Tron (TRX) Still Struggling to Break Out, Can BitTorrent Token (BTT) Launch Help?
Despite a dedicated community following and ongoing developments, Tron (TRX) is still struggling to break out of current price levels of around $0.22. Although the asset enjoyed some decent growth at the beginning of the year, it is still trading down by 17 percent over the past 30 days. While the rest of the crypto market sees positive gains, it is one of very few coins that are in the red since this time last month and the worst performing out of the top 50.
Developed as a platform for the creation of decentralized applications (dApps) and as a competitor to Ethereum, Tron recently surpassed two million user accounts on its main network. With over 187 dApps built upon it, including 10 decentralized exchanges, it is one of the most active blockchain platforms in the world.
Last July, Tron founder Justin Sun concluded a deal to purchase the world’s largest peer-to-peer file sharing service, BitTorrent, for $120 million. At the time, Sun said the acquisition would help Tron achieve its goal of becoming the world’s “largest decentralized Internet ecosystem.”
However, the acquisition was met with mixed reactions from BitTorrent staff. Directly following the conclusion of the deal, three employees quit their positions, citing concerns for the companies future. A further two staff members were dismissed for unknown reasons.
BTT Token Launch
Soon after the acquisition, Sun announced that the Tron Foundation had developed a new cryptocurrency to be used on the BitTorrent network – the BTT token. The token is planned to open for test mode in the second quarter of 2019 and if successful, will become available to BitTorrent’s 100 million users worldwide. While the development represents a potentially huge push for cryptocurrency adoption, it’s important to note that the majority of BitTorrent users are not currently involved in cryptocurrency and may take some time to get on board.
In the build-up to the test launch, Tron has been conducting two waves of BitTorrent Token airdrops over the past few days. All Tron users with an active TRX wallet will automatically receive free BTT tokens in the drops, the second of which will end in the next few days.