BIT TORRENTING site BitTorrent (just go with it for now) has announced it has been taken over by a Chinese blockchain entrepreneur.
Tron, the company founded and run by Justin Sun, has paid a reputed $140m (£106m) for the company which has been dedicating itself to reinventing “BitTorrent” as a positive concept, not just something used for pirating movies.
Tron, which is a cryptocurrency within itself (TRX) has a surprising amount of synergy with BitTorrent – both are using a widely misunderstood but versatile way of decentralising data. BitTorrent has had a bumpy ride in the last few years with leadership changes and the constant flux of the law in an area which it is keen to remain legal within.
For BitTorrent, that has included a decentralised file-sharing service, a chat client and of course releasing music on a direct artist to consumer model, which began with Thom Yorke’s solo album ‘Tomorrow’s Modern Boxes’, the first BitTorrent release with an e-commerce mechanism.
“With this acquisition, BitTorrent will continue to provide high-quality services for over 100 million users around the world. We believe that joining the Tron network will further enhance BitTorrent and accelerate our mission of creating an Internet of options, not rules,” says BitTorrent.
In a lengthy letter to shareholders, Sun positively beamed: “BitTorrent is the genesis of the decentralisation movement. Developers, entrepreneurs, and the decentralised Web community regardBitTorrent as the original pioneers of decentralisation technology. It is the foundation of an open, transparent, shared Internet protocol”
The deal, which will also see Sun take control of the BitTorrent and μTorrent clients, two of the most popular Torrent apps, means that staff of the new purchase will be moving in with their new colleagues in San Francisco, where both companies are based.
The question is, whether BitTorrent people care about BlockChain and vice versa enough to be excited by a deal that seems primarily a saviour for a company which has lost its primary user base – the illegal one, but is continuing to demonstrate its legal uses, and now has a much bigger framework in which to evolve. μ
Source : Inquirer