TRON Buys BitTorrent

C O N T E N T S:

KEY TOPICS

  • What the Tron foundation hopes to achieve with the Bittorent buy remains unclear although there is clearly an opportunity to monetize the BitTorrent network and address some of the incentive problems within it.(More...)

POSSIBLY USEFUL

  • A Merger Of Two Rainberries Following original rumors late last month, it now appears Sun has completed an acquisition of BitTorrent, with staff even receiving official notifications of the takeover, Variety states.(More...)
  • After several months of negotiations, Sun and BitTorrent finalized a letter of intent regarding the acquisition of the company.(More...)

RANKED SELECTED SOURCES

TRON Buys BitTorrent
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link: http://www.atimes.com/article/founder-of-chinese-crypto-currency-tron-buys-bittorrent/
author: atimes.com
description: Founder of Chinese crypto-currency Tron buys Bittorrent | Asia Times

KEY TOPICS

What the Tron foundation hopes to achieve with the Bittorent buy remains unclear although there is clearly an opportunity to monetize the BitTorrent network and address some of the incentive problems within it. [1] News concerning Tron's interests in owning BitTorrent first surfaced in May this year, when TorrentFreak reported that Tron CEO and founder, Justin Sun was pursuing the acquisition. [2] While it remains unclear what kind of relationship TRON and Cohen's former project will have, Sun's Rainberry Acquisition hints at a long-standing plan to net BitTorrent. [3]

P2P content sharing giant BitTorrent has a new owner -- TRON platform founder Justin Sun -- multiple reports began claiming on June 11. [3] The developer of the TRON platform has reportedly acquired the file sharing service BitTorrent. [4] Last month, Cointelegraph reported that BitTorrent was in the process of being acquired by the TRON founder. [4] Software company BitTorrent Inc. has reportedly been sold to blockchain entrepreneur and developer of the TRON platform, Justin Sun, Variety reported June 11. [4] Tron blockchain platform head developer and CEO, Justin Sun, has reportedly purchased maintainers and developers of the peer-to-peer software firm BitTorrent Inc, as well as the company itself (uTorrent included). [2]

Justin Sun, the developer of the TRON blockchain platform, has reportedly acquired software company BitTorrent Inc., developers and maintainers of peer-to-peer file transfer protocol BitTorrent. [5] On May 25th, 2018 TorrentFreak reported that the founder of TRON, Justin Sun is in the process of acquiring BitTorrent (renamed Rainberry Inc. in 2017), developers of Torrent. [6] According to recent news, BitTorrent, a peer to peer file sharing protocol over the internet, has been sold to Justin Sun, the founder of Tron. [7]

News that TRON was interested in acquiring BitTorrent first emerged in May of this year when TorrentFreak reported that Sun was pursuing the purchase. [5] Thanks to its P2P technology, the company was once dubbed a 'future unicorn of Silicon Valley.' Unfortunately, primarily due to internal struggles, things have not played out as BitTorrent planned, the deal with Tron being the latest move in a long and tumultuous corporate history for the company. [8] TRON aims at decentralizing the web with the addition of BitTorrent that has a mention of being "one of its pillars" in its whitepaper. [9] BitTorrent confirmed that the acquisition of BitTorrent by TRON has not been finalized yet. [9] One of the biggest news the TRON community was faced with was the possibility of Justin Sun purchasing BitTorrent. [6] With a multi-billion dollar market cap, TRON aims to decentralize the web, partly powered by BitTorrent. [10] It is unclear at the moment how Tron will integrate Bittorrent, which is used by hundreds of millions of people across the world. [11] Then there would be a double marketing coup next week - mainnet + bittorrent which would signal to a larger group that "tron has arrived". [12] BitTorrent would fit well in this picture, and the TRON whitepaper mentions torrents as one of the pillars. [10]

While it is clear that TRON's founder is eager to acquire BitTorrent, less is known about what happened afterward. [10] Blockchain entrepreneur and creator of the Tron platform has purchased the peer-to-peer (P2P) file-sharing network BitTorrent Inc. [8]

Justin Sun, the CEO of TRON, is finalizing an agreement to buy BitTorrent, inc. [13] Rumors that TRON founder Justin Sun was going to buy BitTorrent have been circulating for some weeks now. [14]

BitTorrent, the pioneer peer-to-peer file transfer platform, has been acquired by Justin Sun, the founder and developer of the TRON blockchain protocol and TRX cryptocurrency token. [15] Software company BitTorrent Inc., which develops and maintains a peer-to-peer file transfer application BitTorrent, was reportedly purchased by Justin Sun founder of TRON blockchain platform. [16]

Justin Sun, the founder of "decentralized web" altcoin Tron, has reportedly taken over Bittorrent Inc, the San Francisco-headquartered company founded in 2004 to manage the ongoing development of the Bittorrent peer-to-peer file sharing protocol. [17]

Details regarding the "TRON BitTorrent" acquisition are sparse, but it wouldn't be a stretch to state that TRON's plans to build a decentralized internet will integrate BitTorrent's existing technology. [14] This intention is mentioned directly in the TRON whitepaper and aligns with BitTorrent. [18] BitTorrent, the operationally-decentralized, peer-to-peer file sharing platform, has been sold to Tron founder Justin Sun for an unspecified amount. [19] The operator of torrent client uTorrent, BitTorrent Inc., is in the process of being acquired by TRON founder Justin Sun. [18]

Sun has been drawing parallels with BitTorrent from the beginning of his ICO Tron's whitepaper shows us eight unique references! Sun has aimed to build a decentralized internet and acquiring BitTorrent might help him achieve just that. [20]

In contrast to Bittorrent Inc, Tron is barely out of the gate and already has a market capitalization of about $3 billion right now (down from as high as over $6 billion) thanks to the price of its TRX token. [17] BitTorrent Inc. is in the middle of takeover negotiations with Justin Sun, the founder of the TRON Foundation and the cryptocurrency of the same name. [21]

It's entirely possible that Justin Sun is going after BitTorrent as a separate business venture from his handling of TRON. However, given the high amount of crossover between torrenting and cryptocurrency, a merger of the two is more likely. [22] Though the quests to acquire the company started way back in September 2017, in January, they both (TRON and BitTorrent) signed the letter of intent for the acquisition. [23] BitTorrent Inc., the creator of the uTorrent torrent client which has over 100 million users, may be finishing up acquisition talks with Tron. [24] In May this year, there was news that Tron had an interest in buying BitTorrent, but apparently, Justin had been talking to BitTorrent management since September 2017. [25] As displayed on the TRON official website, the main net will launch in a few days, and it's very possible the deal may go down before then as TRON's whitepaper had mentioned how BitTorrent fits into the process of decentralizing the web. [23] Tron finally acquires BitTorrent, the details of the deal remain out of the public. [25]

Justin Sun, the founder of Tron is reported to have quietly completed the purchase of the software company BitTorrent Inc. The company also maintains the file sharing protocol BitTorrent. [25] Jun 12, 10:25 GMT Tron price consolidates marginally above $0.045: Justin Sun quietly completes acquisition of the software company BitTorrent Inc. [25] TRON (TRX)- The news of TRON's Justin Sun attempting to acquire BitTorrent INC. has been known for some time, after the founder filed a lawsuit in January over the agreement of a "no shop" clause. [22] Justin Sun, founder of TRON, might be in the final steps of acquiring BitTorrent Inc. after struggles making headway in the past. [26] Justin Sun, who's the founder and head of the TRON platform and community is finalizing his plans with Bram Cohen's company, BitTorrent Inc to acquire the company with the aim of decentralizing the web. [23]

In plain English, Tron and others probably want BitTorrent Inc. simply because they want to claim an active user base for their token without actually building anything. [27] "From what I've heard, there are several companies who have recently completed ICOs bidding to acquire BitTorrent Inc. It appears based on today's news that Tron is one of them, which is alarming given that company's previous behavior including plagiarism of their whitepaper. [27]

Justin Sun is obviously set on acquiring BitTorrent, but it is not clear what will happen after he buys it. [28]

The founder of the TRON cryptocurrency, Justin Sun, has acquired the peer-to-peer file sharing platform BitTorrent for an unknown amount of money. [29] Justin Sun, creator of the TRON (TRX) cryptocurrency has completed the acquisition of the famous file-sharing company BitTorrent. [30] The TRON Foundation controls USD 1.65 billion worth of TRX. It is unknown whether Justin Sun used TRX from the foundation's funds for the BitTorrent acquisition. [29]

Recall that Tron, founded by him, is a blockchain focused on content distribution which is very similar to what BitTorrent does today. [31] While BitTorrent doesn?t have the best of reputations in the world of technology, neither do cryptocurrencies such as Tron. [32] TRON founder acquires BitTorrent - Another tweet expected from Justin Sun? You are using an outdated browser. [33] The timing of the BitTorrent acquisition is quite interesting since the launch of TRON's native blockchain and platform is on 24 June 2018, less than two weeks from now. [29] The peer-to-peer file sharing protocol of BitTorrent would naturally fit into TRON's goals since BitTorrent's protocol can make the storage and distribution of entertainment content far more efficient. [29] He likely aims to redirect and interconnect the 150 million existing monthly BitTorrent visitors to the TRON platform, a blockchain-based system for building Decentralized Apps ( DApps ). [30] The file-sharing technology behind BitTorrent is still efficient and useful regardless of the company's struggles and could be put to good use if integrated into the TRON platform. [29]

Tron founder Justin Sun is apparently in talks with BitTorrent Inc. to acquire the company. [32] It now appears the founder of this cryptocurrency project is looking to buy BitTorrent Inc. That is a rather intriguing development, and a very strange decision by Justin Sun. [32]

There is an obvious similarity between BitTorrent's previously failed plans to build an entertainment business on top of their existing P2P platform and Sun's TRON blockchain. [30]

POSSIBLY USEFUL

A Merger Of Two Rainberries Following original rumors late last month, it now appears Sun has completed an acquisition of BitTorrent, with staff even receiving official notifications of the takeover, Variety states. [3] According to a report by Variety yesterday, the deal is believed to have been quietly sealed last week with the news being announced to the public unceremoniously through an electronic mail from the management and staff of BitTorrent confirming the acquisition. [2] The acquisition ostensibly closed last week, with BitTorrent management informing staff about the deal. [4] The variety was the first to officially report the acquisition after learning the staff of BitTorrent was informed of the new changes. [2] The talks have not been all rosy along the way with the proceeding of the agreement hitting a dead end between then and now when Justin sought a restraining order against BitTorrent for looking around for other potential bidders for the acquisition. [2] We have reason to believe that the talks between BitTorrent and Justin did not begin this year, rather they began engaging in September last year. [2] Sun reportedly entered into negotiations with BitTorrent in September of last year, and signed a letter of intent to purchase in January. [4] Sun had begun negotiating for BitTorrent as early as September last year -- with the intent to purchase coming in January -- but subsequently stalled after BitTorrent began negotiating with other prospective partners. [3]

The file sharing service BitTorrent, which shut down its live streaming business last year, was developed by Bram Cohen. [4] BitTorrent had faced continued challenges in recent years, with founder Bram Cohen departing his role as CEO and going on to create his own cryptocurrency project, Chia, in April 2017. [3] BitTorrent was designed and released in 2001 and previously owned by Bram Cohen. [2]

Originally launched in 2001, BitTorrent allows users to download files via a client like utorrent or Deluge. [1] A key disadvantage of the BitTorrent model, for example, is that users can only download files that exist within the contained torrent ecosystem, whereas IPFS uses a model called Bitswap that lets users access any type of file. [1]

The deal was suspended because BitTorrent started negotiating with additional bidders, which ran contrary to the agreement. [4] The reason behind the Rainberry name change is because BitTorrent had also changed the name of its operating authorized entity to Rainberry Inc earlier last year. [2]

That said, there are already existing blockchain file-sharing platforms that offer their own unique utility -- and the Tron network should consider its next steps carefully. [1] Tron still has an impressive trading volume of about $65 billion and a market cap of roughly $3 billion. [2] Comparatively, Tron has a current market cap of over US$4 billion. [1]

TRON, meanwhile, has yet to benefit from the weight of the rumors, with prices per token climbing less than 1 percent following a downtrend similar to those of most major altcoin assets this week. [3]

While both parties have managed to put the financial details of the deal confidential, Tron Foundation currently enjoys having quite a chunk of coinage at their disposal. [2] The price Tron (TRX) is at present fetching is still in the red, being among the worst performing top 10 digital coin. [2] At the time of writing, the price of Tron (TRX) is at $0.04590 signaling a 23.38% loss in the last seven days, according to Coinmarketcap. [2]

BitTorrent's Rainberry Inc. also filed for a merger on the very same day. [4]

Sun first began pursuing the acquisition of BitTorrent Inc.' s assets in September last year. [10] Talks between Sun and BitTorrent allegedly began in September 2017; Sun is said to have signed a "letter of intent to acquire? in January 2018. [5] Sun asked the court for a restraining order to prevent BitTorrent from talking to other potential buyers, as was agreed in the letter of intent. [10] The proceedings of the deal hit a rough patch between then and now when Sun filed a temporary restraining order against BitTorrent for shopping around to other bidders. [5] Sun filed a temporary restraining order, arguing that BitTorrent had agreed to not pursue other offers. [8] Now, it is clear that Sun has indeed acquired BitTorrent, although at present staff and shareholders have been asked not to talk to the press, according to a source with knowledge of the transaction. [8] According to a news portal, Variety has confirmed that Justin Sun has actually acquired BitTorrent and BitTorrent has informed their staff about the deal. [7] TRON's founder Justin Sun is in the process of acquiring BitTorrent, the operator for uTorrent clients which has more than 100 million users. [9] Justin Sun had earlier in the year sued BitTorrent for reportedly violating a No shop clause and requested a restraining order for BitTorrent to cease communication with other potential buyers. [6] More than 10 years ago BitTorrent raised millions of dollars to build an entertainment business on top of its P2P file-sharing platform. [8] In the following years, BitTorrent proceeded to grow its business through ads and bundled software, at one point reaching 150 million monthly active users. [8]

The funding was intended to build an entertainment business on top of its peer-to-peer platform, but the project never reached full fruition and Bittorrent was forced to lay off staff and recapitalize in 2008. [11] BitTorrent has further advised their staff to avoid talking to press about the deal. [7] The Bittorrent deal was widely reported by numerous crypto industry publications to have closed last week, although financial details have yet to be made public. [11]

After Cohen invented the torrenting file transfer protocol in 2004 and co-founded a company around it called BitTorrent, the startup suffered through a decade of mismanagement by other CEOs. [12] Some of the core technology for BitTorrent Live was developed by BitTorrent founder Bram Cohen, who has since moved on from the company. [8] Earlier in May, BitTorrent had renamed its company to "Rainberry? as a major corporate decision. [9]

A copy of Sun's complaint against Rainberry (f/k/a BitTorrent) is available here (pdf). [10] Why Rainberry? BitTorrent had changed the name of its operating legal entity to "Rainberry Inc.? in early 2017. [5]

Those plans failed and BitTorrent was forced to lay off much of its staff and recapitalize in 2008. [8] Sun's request for a restraining order to prevent BitTorrent from advancing with other buyers was rejected by the court after which he has not responded on the issue any further. [9] Last year, BitTorrent proceeded to shut down its live streaming business. [8] BitTorrent around the same time had renamed its corporate entity to Rainberry Inc. at the beginning of last year. [7]

What does BitTorrent do? Transfer large files, like TV shows, video, digital audio, and songs. [12] It's worth remembering that BitTorrent changed the internet as we know it. [8]

When we confronted BitTorrent Inc. with the information, the company confirmed our findings and the interest from Sun, but it noted that the acquisition is not 100% finalized yet. [10] A few weeks ago we reported that BitTorrent Inc. quietly renamed its company to " Rainberry " last year. [10] Although renamed Rainberry Inc., there is no official website with that name, and all employees of the company still list BitTorrent Inc. as their employer (Rainberry is also not found on Linkedin). [6]

More than thirteen years after BitTorrent Inc. entered Silicon Valley as one of the hottest new startups, the company is getting close to being acquired. [10]

Justin Sun, the founder of the cryptocurrency TRON, is planning to take the company in and both parties are finalizing the latest details. [10] TRON being an extremely controversial cryptocurrency network has an overall market cap value of $4.68 million and has created a strong community of its own with an upsurge of 4.05% in the last seven days, at the time of writing. [9] At press time, TRON's cryptocurrency (TRX) had a market cap of roughly $3.13 billion; the TRON Foundation itself is known to control $1.65 billion's worth of those funds; it's likely that Sun has cleaned up pretty well himself. [5] The total market cap of Sun's TRX cryptocurrency is currently around $4.78 billion, $1.65 billion of which is being held by Sun's Tron Foundation, so the money is certainly there. [8]

Chinese-based Tron is the 10th largest crypto-currency in the world by market capitalization, according to analytics website coinmarketcap.com, with a cap of $2.87 billion. [11] At 9:00 AM UTC, Tron is trading at $0.04 with a market capitalization of $2.84 billion. [7] Justin Sun, the CEO of Tron has recently tweeted all the information about the Tron Mainnet migration. [7] TRON has successfully launched its MainNet, what follows now is the migration of TRON's current ERC20 tokens to the MainNet tokens. [6] TRON Protocol and the TVM allow anyone to develop DAPPs for themselves or their communities, with smart contracts making decentralized crowdfunding and token issuance easier than ever. [12] The Tron Protocol, one of the largest blockchain based operating systems in the world, offers scalable, high-availability and high-throughput support that underlies all the decentralized applications in the TRON ecosystem. [12] The move could be the first major step for Tron to achieve its ambitions of usurping Ethereum and becoming the global standard decentralized application platform. [11]

I prefer they still use existing name 'BitTorrent' when Tron acquire the company so that people recognize the brand. [12] He has not spoken about the acquisition in public, obviously, but it's likely that it will be used to the advantage of TRON. [10] The TRON mainnet, which will go live in a few days, has the ultimate goal to "decentralize the web." [10] With the crypto market in green, TRON is slowly picking up the pace, with a 2.85% value rise over the last 24 hours, and the TRX is now valued at $0.597. [6] Tron DAPP projects already include Peiwo, Obike, Uplive, game.com, Kitty live and Mico, with 100M+ active users from more than 100 countries and regions around the world. [12] I cannot tell you right now what's exactly the announcement, but I can guarantee there will be another 100 million users joining tron network. [12] TRON is an ambitious project dedicated to building the infrastructure for a truly decentralized Internet. [12]

This potential buyer, who signed a letter of intent, is none other than TRON founder Justin Sun. [10] It is said that the purchase closed last week but there has been no official statement released by Tron foundation or Justin Sun. [7] The Tron Foundation is now working on what it terms as a "decentralized internet? allowing developers to build blockchain based applications on its platform. [11] TRON Foundation has announced a groundbreaking deal with Shift Markets, a brokerage startup and builder platform. [6] While the financial details of the deal are not publicly known, the TRON Foundation currently has quite a chunk of change at its disposal. [5]

For TRON HODLers, the process would be automatic if you have your TRX tokens in an exchange platform that have confirmed support for TRON blockchain upgrade and token migration. [6]

TorrentFreak reached out to Justin Sun, but TRON's founder did not immediately reply to our request for comment. [10]

Interestingly, BitTorrent Inc. founder Bram Cohen has also taken an interest in cryptocurrencies, with the goal of creating a superior one called Chia. [10] Founded by BitTorrent inventor Bram Cohen, BitTorrent Inc. is best known for its torrent client uTorrent, which has more than 100 million users. [10]

At this point, Sun's plans for BitTorrent Inc. remain unclear. [10]

Sun responded with a temporary restraining order against the file-sharing platform, citing an agreement with BitTorrent which forbade the company from accepting any other offers. [19] Sun remains tight-lipped about any prospective deal, and even a statement released by BitTorrent merely confirms that Sun is indeed interested in buying the company, without divulging any further details. [21] The talks stalled for a while, as BitTorrent started talks with other prospective buyers, which even resulted in Mr. Sun filing a lawsuit against his targeted company. [16] As purported, Sun signed a letter of intent with BitTorrent executives in January 2018, after months of talks from September 2017. [19]

Justin Sun, a former Chief Representative of the Greater China Region for Ripple, closed an acquisition deal for Bittorrent last week and employees have been notified but asked not to talk about it with the media, Variety has now reported, ending weeks of speculation. [17] As reported by Variety, the deal closed last week, and BitTorrent management has begun informing staff members of the acquisition. [15] "Variety has now learned that Sun has indeed acquired BitTorrent, with BitTorrent management informing staff about the deal last week," writes Janko Roettgers, a reporter covering the Silicon Valley. [34]

Reports suggest Rainberry Acquisition and Rainberry merged in June 2018, providing ownership of Rainberry's BitTorrent to the merged entity, which involved Sun. [19] June 11, Variety published confirmation of the acquisition: Entrepreneur Justin Sun has bought BitTorrent using the entity Rainberry Acquisition, which he owns. [14] BitTorrent had already tried to find a better acquisition offer during the first round of negotiations, to the point that Justin Sun took them to court in an attempt to stop them from negotiating with other buyers. [13] After a long legal battle, Justin Sun is about to acquire BitTorrent -- some say this was his plan from the start, given how the whitepaper was written. [20] It is unclear how BitTorrent fits in Sun's plans, both as a standalone business or a partner with Tron's "decentralized internet" plans. [19] In an interview with BitTorrent founder Bram Cohen, the management was painted by Cohen as incompetent narcissists who had no business plan and no idea what they were doing besides chasing some nebulous idea of celebrity endorsement. [13] Notably, the founder of BitTorrent, Bram Cohen, is now developing this own cryptocurrency. [19]

BitTorrent has been troubled in recent years with numerous obstacles hindering the development of the company that could boast 150 million active monthly users at one point. [16] While the Bittorrent protocol is used by hundreds of millions of people around the world, and constitutes a significant share of all internet traffic, the company behind it has found few ways to monetize, like running ads on the torrent client. [17] Sun's lawsuit against BitTorrent, which changed its name to Rainberry in 2017, notes that after the letter of intent was signed, the company broke the contract. [18] "Within literally hours after the parties agreed to the Letter of Intent, and after Ro Choy (BitTorrent CEO) began performing the terms of the Letter of Intent, Defendant claims it received three "superior? bids from companies that David Chao (Venture Capitalist) admitted they had been communicating with." [21]

Sun made a request for BitTorrent to be issued with a restraining order to cease communications with other potential buyers. [18] That led Sun to pursue legal action, arguing that BitTorrent had promised not to look for other offers. [34]

The BitTorrent platform itself does not store files, and litigation has instead primarily focused on websites like The Pirate Bay which essentially show users where files using BitTorrent are located. [34] Rumours of potential acquisition have surfaced back in May and they have now been confirmed, as the staff of BitTorrent have received official notifications of the imminent takeover, according to the report by Variety. [16] The staff at BitTorrent have been informed about the deal last week but the management advised them not to talk to the press about it. [16] The deal was paused due to BitTorrent shopping around and considering other potential buyers. [15]

The takeover of BitTorrent, which achieved fame with its torrent client, uTorrent having more than 150 million users, looks set to add a crucial piece to the puzzle in TRON's stated mission to decentralize the internet. [21] Most people know BitTorrent as the creator of the popular torrenting client, uTorrent, which at its peak had over 100 million users. [13] BitTorrent was founded by Bram Cohen, and it's widely known for its uTorrent, a torrent client which allowed millions to download (mostly) pirated content. [20] In total, Bittorrent has raised only $35.8 million in three funding rounds over the fourteen years of its existence. [17]

Rumors were abound last month that Justin Sun had been negotiating with BitTorrent and was in the process of acquiring the site. [15] Last year, BitTorrent quietly changed its name to Rainberry. [14] Why was this significant? BitTorrent had already changed their operating legal entity name to "Rainberry Inc.? back in early 2017. [16]

TorrentFreak reports that BitTorrent confirms the acquisition has yet to be finalized. [18] Ever since BitTorrent failed to achieve a billion-dollar valuation, the company has suffered from bad publicity, lack of focused strategy, and infighting. [21] The company quickly rebounded after that and looked set to become the next tech giant but once again was dragged down significantly by two investors who have acquired one of the original investor's stake in BitTorrent. [16]

In November of 2004, it was rumored that BitTorrent was responsible for 25-35% of all internet traffic due to file sharing. [34] BitTorrent is a protocol that enables peer-to-peer file sharing on a grand scale. [34]

Sources say the acquisition/merger was announced to BitTorrent staff around the same time. [14] How BitTorrent will work into that business strategy is not yet clear, though the peer-to-peer nature of BitTorret does appear to be a good fit. [15]

Unbeknownst to everyone, BitTorrent Inc. now called Rainberry and Justin Sun, founder, and CEO of Tronix, had an agreement going. [20] Justin Sun had sued BitTorrent Inc. earlier this year, for reportedly infringing a "No Shop" clause from a letter of intent he signed in January. [18]

The buyer named in the agreement is Justin Sun, whose TRON cryptocurrency is taking advantage of a hot streak on the market to aggressively drive expansion and make progress toward its goal of web decentralization. [21] Sun is a Chinese entrepreneur earlier known for launching the widely-popular photo sharing application Peiwo in his homeland, before establishing blockchain-based internet protocol Tron ( TRX ). [19] How Sun plans to integrate the platform with Tron is an open question, but it is likely to result in some interesting synergies. [13] The torrent platform is known for its peer-to-peer process which would give Tron the stepping stone it needs to cross the finishing line. [20]

The acquisition makes perfect sense for TRON as it also mentions "Entertainment File Sharing? as one of their business models in the white paper. [21] In the midst of this ambiguity, TRON has been pursuing a takeover for some time and may be close to completing a deal for the company. [21] Tron only had its official launch for the mainnet a few days ago (on May 31) and its planned "Independence Day" is still twelve days away, meaning when TRX will no longer be just another ERC20 token. [17] Tron is anticipating its independence from the Ethereum network on June 25th, when the platform's token migration is complete and TRX is no longer an ERC20 token. [34]

"However, staffers have been advised not to talk to the press, according to a source with knowledge of the transaction It's unclear how exactly Tron plans to integrate with BitTorrent." [34] Among the many services under development, Tron promises to create a decentralized internet where people can store, publish and monetize their creations, with immutable proof of ownership on the blockchain. [34] Tron Mainnet went live on June 1 and migration is expected to be complete by June 25. [14] With a multi-billion dollar market cap, TRON aims to decentralize the web, partly powered by BitTorrent." [14] Interestingly, the Tron Foundation holds over $1.65 billion of TRX tokens from the current market cap of $4.78 billion a total of 34 percent of the total coin supply. [19] Justin Sun and the TRON Foundation plan to create a decentralized internet where developers can build Dapps. [15] The TRON Foundation is due to launch the Tron Mainnet in just five days time. [18]

According to the TRON founder, BitTorrent's David Chao told Sun that the firm had three "superior" bids from other companies with which they negotiated. [18] This is due to the fact that the most likely use case of uTorrent by TRON would be to simply parlay its user base into usage of the TRON blockchain. [13] TRON TRX currently has a market cap of around $4.6 billion and is currently ranked as the ninth largest crypto on Coinmarketcap. [18]

Sometime last year, BitTorrent Inc. changed its legal name to Rainberry Inc, TF reported weeks ago. [20] Accurate numbers on BitTorrent's current user base are elusive, but in 2012 the company reported it had 150 million users. [34] In other news, BitTorrent's creator Bram Cohen revealed last fall that he plans to develop his own cryptocurrency called Chia. [18]

After several months of negotiations, Sun and BitTorrent finalized a letter of intent regarding the acquisition of the company. [28] Sun had reportedly signed a letter of intent to purchase BitTorrent Inc., the company operating uTorrent, when the former was notified of other companies placing "superior" bids on the sale. [22] As part of the suit, Sun asked for the court to stop BitTorrent from discussing its acquisition with other suitors, a violation of the terms within the letter of intent. [26] Justin Sun and BitTorrent signed a letter of intent for acquisition in January of this year. [24] Legal documents show that Justin Sun sued Rainberry (BitTorrent Inc. renamed itself "Rainberry" last year) for violating a "No Shop" clause in an acquisition agreement they had with him. [24] According to TorrentFreak, BitTorrent confirmed that they are in talks with Justin Sun, but the acquisition is not 100% complete. [24] BitTorrent, the popular parent company of uTorrent, has been finally acquired by a blockchain entrepreneur Justin Sun. [35] BitTorrent, the pioneer in file sharing has found a new owner Justin Sun, a blockchain entrepreneur. [35] With the purchase of BitTorrent, Justin Sun could be signaling a potential merger with TRON's decentralized network. [22]

Because of this, Sun has asked for a restraining order to prevent BitTorrent from negotiating potential deals with other buyers, but soon afterward, he dismissed the request for the order. [28] The deal has been finalized after almost a year of struggle between BitTorrent and Justin. [35] The deal went through last week and has managed to stay under wraps until the BitTorrent management informed the staff of the acquisition. [25] Upon acquisition, new versions of BitTorrent and uTorrent can close out the specification and extend it to include tokens and closed-source features. [27] If an ICO company successfully acquires BitTorrent Inc., they could force users to pay for torrents with their token - crippling the existing network and its users' ability to distribute data. [27] BitTorrent which is said to have over a hundred million users has in the past had various parties wondering why the company hasn't grown to a billion-dollar tech giant company. [23] Only a few hours after this, BitTorrent Inc's CEO, Ro Choy, announced that he had received up to three superior bids on the company. [28] As reported by Justin Sun in a lawsuit, BitTorrent CEO, Ro Choy had soon almost backed out that he got better offers. [23] The same piece of news also confirmed that he has signed a letter of intent with BitTorrent on the same deal. [35] The employees of BitTorrent were reportedly informed about the deal and requested not reveal to the media. [35] The stakeholders are aware of the deal, however, the employees of BitTorrent were asked not to share the information relating to the deal publicly. [25]

There was a noticeable delay between the agreement and the acquisition, as BitTorrent reportedly was looking into other offers. [35] As per TorrentFreak's latest report, BitTorrent hasn?t confirmed the 100% acquisition, yet. [35] What do you think of this acquisition? Do you think it was a right move by BitTorrent? Do let us know in the comments. [35]

BitTorrent is one of the most widely used p2p protocols on the internet, serving billions of people petabytes of data every week. [27] The problems with a corporate takeover of the BitTorrent protocol doesn?t stop at marketing stunts. [27] It's just sad that in doing so they may be handing over the keys to the castle for the BitTorrent protocol [27]

What do you think? Are you against BitTorrent being acquired by a crypto team? Let us know your thoughts in the comments below. [27] At Technadu, we do not expect a groundbreaking change in either the business model of BitTorrent or its product. [35] The most popular incident is from a decade ago; when BitTorrent attempted to build an entertainment business over its existing P2P model. [35]

Sun's interest in BitTorrent began to pique around September of last year. [28] In January there was another flash of news which confirmed Sun's intent to acquire BitTorrent. [35] He argued that BitTorrent earlier agreed to not pursue any other offers, contrasting to their then-recent behavior. [35] Sun has yet to confirm or deny any of this, but BitTorrent Inc stated that the purchase of BitTorrent is not yet finalized, which is why the company was not able to release more information. [28] BitTorrent Inc. has been a bit of a mess as a company over the past few years, so it doesn't surprise me that they're trying to find a buyer and appease their investors. [27] It has been over thirteen years since BitTorrent Inc showed up in Silicon Valley, and many have had high hopes for this company. [28]

Justin Sun may purchase BitTorrent Inc. soon, suggests a recent report by TorrentFreak. [24] A BitTorrent Inc. acquisition could mean the end of BitTorrent as we know it. [27] Integrating this into the clients BitTorrent Inc. maintain is one thing, but an even bigger concern is whether they would exert their influence to shoehorn their token into the BitTorrent protocol specification itself." [27] These came from other firms that BitTorrent Inc has been communicating with, which was in itself is a violation of the terms of the letter of intent. [28]

TRON is looking to build a platform for widespread use, remaking the landscape of entertainment (film, music, gaming, and all other forms of media) through a grassroots approach that utilizes the modernity of cryptocurrency and the internet age. [22] TRON is a social platform that's of significant advantage to content producers. [23] TRON is different from other industry leading cryptocurrencies like Bitcoin, Ripple, etc., in that the currency is developing a platform on which other applications can function. [22] TRON could be one of the first platforms to step outside such a model. [22]

Tron currently ranks 9 th according to Coinmarketcap with a $4.6 Billion USD market cap. [24] It is not yet known whether these plans are still on the table, or whether or not will they have anything to do with TRON itself. [28] While Cointelegraph reports that the purchase is not yet finalized, the news is providing a boost to TRON just days ahead of the Main Net launch. [22] In the meantime, TRON is tidying things up in preparation for its mainnet release scheduled for the end of the month, having recently redesigned its website in light of the situation. [26]

TRON's network serves as a host for the native currency TRX, but the goal for Justin Sun and the TRON Foundation all along has been on re-inventing the digital landscape of entertainment. [22] TRON's (TRX) founder, Justin Sun, continues his plans to decentralize the internet. [28] It looks like TRON's founder isn't giving up just yet on the dream of acquiring the company behind uTorrent, and Rainberry remains open about the subject. [26]

In the business world, Justin is a popular name and known for its TRON platform and TRX cryptocurrency. [35] Justin Sun, head of the TRON (TRX) cryptocurrency, has received plenty of attention lately for his many successful projects, partnerships, and major plans for the future. [28]

It is likely Tron's intent in this acquisition is to buy BitTorrent's torrenting technologies for its platform. [24]

RANKED SELECTED SOURCES(35 source documents arranged by frequency of occurrence in the above report)

1. (17) TRON Cryptocurrency Founder Plans to Buy BitTorrent Inc - TorrentFreak

2. (13) BitTorrent is sold. Justin Sun, founder of Cryptocurrency TRON Buys it - TechNadu

3. (12) Its official: Tron TRX CEO and founder, Justin Sun, buys BitTorrent - Global Coin Report

4. (11) Tron's BitTorrent Acquisition Could Destroy The Software's Usefulness

5. (11) Founder of TRON (TRX) to Acquire BitTorrent Inc - CryptoCoin.News

6. (11) Tron's Justin Sun Acquires P2P File-Sharing Network BitTorrent | NewsBTC

7. (10) TRON Founder Justin Sun is Acquiring BitTorrent Inc | Coin Thud

8. (9) Tron to acquire BitTorrent? (100m users) : Tronix

9. (9) TRON (TRX) Justin Sun Acquiring BitTorrent a Move for Main Net? technewsleader.com

10. (9) Confirmed: Tron (TRX) Founder Buys Legendary File-Sharing Platform | The Daily Hodl

11. (8) Tron Founder Justin Sun Acquires BitTorrent, Says Report | BTCMANAGER

12. (8) TRON Founder, Justin Sun, Looks To Buy BitTorrent Inc. | BTCMANAGER

13. (8) Report: TRON Cryptocurrency Founder Acquired BitTorrent

14. (8) Has Justin Sun of TRON (TRX) Bought Over BitTorrent? | Crypto Gazette

15. (7) TRON Founder Justin Sun Buys BitTorrent | AllCrypto

16. (7) Founder of TRON Acquires BitTorrent - Toshi Times

17. (7) New Report Suggests That Tron May Be Acquiring BitTorrent Altcoin Buzz

18. (7) Founder of TRON Cryptocurrency Quietly Acquires BitTorrent | Finance Magnates

19. (7) TRON [TRX] founder acquires BitTorrent - Another tweet expected from Justin Sun?- AMBCrypto

20. (6) Founder of Chinese crypto-currency Tron buys Bittorrent | Asia Times

21. (6) Justin Sun Plans To Buy BitTorrent | Hacked.com - Hacking Finance

22. (6) Tron Founder Justin Sun Acquires BitTorrent - Covesting Crypto Intelligence Portal

23. (6) Founder of Tron Altcoin Justin Sun Takes Over Bittorrent Inc - Bitcoin News

24. (6) Tron [TRX] Founder Is About to Acquire the Popular Bittorrent Inc | [blokt] - Blockchain, Bitcoin & Cryptocurrency News

25. (6) TRONs Justin Sun To Acquire BitTorrent Inc ZyCrypto

26. (6) Tron price consolidates marginally above $0.045: Justin Sun quietly completes acquisition of the software company BitTorrent Inc.

27. (6) TRON Acquires BitTorrent, Price Fails to React - Bitcoinist.com

28. (6) TRON plans to acquire BitTorrent as one of its pillars

29. (5) Tron buys BitTorrent -- where to next for TRX? Brave New Coin

30. (5) TRON Founder Buys BitTorrent for Undisclosed Sum - BitcoinNews.com

31. (4) TRON's Founder Keeps Trying to Acquire BitTorrent By Cryptovest

32. (3) Justin Suns Company Merges With BitTorrent P2P Platform

33. (3) Tron Founder Aims to Decentralize the Internet by Acquiring BitTorrent

34. (1) BitTorrent admits to being acquired by Tron | Block-chain.com

35. (1) TRON [TRX] founder acquires BitTorrent - Another tweet expected from Justin Sun?

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