Tron and the Elephant in the Room
By David D’Aprile Co-Founder IAmDecentralized.org on ALTCOIN MAGAZINE
I, like many of you, had been waiting on Project Atlas confirmation for quite some time when the story broke with some yummy details a few short days ago. For me it was Christmas 2.0 as I eagerly read the white paper and scanned the stories for any tidbit of info on the ins and outs of the new BitTorrent token (BTT). Unlike others, I was not surprised that TRX was not the native token as I had heard through channels quite some time ago.A few articles also contained hints that this would occur as well but that contradicted other articles that it was TRX.
Who really knew the the truth?
Well, now we know.
The biggest question is why?
As you know (the news) did not go over so well with some in the TRON community and many from the outside took the opportunity to chime in and attack @justinsuntron for the attempted money grab and of course the dreaded “scam”. It’s no secret the loathing that many have for TRON and it’s fearless leader and this was the icing on the cake. The “Holy grail” and the “I told you so moment”, so to speak.
The FUD was strong and many had opinions. This I know as I have spent many an hour over the past few days (on Twitter) fighting the FUD and trying to explain, correct and educate those to what this all means. Hence why I decided to write this article.Yes…I am a HODLR of TRON and yes I am a huge fan of course.
So let’s talk about what we know and what we don’t know about BTT and Project Atlas.
So why the new Token Justin!?!
Well, when you drill it down that’s an easy question to answer from a pragmatic perspective. First let’s talk about the process and what BTT is for.
“TRON TRC-10 cryptographic token called BitTorrent (BTT) to act as a general purpose mechanism for transacting in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”
In plain english for us not so tech savvy folks.
BTT is the barter token between seeders and leechers on the BitTorrent Inc. network. Let’s say you want to download (leech) a “non copyrighted” movie from Bittorrent. You can offer BTT to the (seeders) for a faster download. BitTorrent will reward(important term here) seeders for their bandwidth and time spent seeding on the network. Again, reward is an important term here but we will get to that in a moment. I call BTT an encouragement token by the way.
In a nutshell 100 million people (let that sink in folks) will now be rewarded for doing something they already do. Would you say no to Twitter if they decided to pay you for tweeting? That would be an emphatic NO!
Sure Dave….but it’s NOT TRX! It wont do anything for the price!!!
My answer to that is…you are wrong. Let me explain.
“BitTorrent Inc. will be deploy an “on-chain/off-chain exchange” which exists to facilitate the transfer of tokens between a high-performance private ledger and the public TRON blockchain.”
Plain english and how I understand it.
BTT exists on the“ high-performance private ledger” and will have (no) monetary value off the Bittorrent network. It’s native. Period. Now there will be a (token economy) on the Bittorrent network and what that consists of I am not sure but you can darn well bet it’s going to be expansive. Justin does not do anything small.
What about TRX Dave?
I hear you.
“On-chain & public TRON blockchain” is the TRON ecosystem. BTT token holders will have a built in wallet with “on-chain/off-chain exchange” to facilitate this transfer from the private BitTorrent ledger to the public TRON Blockchain. Notice the wording folks. This is straight from the white paper.
English Dave
It’s an exchange people. Plain and simple. If you want to monetize BTT you must jump via the exchange mechanism and you get TRX. This is an option for BitTorrent users and will be very , very user friendly. Crypto is not easy to navigate and TRON wants to make the transition an easy one. With that transition you have 100 million possible users entering the Tron Ecosystem. They will trade, HODL, gamble and play games on the TRON ecosystem. Just like we do currently. When the volume picks up , transactions increase, the traders come to play and with that the price moves as more and more people begin to buy up TRX. How much will it move? Who knows as I am not an expert.
100 million users…138 countries and 22% of ALL upstream internet traffic around the world.
100 million users is more than ALL of crypto combined folks.
Let those numbers sink in for a moment.
But why Dave? Why not use TRX?
Okay so back to that.
Supply.
As stated by Justin himself:
“The 99 billion TRX cap is currently not enough to be distributed to the current BitTorrent user base, and that’s the main reason behind the launch of BTT”.
I would add to that (and it’s my opinion) that price stability had something to do with it as well. Can’t just give away the farm and expect the price to hold. In my opinion it would crash it.
990,000,000,000 BTT tokens.
Yep…that’s an accurate number folks. With 100 million active users on BitTorrent it does not take a scientist to figure out what will happen to the supply once Project Atlas goes live and starts to circulate the BitTorrent community. Add to that the current user base of TRON dipping their toes into file sharing! Are you getting the picture yet?
“BTT will be made available as a divisible token allowing for very fine-grained pricing for an evolving set of services within a liquid market of service requesters and service providers”
You read that correct. BTT will be divisible. Supply will not be an issue with BTT.
Can I buy Bitt on the ICO?
The short answer is yes and no. Certain countries including the US can not purchase BTT through the CZ (not giving crypto away) Binance Launch program. Justin stated he wants to stay in line with each countries regulations and I am all about that.
Will BTT be a tradeable token on an exchange?
I did not read anywhere in the white paper that BTT would be offered on an exchange. It’s a TRC10 token so if anything I would say it will be available on the new Binance DEX as Binance is the only place you can get BTT from the ICO. This is just a guess on my part but it makes sense as on a Dex its only trading pair would be TRX.
Add to that BTT will be airdropped to all TRX holders and it would seem fitting that outside of using it for seeding on the BitTorrent network you would have the option of trading it in on a DEX. We shall see indeed.
(Edit/Update) It seems my best guess was not correct. BTT is a tradable token and will continue to be added to exchanges world wide.
Well there you have it folks. My take on BTT and TRON. It’s a huge undertaking and a huge step forward. That being said this is just an education piece and my first attempt at writing an article like this. I hope it cleared some things up and I will see you at NiTRON!
And don’t forget about the IAmdentralized.org NiTRON Meetup! 5pm Wednesday January 16th at The View Lounge at the Marriott Marquis. Twitter family from around the world will be there!
@davidjamesD
Co-founder: IAmDecentralized.org
#IAmDecentralized
TRON Foundation @justinsuntron BitTorrent Inc.
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