BitTorrent announces its own cryptocurrency to be used as payment for faster download speeds

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It’s only a matter of time before BitTorrent, the world’s leading peer-to-peer file sharing platform, finally dives into the cryptocurrency industry. After being acquired by TRON, a cryptocurrency startup last year, finally BitTorrent just announced its own cryptocurrency called BitTorrent Token (BTT) that can be used as payment for faster downloads on BitTorrent sites.

The announcement says BitTorrent Token will be issued by BitTorrent Foundation which is based in Singapore. It will allow BitTorrent users to exchange tokens to improve network speed. Justin Sun, founder of TRON and CEO of BitTorrent said BTT is just the first steps in the company’s move to support a decentralised internet.

“In one giant leap, the BitTorrent client 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.”

BitTorrent token features native TRC-10 compatibility. It will be exclusively available to non-U.S. accounts on Binance Launchpad. Binance CEO and Founder Changpeng Zhao said that Binance created launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry.

“BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects.”

BitTorrent token will be implemented into the Windows-based µTorrent Classic client, BitTorrent, Inc.’s most popular application. This will be 100% compatible with other clients that support the BitTorrent protocol. Users can opt out in the product’s setting.

So what do you think? Will this application of a cryptocurrency give the industry a much needed boost when it comes to usage and acceptance? Would Torrent users partake of this offering for the sake of download speed boasts?