New Era for BitTorrent as Live App Launched
BitTorrent, a leader in peer-to-peer technology, today began offering early access to its new BitTorrent Live streaming service, which lets consumers create live content and connect on mobile devices to people who share common interests.
Tron closed its deal to buy the file-sharing service BitTorrent in mid 2018. Neither side disclosed how much Tron paid, but TechCrunch reports the price was around $126 million in cash. BitTorrent's staff will work out of Tron's San Francisco office.
The acquisition closes a chapter in BitTorrent's turbulent history. While it was committed to the notion of a decentralized internet, it still had to function as a business, and attempts to find an app or service that helped BitTorrent turn the corner didn't really work out. The situation was in such a mess a couple of years ago that the company fired its dual CEOs , while BitTorrent hadn't raised any money since 2008.
What’s more, Tron wasn’t even the only crypto startup that wanted a piece of the pioneering peer-to-peer file sharing software company, CoinDesk has learned. Based on internal documents and multiple interviews with people close to the deal, CoinDesk is able to reveal Sun’s rival in his quest to acquire the influential Silicon Valley startup was one of Tron’s top competitors, the $1.5 billion blockchain project Neo.
Through its related venture capital firm, Neo Global Capital (NGC), the project made a much higher offer than Sun, a fact confirmed both by NGC and multiple sources familiar with the deal.
According to Neo Blockchain’s head of investment, Weiyu “Wayne” Zhu, and internal BitTorrent documents obtained by CoinDesk, NGC’s bid was for $170 million, amounting to $50 million dollars more than Tron founder Justin Sun’s $120 million bid for the shares. Nevertheless, Sun’s offer eventually succeeded.
It seems totally logical for the big blockchain players to be interested in BitTorrent. They have been doing peer to peer before the crypto hype shot up. Whether or not TRON is the perfect company to take over BitTorrent, time will tell. TRON has had a fair amount of scandals of its own but does seem to have been able to turn it around.
BitTorrent has certainly been a leader in peer-to-peer technology and since acquired by TRON, they’ve been working closely on their new project. BitTorrent began offering its Live streaming service yesterday, on the 27th of March. BitTorrent Live lets consumers create live content and connect on mobile devices to people who share common interests.
In addition to this, BitTorrent Live will provide a social media platform for people to express their creativity and connect with others around the world through live video. The service will allow for continuous live streaming anywhere users can get internet access.
"Imagine chatting with your favorite athlete, becoming immersed in a music festival, or meeting new friends to share your passions - all by simply firing up the BitTorrent Live app," said Justin Sun, CEO of BitTorrent.
"Our strong foundation of decentralized technology will allow us to fulfill our vision of a boundary-free internet while being at the forefront of a new content experience."
Users initially will be able to search for subjects that interest them, and then engage directly with the broadcasters to give instantaneous feedback and likes. In the coming months, BitTorrent Live also will incorporate blockchain technology that returns privacy and ownership to users while also enabling cryptocurrency to be used as a new payment option.
BitTorrent Live will be rolled out globally in phases. It will be available for beta testing download in Q2 2019. People interested in enrolling in the early beta program can sign up at https://www.bittorrent.com/live .