Founder and CEO of cryptocurrency platform Tron, Justin Sun recently conduct an Ask me Anything (AMA) Session on the Binance English Telegram group, where he was asked questions about the BitTorrent Token (BTT) and its further development, which lead towards hints of a new social media application for BTT, and further discussed about the imminent TRON mainnet upgrade.
Sun stated, that BitTorrent Token will be mostly used to push mainstream adoption.
“We expect over 100 million active users will get to know about cryptocurrency and the first one they will experience will be BTT. For reference, Bitcoin has only 10 million,” he said without specifying what this number is based on.
“The 100 million users [of BitTorrent] are the targeted users, and they share a lot of similarities with crypto users. Firstly, they are interested in decentralized technologies and are using peer-to-peer technology. Secondly, the majority of BitTorrent users are males between 25 and 35 years old, which is also a group very interested in cryptocurrency. Therefore, when the 100 million users receive BTT airdrops, they will start to wonder what BTT is, and what cryptocurrency is, and start to investigate.”
Additionally, as reported during the start of February, BitTorrent and uTorrent users were given the option to hide their interest in the new token seamlessly and successfully, as their forums lacked any sort of discussion pertaining them.
Sun further explained the rational behind BitTorrent’s ambitious six-year airdrop, which begun this February and will continue to drop BTT tokens to TRX holders on the 11th of each month until February 2025.
“This is a program to give our users early access to our product and to encourage them to stick with us for the long term. We are not only airdropping to TRX holders but also giving the BTT token to BitTorrent users through the clients.”
Besides the goals of utilizing BTT for incentivize bandwidth sharing, the team is also seeking into decentralized storage and decentralized content distribution networks.“Right now we’re working to assemble a team to research this option and will share the preliminary plan and announcement with our community soon,” Sun said without further going into details about it.
When it comes to future plans for use cases of BTT, Sun commented,
“We are currently working on a new live/social media app and looking for ways to integrate BTT on it! By doing that we aim to empower a new generation of content creators to distribute their content without middleman and offer a very authentic channel for the fans to connect with their idols and the content creators with their audience,” later adding, “We will be giving more details very soon.”
In the meantime, Tron’s upgrade is set to launch today, as the cryptocurrency platform sets itself up to increase their appeal to institutional users. According to Sun, the hard fork will deliver institution-handling capabilities, as well as other features such as multi-signature capabilities and account management options.
“Multi-signature is essential to institutional investors and investors with high net worth, because institutional investors usually use institutionalized approaches to keep cryptocurrency assets, which are managed by multiple parties and with multi-layer procedures. Therefore, multi-signature allows multi-layer management of cryptocurrencies. It’s fair to say that without multi-signature, there will not be institutional investors. We also announced a partnership with BitGo, the largest cryptocurrency custodian company. This paves the way to institutional investors,” Sun explained.