organizations as Bryan Cave LLP, the United Nations and the U.S. Department of Justice.

Last month, Kraken acquired United Kingdom-based cryptocurrency exchange and futures provider Crypto Facilities, which is fully regulated by the U.K.’s Financial Conduct Authority, giving Kraken a major foothold in the European market.

Following the acquisition, trading volumes on Crypto Facilities significantly increased. Sui Chung, head of cryptocurrency pricing products at Crypto Facilities, told Cointelegraph that the company’s average daily trading volume was around $7 million per day in January. However, following the acquisition announcement, it increased to $32 million per day in February, reaching up to $110 million one day that month.

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Tron (TRX) Foundation Launches TronGrid 2.0 for Developers

Since the Tron (TRX) Mainnet launch last year, the Tron Foundation has opened the doors for developers to create on the network. Since then, its engineering team has been working tirelessly to guarantee that the developer experience is frictionless. TronGrid is one of the network’s most valuable components and it has just been rebooted to TronGrid 2.0 and only a day after the Mainnet was upgraded to version 3.5.

What Exactly is TronGrid? 

TronGrid enables developers to build on the blockchain by providing operational full nodes across the globe and APIs into the Tron network. TronGrid saves developers the hustles of running a full node. The later involves owning complex and expensive hardware, having appropriate bandwidth and time to maintain and/or secure data. TronGrid provides an alternative and is free of charge and fully equipped with developer tools to make DApp creation easier and affordable.

Francesco Sullo, Tech Lead of Dev Tools at TRON, explained how it is similar and better than Infura on Ethereum.

I was working on Ethereum when Infura first came out. From the get-go, I knew that Infura was a necessary tool and a game changer. When I was designing TronGrid v2, I kept that vision in mind, striving to build a faster, more reliable service.

What is New in Version 2.0

With version 2.0, the response time needed to query events has been reduced significantly to the tune of milliseconds. TronGrid 2.0 is also consistent and more available to developers across the globe. According to the Tron Foundation, the overall up-time is 99.99%.

Yue Fang, Product Manager at TRON, explained the importance of speed on TronGrid.

We have seen a lot of development efforts on TronGrid over the last few months. From a performance perspective, but more importantly, a documentation perspective. TronGrid has quickly become one of our preferred TRON blockchain interaction methods.

What are your thoughts on the TronGrid 2.0? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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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.