TRON price (TRX/USD): BitTorrent plans to launch TRON-based token for share-filing service

Peer-to-peer file-sharing company BitTorrent is launching its own TRON-based crypto token, Coindesk has reported, citing a January 3 press release.

The new cryptocurrency, dubbed BitTorrent Token (BTT), will be issued by the Singapore-based BitTorrent Foundation and will run on the TRON distributed ledger protocol. BitTorrent was acquired by Tron, the company that developed the protocol, in June 2018. BTT will be used to incentivise file sharing on the BitTorrent client.

“In one giant leap, we 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,” Justin Sun, founder of Tron and chief executive officer of BitTorrent said in the press release, as quoted by Coindesk.

BitTorrent users will be able to use BTT to pay for more bandwidth in order to download files faster. The hope is that this would incentivise file hosts to keep more files available to the network. According to a Tron spokesperson, the company will not be taking a cut of those transactions.

BTT will be available to BitTorrent users outside of the US through Binance Launchpad, a listing service for entrepreneurs looking to raise funding via token sales, Coindesk notes. The online publication also informs that the BitTorrent Foundation plans to issue a total of 990 billion BTT.

TRON’s native token, TRX saw a significant price jump following the news. Having traded below $0.02 for the better part of today’s morning session, the coin rose to a four-day high of $0.0208 in recent trading. As of 17:06 GMT, the TRON price stood at $0.0201, up 1.4% from the same time yesterday. TRX is currently the best performing digital coin in the crypto top 10 and one of the few tokens bucking a downward correction trend that hit the broader crypto market following yesterday’s positive session.