It looks like Tron’s pursuit of industry veteran BitTorrent has been successful. However, in the wake of the takeover, many wonder why BitTorrent would have been a target in the first place. According to Variety, the long-rumored takeover attempt by controversial blockchain startup, Tron, was finally completed last week.
Two new companies that were created to facilitate the transaction were merged in California, finishing the deal that started last year. Rainberry Inc. had been the company that owned BitTorrent, and according to the above reports, Rainberry Acquisitions merged with them in recent days.
Tron’s controller, Justin Sun, created Rainberry Acquisitions. Presumably, he, or the Tron Trust, is now the owner of BitTorrent.
Tron has been the subject of numerous allegations, from plagiarism to outright fraud, but there is no substantial evidence of wrongdoing by the company. At the very least it appears that the company is expanding their business via acquisitions. That said, the move to buy BitTorrent has left many puzzled.
BitTorrent is a relative dinosaur in the world of online technology. The peer-to-peer file-sharing platform, which was founded way back in 2001, is far from novel. It is also open source. This has left people wondering why Mr. Sun would spend nearly a year trying to buy BitTorrent. He probably could have paid software developers to create another P2P platform for a lot less than USD 100 million.
In addition to its relative level of technology, BitTorrent hasn’t been wildly successful as a company. While they have been able to survive for nearly two decades in a very competitive space, many of their projects, like an online content streaming venture, didn’t go well.
One idea could be that Tron is planning to monetize content sharing. By using the Tron token to reward users who host and share content, they could incentivize users to create a broader network. One of the most significant problems that P2P sites face is that users don’t host older material, which makes downloading unpopular content slow, or impossible.
So far, there has been a little word from Justin Sun about this acquisition. Mr. Sun is known for being communicative, but it seems he has little to say about this very interesting move. Despite all the controversy, TRX is in the top ten most valuable cryptocurrencies, and the Tron Trust is currently worth over one billion USD.
According to Mr. Sun, there will be more details about Tron’s Bittorent plans next month. It will be fascinating to see what Tron wants to use old technology for in the crypto era.
Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.