AfterDawn: Tech news

BitTorrent Inc. was acquired by a cryptocurrency billionaire

Written by Matti Robinson @ 18 Jun 2018 11:34

BitTorrent Inc. was acquired by a cryptocurrency billionaire

The revolutionary peer-to-peer technology of the early 2000s, BitTorrent, has been in a decline after the likes of Netflix and Spotify have spread around the western world.
It took a few years before popular trackers, such as the 2003 established The Pirate Bay made it popular. At some point around 2007-2008 BitTorrent accounted for more traffic that HTTP in most regions.

BitTorrent is far from dead, of course, but it's far from the glory days a decade ago.

Rumors surrounding the company behind the technology, BitTorrent Inc., have suggested that there might be a acquisition in the works. Now blockchain entrepreneur and cryptocurrency billionaire, known from the Tron platform and its TRX currency, Justin Sun, has bought the company.

Variety reports, that the acquisition was already finished last week, and BitTorrent has informed their employees about the owner change. According to their information the talks began last Fall, and in January Sun signed a letter of intent to acquire the company.



Some controversy, however, was created by a lawsuit that was later dropped. In the lawsuit Sun claimed BitTorrent was negotiating with others after Sun had signed the letter of intent.

Sun's Tron (TRX) is part of his project to create a decentralized internet, and one can see how BitTorrent and its technologies might play a role in that let's face it pipedream.

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