BitTorrent is one of the most known brands in the world of peer to peer networking and decentralized computing and has been sold to a blockchain-focused startup firm called Tron helmed by Justin Sun a former of Ripple Labs. Reports about a possible acquisition of BitTorrent first got out last month when it was reported that Justin Sun was pursuing the firm. Justin Sun first started bidding to BitTorrent in September 2017 and signed a letter of intent to acquire it in January.
The deal was briefly held up when BitTorrent started negotiate to additional bidders, which led to Sun filing for a temporary restraining order, arguing that BitTorrent agreed to not pursue any other offers. On the previous week, Sun’s Rainberry Acquisition filed a change of status with the California Secretary of State due to a merger. The company that owns BitTorrent, Rainberry Inc, also filed for a merger on the same day suggesting that the two companies had merged.
Tron’s future plans for BitTorrent
Tron’s plans seems to be the development of a decentralized platform in internet computing aimed at entertainment using blockchain technology. The firm’s mission goes beyond just the entertainment sector, but the hopes of becoming maybe a real life Pied-Piper and inventing a truly decentralized internet computing platform.
With this in investors minds, the BitTorrent acquisition does not make a lot of sense given the firm’s predicament. That is the firm is not only well versed in the technology needed for peer-to-peer, decentralized networking through its protocols and software but also has a root in the entertainment field now through BitTorrent, assisting independent musicians and artists promulgate their work using the same technology used to pirate the latest movies and episodes of your favorite shows.
Neither BitTorrent nor Tron representatives were very open on what Tron’s BitTorrent’s technology plans for the future exactly are, but TechCrunch similar report claims that the move is aimed at protecting Tron’s technology from allegations of creating a potential mining platform for cryptocurrencies and plagiarism.
BitTorrent acquisition price
Initial reports about the BitTorrent sale do not mention a price tag but TechCrunch states its sources suggest the firm may have been sold for as much as $140 million i.e. nearly $1 for each of its 170 million users overtime.
