BitTorrent has declared its social media BitTorrent Live App. BitTorrent said that its live streaming app known as “BitTorrent Live App” has been opened for early access. In the press release, they have stated that social media app’s beta test will be on live at the second quarter of 2019. The first attempt by BitTorrent to launch the BitTorrent Live in 2017 was suspended as the company was unable to raise funds needed to operate it as a spinoff.

The social media application is part of BitTorrent’s video streaming service BitTorrent Live App. The social media will be video-based and like BitTorrent, will also be decentralized, unlike Snapchat and Instagram. The company said;

“BitTorrent Live will provide a social media platform for people to express their creativity and connect with others around the world through live video,”

TRON (TRX) Price Today / USD

It has a total market cap of about $1.56 billion and protects its place in the top 10 coins.

BitTorrent Token (BTT) Price Today / USD

BitTorrent Token [BTT] is trading between $0.0007- $0.0008 to the USD. It is ranked 48 by CoinMarketCap with a market cap of $133.2 million.

How Will Bittorrent Decentralized Social Media App work

Per the announcement, users of BitTorrent Live can search for content on the app, view them, like them and then interact with other users. Broadcasters who post content on the platform can receive instant feedback from viewers. It will also feature blockchain-enabled data privacy and data ownership controls as well as cryptocurrency payment options.

Expanding the Blockchain and Cryptocurrency Ecosystem

When TRON acquired BitTorrent in 2018, TRON’s CEO Justin Sun said he had big plans to use the peer-to-peer network to advance cryptocurrency adoption across the world. Not long after, BitTorrent was voted to become one of the 27 super representatives on the Tron Network. Earlier this year, the company launched its native token, the BitTorrent token and conducted one of the fastest token sales which raised about $7 million on Binance Launchpad.

Relaying the announcement yesterday, Sun described BitTorrent Live as “a new social media platform at the forefront of new content experience, accelerating the decentralization of the internet. He added that the platform will soon to be powered by the BitTorrent Token (BTT) when fully launched.

“Our strong foundation of decentralized technology will allow us to fulfill our vision of a boundary-free internet while being at the forefront of new content experience,” Sun explained in the statement.

What is Tron’s BitTorrent Token (BTT)?

BTT tokens (TRON based cryptocurrency), which would be issued by the BitTorrent Foundation, features and specifies TRX10 compatibility where they have to adhere to the technical token standard, enabled by the TRON blockchain. BTT (Tron based token), which serves over 100 million users and is meant to increase the network speed and eventually attain faster downloads. BitTorrent aims to tokenize its content sharing ecosystem. The BTT ticker is presently used by a trading platform called Blocktrade, and hence should not be confused as the BitTorrent coin price is yet unknown.

Justin Sun claims that this cryptocurrency on TRON Network could empower the new generations of content creators from across the world, where their content can be visible and shared across making it one of the biggest crypto projects so far. As per the token’s whitepaper, the total supply of 990 billion BTT will be minted. The non-US users can get it through Binance Launchpad (which is great) and even introducing BTT airdrops. Initially, the token related features will be implemented on the Windows, as a part of µTorrent classic software, which will be compatible with other clients.

The users who are uploading or publishing the content will get many incentives to continue uploading files even after the downloading is done. Source: Coinswitch

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