Some of its earlier product efforts are still around: BitTorrent’s enterprise services were spun off into a standalone company now called Resilio, led by BitTorrent’s former CTO and CEO, Eric Klinger. That resulted in a number of management changes and a couple of reshuffles of its product as its leaders looked for the killer app. It also used its architecture to take a stand on privacy on the web at the height of the NSA controversy.īut while BitTorrent makes revenues - it hadn’t raised money since 2008 - its strategy to build a long-term larger business on that technology never really took off as investors and others hoped it would. Most notably, it has fought long against a bad rap for torrenting technology - which can be used to share copyrighted files illegally - by positioning itself as creator-friendly, buying in content rights, and establishing a range of products built on the P2P protocol. Yet the company has also become synonymous with “file sharing” and all the pros and cons that have come with that. Some believe this is a more secure system overall because there is no central repository to hack. The acquisition will close off a tumultuous but also interesting life for BitTorrent, founded in 2004 by Bram Cohen and Ashwin Navin to commercialise peer-to-peer networking technology as a way to share and store files.īitTorrent was a trailblazer in considering how decentralised network architectures using all the machines in a network as nodes - in contrast with the server-based architectures that dominate the tech world today - could be used to share, store and backup data. And second, as a potential network to help mine coins, using BitTorrent’s P2P architecture and wide network of users. First, it will be used to “legitimise” Tron’s business, which has met with some controversy: it has been accused of plagiarising FileCoin and Ethereum in the development of its technology. Neither Tron, Justin Sun, nor representatives for BitTorrent responded to our requests for comment, so it’s not completely confirmed how Tron plans to use BitTorrent.īut one shareholder we spoke to says there are two plans. Tron says that the market cap for all TRX is currently valued at just under $4.6 billion with the value of a single TRX coin $0.045. The company has launched a MainNet distributed ledger for transactions, with its own TRX migrating to the MainNet starting later this week. Tron has plans to use TRX as a way to pay for content on its network, according to this whitepaper. TRX, loosely, appears to be a cryptocoin for the entertainment industry. Founded by Sun, who previously had worked for Ripple (a settlement system built on blockchain tech), Tron says its mission is to build “a truly decentralized Internet and its infrastructure.” That has included (no surprises here) the creation of its own cryptocurrency, the TRX. Tron is one of the new kids on the block in the wide world of blockchain startups. BitTorrent claims that its protocols move as much as 40 percent of the world’s Internet traffic on a typical day, making it the largest decentralised application around at the moment. The latter is focused on video, music and other creative content. Currently, these include its main client and BitTorrent Now. A source says it’s unlikely that the disputes will actually kill the acquisition, given how long BitTorrent has been looking for a buyer.īitTorrent most recently said it has about 170 million users of its products. Some are, we understand, still disputing the terms, as more than one person claims to have made the introduction between Sun and BitTorrent. Shareholders have now been sent the paperwork to sign off on the deal, and that has detailed the $140 million price - which includes both a cash payment from Sun as well as cash in the company being distributed to shareholders alongside proceeds.
Variety earlier this week reported that a sale of the company to Sun closed last week, without naming a price, following rumors that circulated for at least a month that the two were in negotiations. BitTorrent, an early mover (and currently the largest player) in decentralised computing architecture to distribute and store data, is being sold for $140 million in cash to Justin Sun and his blockchain media startup Tron, according to multiple sources close to the deal, who spoke to TechCrunch.
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