Founder of Tron Altcoin Justin Sun Takes Over Bittorrent Inc
Justin Sun, the founder of "decentralized web” altcoin Tron, has reportedly taken over Bittorrent Inc, the San Francisco-headquartered company founded in 2004 to manage the ongoing development of the Bittorrent peer-to-peer file sharing protocol.
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TRX Founder Buys Bittorrent
Comparing the two ventures Sun is involved with now can tell us a lot about the current state of the cryptocurrency scene, as well as the possible impact of the ease of crowd-funding on crypto projects’ relationship with the established technology industry.
Sign of Things to Come'
In contrast to Bittorrent Inc, Tron is barely out of the gate and already has a market capitalization of about $3 billion right now (down from as high as over $6 billion) thanks to the price of its TRX token. In fact, Tron only had its official launch for the mainnet a few days ago (on May 31) and its planned 'Independence Day' is still twelve days away, meaning when TRX will no longer be just another ERC20 token.
Those who believe that Tron will fulfil its dream of building a decentralized web may see this as an indication that crypto companies are taking over the old guard. Cynics, on the other hand, might say that we’ve finally found a good business model for ICOs: raise ungodly amounts of money with no actual product or service and then use those funds to take over existing companies.
Is this a sign that the cryptocurrency industry has begun taking over the internet' Share your thoughts in the comments section below.
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