The BitTorrent protocol which was released in 2001 lets users seed their content by uploading it on the platform for sharing. Sun praises the protocol in his letter, calling it “the genesis of the decentralization movement,” a legacy protocol for the blockchain movement.
“Bittorrent is […] the first decentralized Internet protocol with large-scale global application, [which] even today [… ] retains its status as the world’s largest decentralized protocol, once transmitting 40% of daily Internet traffic,” noted Sun.
Sun stated that BitTorrent and TRON will be completely incorporated into one another, the two projects becoming one single entity. Today’s letter highlighted their common objective, which was already heavily hinted through all the mentions of torrents and clear references to BitTorrent in TRON’s whitepaper.
According to previous reports, the rumors concerning the acquisition started to spread since the late days of May, which included Sun’s lawsuit against the company for an alleged breach of exclusivity which was stipulated in a clause during its early negotiation phase. Sun let go of the lawsuit in the end, and unverified rumors regarding the deal’s settlement terms appeared in June.
As the time of writing, TRON (TRX) is ranked by CoinMarketCap as being the tenth largest cryptocurrency in the world, having a trading price of $0.038 USD, having a total market cap of over $2.5 billion.