Founder Justin Sun
The founder of TRX Justin Sun is now going to finish the negotiations and is in the process of landing the acquisition of BitTorrent. BitTorrent is the company behind the popular torrent client uTorrent.
According to TechCrunch, the company BitTorrent is being sold for $ 140 million to the founder Justin Sun. Justin Sun has been working on preparing the acquisition since September 2017. Shareholders must have already received the latest documents for signing.
Neither Justin Sun nor BitTorrent has released a statement about the acquisition. Nor is it clear how the company’s platforms, which claim to have over 170 million users, will be used. Speculators claim that the filing architecture from peer to peer will support Tron’s goal.
There are several people who believe that BitTorrent can be used to legitimize Tron. This is now seen as a strategic move that is considered necessary after Tron was accused of plagiarism by FileCoin and Ethereum. The company’s platforms can also be used to “mine” tokens, thanks to its peer-to-peer architecture and large user base.
After the news, the Tron Token got an increase in price
The impact of this news increased the TRX token value by nearly 18 percent over the next hours, and it’s now trading at around $ 0.0486.
Tron’s goal is to build a “truly decentralized Internet and its infrastructure.” The TRX token itself is set to be used for payment of content on the Tron network. The TRX cryptocurrency, made as an ERC-20 token, has recently launched its own blockchain. There were a few things that were not entirely in place, and thus, Tron did not succeed in impressing the people at launch.
The Token (TRX), which was distributed through an Initial Coin Offer (ICO), migrates nowadays to its own square chain. The tokens are to be transferred to the new blockchain and the TRX token of the ERC-20 will be phased out. Remember to switch to the new TRX type if you have any TRX ERC20 tokens. The process is expected to be completed by the end of this month.
TRON Mainnet is launching soon.
Token migration from ERC20 TRX to Mainnet TRX will occur
between June 21st – June 25th (GMT+8).
If your TRX is held on an exchange, no action is required.
If your TRX is held in a wallet, you must deposit your TRX to an exchange before June 24, 2018 to avoid any losses.
From June 21st– 25th, TRX withdrawals on exchanges will be suspended. On June 25th, both TRX deposits and withdraws on exchanges will be suspended. Deposits and withdraws will resume on June 26th. During this period, TRX trading will not be affected. If your TRX is held in a wallet and you were not aware of the migration notice, or saw the migration notice after June 25th, please visit our permanent token-exchange counter to exchange your tokens for Mainnet TRX.
– That’s the last message from Tron.
BitTorrent has been downhill in recent years, partly due to dubious management practices. The large userbase and the P2P architecture are apparently what Tron and Justin Sun regard as a great value in the company.